At its Aug. 16, 2006 meeting, the Financial Accounting Standards Board (FASB) discussed potential implementation guidance relating to paragraph 29(c) of Statement of Financial Accounting Standard 133 on Derivatives. The central issue is whether or not the proceeds from forecasted issuance of foreign debt are eligible for designation as a hedged transaction in a cash flow hedge. While the board did not reach a conclusion to issue an Exposure Draft on the issue, Ernst & Young provides accounting examples that displays the various board member views.