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FASB, SEC Update

Mar 2nd 2009
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BNA's Daily Report for Executives covered last week's FASB board meeting in these articles:

FASB Finalizing Guidance on Accounting For Contingent Items in Business Combinations, by Denise Lugo

FASB to Float Revised Proposal on HowTo Gauge Liabilities Under Fair Value Rules, by Steve Burkholder, and

FASB to Issue Exposure Draft On GAAP Codification in March, by Denise Lugo

Preliminary Lines Drawn as FASB Starts Making Decisions on Insurance Project, by Steve Burkholder.

For the official readout from FASB's Feb. 25 meeting, see FASB's Summary of Board Decisions.

SEC Corp Fin Staff Guidance on 'Say-on-Pay' Provisions in ARRA
Broc Romanek of blog reported on Feb. 25 that SEC Corp Fin staff issued new guidance late on Feb. 24 pertaining to the 'say on pay' provisions in the American Recovery and Reinvestment Act of 2009, in his post entitled: Corp Fin Issues "Say-on-Pay" Guidance: Slim Pickings. See on SEC website: Corp Fin Staff Q&As on American Recovery and Reinvestment Act of 2009. NOTE: The SEC webpage currently says "Updated Feb. 26, 2009."

See also Yin Wilczek's article in the Feb. 26 BNA: SEC Issues Guidance on Say-on-Pay Law; More Interpretations Needed, Attorney Says.

BNA's Wilczek notes: "The Securities and Exchange Commission's Division of Corporation Finance Feb. 24 issued interpretations to the say-on-pay provision of the 2009 American Recovery and Reinvestment Act, days after Senate Banking Committee Chairman Christopher Dodd (D-Conn.) asked for guidance. The provision requires some 400 companies receiving funds under the Troubled Asset Relief Program to allow a separate advisory shareholder vote to approve executive pay. The say-on-pay provision, together with other requirements in the ARRA pertaining to executive compensation limits, has caused widespread confusion among covered companies ... Among other issues, the companies urged regulators to clarify when the provisions are effective."

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