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Technical Committee Report . Three issues: Accounting for hedging transactions Update of Section IV Pending Changes to the Financial and Management Accounting Guidelines. To the Update the Guidelines….

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Presentation Transcript
technical committee report
Technical Committee Report
  • Three issues:
    • Accounting for hedging transactions
    • Update of Section IV
    • Pending Changes to the Financial and Management Accounting Guidelines
to the update the guidelines
To the Update the Guidelines…
  • Insert text into section II after “Treatment of Inventory Items (Other Than Breeding Stock) and before “Treatment of Raised Breeding Stock.”
  • Update Glossary with list of new terms used in this section or related to hedging transactions
  • Add Appendix I: Example of Accounting for Hedging Transactions
recommended next steps
Recommended Next Steps
  • August 31, 2013 deadline to receive comments, edits
  • September 30, 2013 Finalize edits and send to Executive Committee for approval
  • October 31, 2013 Edit Guidelines to add Hedging Transactions and send to Executive Committee for approval
  • November 30, 2013 Publish updated version of Guidelines
timeline for changes to section iv
Timeline for changes to Section IV
  • Fall – 2013 Incorporate changes from Technical committee meeting on Tuesday
  • Winter – 2014 Technical committee review and refine and approve changes
  • Spring – 2014 Send updated Section IV to the FFSC Executive committee for approval
  • June – 2014 Distribute updated Section IV to the entire FFSC board of Directors
  • Summer – 2014 Motion for approval of updated Section IV at the annual meeting
  • January – 2015 Publish updated version of FFSC financial guidelines
pending changes
Pending Changes
  • Dick Wittman’s comments from 3-29-11
  • Alan Miller’s comments from April 2011
  • Tom Murphy’s suggest updates from July 2011 annual meeting

Address these issues along the same timeline as the changes to Section IV

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