The Financial Accounting Standards Board (FASB) will have a busy summer. Its just-released Technical Plan—April 1, 2007 through September 30, 2007 reveals the FASB ’s continued focus on its convergence projects with the International Accounting Standards Board (IASB), including their joint plans to issue Exposure Drafts of proposed amendments to Earnings per Share in the second quarter of 2007; and a final Statement on Business Combinations: Applying the Acquisition Method and Noncontrolling Interests early in the third quarter.
The FASB also expects to issue an Exposure Draft on its Conceptual Framework for Financial Reporting late in the third quarter, and continue its Private Company Financial Reporting initiative by holding the first meeting of the newly-formed Private Company Financial Reporting Committee (PCFRC) in May, 2007 (see the item below).
On the back burner: The Board plans no action on Statement 123, Share-Based Payment, until it moves further on its Financial Instruments: Liabilities and Equity project. And despite recent rumors, the FASB has no immediate plans to revisit Statement 142, Goodwill and Other Intangible Assets, other than to provide guidance on renewable intangibles (see BVWire #55-1). To read the full, 40-page FASB Technical Plan, click here.
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