FASB requested comments on selected issues relating to assets and liabilities with uncertainties (www.fasb. org/draft/ltc_assets_liablllties_with_ uncertainties.pdf).

FASB requested comments on selected issues relating to assets and liabilities with uncertainties (www.fasb. org/draft/ltc_assets_llablllties_wlth_ uncertalnties.pdf). The invitation is part of a joint project through which FASB and the International Accounting Standards Board are working to converge and improve their respective guidance frameworks, which FASB's staff believes do not adequately address either probability or uncertainty related to assets and liabilities. Comments are due January 3, 2006.

FASB also issued Staff Position FAS 13-1, Accounting for Rental Costs Incurred during a Construction Period (www.fasb. arg/fasb_staff_positions/fsp_fas13-1.pdf), effective for the first reporting period beginning after December 15, 2005. Entities are permitted to apply the FSP early to financial statements not yet issued and retrospectively in accordance with FASB Statement no. 154, Accounting Changes and Error Corrections (www.fasb.arg/pdf/fas154.pdf).