Thursday, May 29, 2008

FASB to Consider Guidance for Endowment Funds

The FASB's Action Alert, posted today, announces that the FASB will "redeliberate significant issues raised by respondents to proposed FAS FSP-117a at its June 4 meeting.  The meeting is available by audio webcast (free) and telephone (.45 cents/minute).  For instructions on access to the meeting, go to instructions on the FASB website.  Handouts will be posted on the website one half hour before the meeting.  The Action Alert indicates that the meeting starts at 9:00 am but doesn't indicate which time zone. 

At the meeting the Board will consider changes to the FSP.  The Board will likely defer the effective date of the guidance to years ending after December 15, 2008 (a deferral of six months), and may make other changes.  For prior blog coverage of the FSP go here.

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