At its June 18, 2008, weekly meeting, the Financial Accounting Standards Board (FASB) is to discuss the comment period and the effective date of a proposed statement on earnings per share (EPS), according to Action Alert No. 08-24.

The meeting is to also include a discussion of the FASB's financial statement presentation project with the International Accounting Standards Board (IASB), which is also scheduled to discuss the project when it meets on June 19.

The FASB is to discuss whether its long-term views on presentation in the statement of comprehensive income should remain in the scope of the project's Phase B, which addresses the fundamental issues for presenting financial information. If the statement of comprehensive income is removed from Phase B, then the Board plans to determine the effect that change would have on the presentation of other comprehensive income, income taxes, and EPS. The Board also plans to discuss limiting the extent to which Phase B of the project results in new footnote disclosures and the issues identified while drafting the discussion document, including the definition of the operating and investing categories and the preparation of the reconciliation schedule.