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Accounting Research Manager(TM)
Weekly Summary of Developments
January 1-5, 2007
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Accounting Research Manager subscriber,
The Accounting Research Manager database now contains this week's weekly summary of developments. Click the link below to access and print the fully-formatted Weekly Summary:
For detail, please contact info@zy-cpa.com
If you do not have immediate Internet access to the Accounting Research Manager database, below is the text of this week's Weekly Summary.
Accounting and SEC Headlines
Financial Instruments -- Guidance Updated on Accounting Research Manager
Insurance Accounting -- FASB to Discuss SOP 05-1 and Hold Additional Meetings
Government Headlines
Governmental Practice Manual -- Guidance Updated on Accounting Research Manager
Local Government and Single Audits -- Guidance Updated on Accounting Research Manager
Governmental GAAP Guide -- Guidance Updated on Accounting Research Manager
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ACCOUNTING AND SEC HEADLINES:
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Financial Instruments -- Guidance Updated on Accounting Research Manager
For detail, please contact info@zy-cpa.com
We have published the 2007 edition of Financial Instruments. The primary objective of Financial Instruments is to serve as a comprehensive reference manual of generally accepted accounting principles in the United States for financial instruments and related topics, including loans, securities, securitizations, and derivatives. Financial Instruments includes coverage of relevant guidance issued by the Financial Accounting Standards Board (FASB), and the FASB's Emerging Issues Task Force (EITF) and Derivatives Implementation Group (DIG). It also includes coverage of relevant accounting guidance issued by the American Institute of Certified Public Accountants (AICPA), including standards issued by the Accounting Standards Executive Committee and the audit and accounting guides issued by various committees of the AICPA. It covers accounting requirements for both public and private companies and touches on unique aspects of reporting financial instruments by nonprofit organizations.
Insurance Accounting -- FASB to Discuss SOP 05-1 and Hold Additional Meetings
For detail, please contact info@zy-cpa.com
As reported in its "Action Alert" publication, the FASB will hold the following meetings during the week of January 8, 2007:
-Roundtable Discussion on SOP 05-1
-Open Meeting with Representatives of the National Association of College and University Business Officers
-Open meeting of the Investors Technical Advisory Committee
The FASB will be meeting with interested parties to discuss issues associated with the implementation of AICPA Statement of Position 05-1, Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts. Separately, the FASB will hold its inaugural meeting with the Investors Technical Advisory Committee and plans to discuss the following topics:
1. Organizational matters
2. FASB projects and agenda priorities
3. Fair value accounting for financial instruments
4. The transition approaches to new accounting standards.
Some of the documents listed above may not be accessible under your current subscription. For information about upgrading your subscription to include additional content, click here:
For detail, please contact info@zy-cpa.com
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GOVERNMENT HEADLINES:
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Governmental Practice Manual -- Guidance Updated on Accounting Research Manager
For detail, please contact info@zy-cpa.com
We have published the 2007 edition of the Governmental GAAP Practice Manual: Including GASB 34 Guidance. The emphasis of this publication is on the process of preparing financial statements. As such, this publication describes how to apply GASB Statements, GASB Interpretations, GASB Technical Bulletins, NCGA Statements, NCGA Interpretations, and more, with a special emphasis on implementing GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. This publication includes plain-English explanations and numerous examples, including a "Worksheet Conversion Entry Checklist" that takes the numerous transactions that governmental entities experience that are initially recorded on the modified accrual basis (for presentation in the fund financial statements) and converts them to the accrual basis (for presentation in the government-wide financial statements).
Local Government and Single Audits -- Guidance Updated on Accounting Research Manager
For detail, please contact info@zy-cpa.com
We have published the 2006 edition of Local Government and Single Audits. This publication specifically addresses the requirements of the relevant AICPA Statements on Auditing Standards and Audit and Accounting Guides, as well as the GAO's Government Auditing Standards, and other professional literature that relates to audits of local governments. In doing so, this publication assumes that the auditor is currently planning to audit a local government that has (or shortly will have) implemented GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. In addition, this publication specifically addresses the requirements of the relevant OMB circulars and other professional literature that relates to audits performed in accordance with OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (single audits). In doing so, this publication illustrates how to efficiently conduct a single audit.
Governmental GAAP Guide -- Guidance Updated on Accounting Research Manager
For detail, please contact info@zy-cpa.com
We have published the 2007 edition of the Governmental GAAP Guide. The Governmental GAAP Guide is a single reference that discusses all of the promulgated accounting principles applicable to the financial reporting by state and local governments that are in use today: GASB Statements, GASB Interpretations, GASB Technical Bulletins, NCGA Statements, NCGA Interpretations, and certain AICPA Statements of Position and Audit and Accounting Guides. These pronouncements have been analyzed and are restated in straightforward language to facilitate their understanding by preparers and auditors of governmental financial statements. In addition, numerous examples and illustrations are provided as well as a Financial Statement Disclosure Checklist that assists financial statement preparers and attestors in meeting the applicable disclosure requirements.
Some of the documents listed above may not be accessible under your current subscription. For information about upgrading your subscription to include additional content, click here:
For detail, please contact info@zy-cpa.com