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FASB issues Statement no. 147, Acquisitions of Certain Financial Institutions ( www.fasb.org/news/nr100102.shtml ). It provides guidance on accounting for all such purchases, except for transactions between two or more mutual enterprises—which will be the subject of separate, upcoming FASB guidance.

To explore how adopting a principles-based approach to setting accounting standards might improve the quality and transparency of financial reporting and affect development of future standards, FASB issues a proposal ( www.fasb.org/proposals/principles-based_approach.pdf ) and seeks comments on it by January 3. Those wishing to participate in a related public roundtable discussion on December 16 should e-mail their remarks by December 2 to director@fasb.org .