The meeting will be open to public observation and will be webcast. Main agenda items are as follows (there's More Information
on FASB's website):
- Part I: Further Exploring Matters Discussed at February 13th Meeting:
- Display of through-the-cycle provisioning in general purpose financial statements
- Possible approaches to improvement and simplification of accounting and reporting of financial instruments
- Part II: Fair Value, continued:
- Is it appropriate and useful to report gains (or losses) from fair value changes in a reporting entity's own indebtedness? Why or why not?
- What additional guidance, if any, is needed in the area of determining fair value?
- Part III: Off-Balance Sheet Items:
- What are the best ways to bring about useful information regarding securitizations and other structured entities?
- Assuming that a consolidation/de-recognition approach is used, what principles should determine whether a securitization or other structured entity is included in the balance sheet of a sponsoring entity?
- Part IV: Standard-Setter Governance and Due Process:
- How (and by whom) should oversight be exercised over accounting standard-setters on a national (or international) basis in order to ensure appropriate independence, accountability, and transparency in the standard-setting process?
- What criteria should accounting standard-setters consider in balancing the need for resolving an 'emergency issue' on a timely basis and the need for active engagement from constituents through due process?
The IASB and FASB established the FCAG in response to the recent global financial crisis. Its purpose is to advise the boards about the role of accounting during the crisis and potential changes. Preliminary and unofficial notes taken by Deloitte observers at the first two FCAG meetings can be found here:
The FCAG will meet again on Monday 20 April 2009 in London at the Crowne Plaza Hotel London-The City, 19 New Bridge Street, London.