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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….

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Technical Committee Report

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

  2. 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

  3. 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

  4. 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

  5. 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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