The Financial Accounting Standards Board (FASB) meets today to discuss issues related to the proposed FSP FAS 142-f, Determination of the Useful Life of Intangible Assets, and whether to finalize the FSP. The project has been underway for at least a year (see BVWire™ #55-1), and the comment period ended this past January. “Since the issuance of Statements 141 and 142, constituents have raised concerns about perceived inconsistencies in the guidance on the initial valuation of intangible assets in accordance with Statement 141 and the determination of useful life in accordance with Statement 142,” says the FASB project summary, which recaps the issues and provides a link to the proposed FSP. For links to live (and archived) FASB meetings, click here.
Look for proposal on loss contingencies. In its March 11th meeting, the FASB predicted an exposure draft of SFAS No. 5, Accounting for Contingencies, by the end of April, with a sixty-day comment period. “Users and preparers of financial statements should expect a proposal requiring entities to disclose information about all loss contingencies except those that meet certain narrow criteria,” says a current BNA report. “The guidance would be effective for annual financial statements issued for years beginning after December 15, 2008, and interim periods.”
FSP FAS 157-1 available. “Your information on SFAS 157 and [accounting for] leasing appears to be a little out of date,” writes FASB member Mike Tully, regarding the item in last week’s ‘Wire. The Board balloted the FSP shortly after the February 6th meeting and finalized the FSP on February 14th. The final FSP FAS 157-1 is posted here.
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