* video credit: Pearl Jam live at Lollapalooza 2007, via "gndc404" aka "Gary's" post on youtube
Financial Accounting Standards Board groupies will be celebrating today's announcement by the board's parent body, the Financial Accounting Foundation, that FASB Education Sessions (aka 'Ed Sessions') - will henceforth be available via live (and archived) webcast, starting with tomorrow's Ed Session.
FASB Ed Sessions, generally held immediately after FASB board meetings (and sometimes on additional days of the week, as is the case with this week's additional Ed Session this Thursday) have always been open to the public, but never before broadcast.
Commencing this week, the Ed Sessions, like the FASB board meetings, will be webcast. Ed Sessions are opportunities for the FASB staff, and sometimes outside experts, to provide information for discussion purposes, on subjects the board is currently addressing.
As noted in the FAF press release: "Education sessions are usually held one week before a public Board meeting is held on that same topic..." Thus, by listening to the Ed Session, you may (or may not) be able to get a glimpse into board member's thinking on a particular subject, in advance of the board's formal consideration at a board meeting. However, before you get too carried away, it is also important to note, and the FAF reminds us of this: "no official FASB decisions are made at education sessions."
According to FASB's calendar, topics slated for tomorrow's Ed session include financial instruments and leases; Thursday's Ed session will address revenue recognition and insurance contracts.
Further reading for my two cents on this development and other topics in Education can be found here.