During today’s open meeting of the Financial Accounting Standards Board, the members will discuss factors affecting the application of FASB Statement No. 157, Fair Value Measurements and consider deferring the current effective date, which is for fiscal years beginning after November 15, 2007.  Also on the Board’s agenda: applying the proposed working definition of an asset in the context of the Conceptual Framework; accounting for leases; and interpreting SFAS 133 Hedging (fair value accounting for hedging activities).  To accommodate the many topics, the Board will meet an hour earlier than usual, at 8 a.m. EDT.  For more information, including a link to listen to the meeting “live” by telephone or afterwards, by audio webcast, click here.