FASB Confirms 2005 Technical Plan

The board is scheduled to issue four final statements on major accounting projects by the end of next year; SPE issue pushed back by one quarter.

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During a brief meeting on Wednesday, the Financial Accounting Standards Board (FASB) discussed the status of its accounting projects and agreed to a plan for scheduled research and technical activities through 2005. The technical plan is put out once every quarter and there is a FASB board meeting twice a year to discuss it. As FASB board members continue their deliberations on the projects, the timetable may change.

The only change in the technical plan that emerged from the meeting related to a project on issues of Statement 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. FASB pushed back the 2005 targets for the project, which touches on special-purpose entities, by one quarter. It now plans to issue an exposure document for public comment and a final document in the second and fourth quarter respectively.

The major projects that are scheduled to have a final document issued within the fourth quarter of 2004 include:

•Equity-Based Compensation: Transactions with Employees.

•Short-Term International Convergence: Exchanges of Productive Assets, Earnings per Share, and Inventory Costs.

Application and implementation projects with final documents scheduled for issue within the fourth quarter of 2004 include:

•Interpretation of Statement 143, Accounting for Asset Retirement Obligations.

•Real Estate Time-Sharing.

For 2005, FASB is scheduled to issue final statements for the following major projects:

•Fair Value Measurement Statement (final statement expected in the first quarter).

•Short-Term International Convergence: Accounting Changes and Error Corrections (final statement expected in the first quarter).

•Business Combinations: Purchase Method Procedures (including Combinations between Mutual Enterprises), Non-controlling Interests, and Combinations of Not-for-Profit Organizations (final statement expected in the fourth quarter).

For 2005, FASB is scheduled to issue final statements for the following application and implementation projects:

•Statement 140 Issues: Qualifying Special-Purpose Entities and Isolation of Transferred Assets, Beneficial Interests in Securitized Financial Assets, Servicing Rights (final statement expected in the fourth quarter).

•Uncertain Tax Positions (final statement expected in the first quarter).

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