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Accounting Research Manager(TM)
Weekly Summary of Developments
April 9-13, 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:

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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

Business Combinations -- FASB to Consider Additional Issues and Other Matters at April 18, 2007 Meeting
International Financial Reporting -- IASB Issues Agenda for Its Meeting on April 17-19, 2007

Auditing Headlines

Dating of the Auditor's Report -- AICPA Provides Interpretive Guidance

Government Headlines

Deposits with Financial Institutions -- Questions and Answers on Required Disclosures

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ACCOUNTING AND SEC HEADLINES:
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Business Combinations -- FASB to Consider Additional Issues and Other Matters at April 18, 2007 Meeting
For detail, please contact info@zy-cpa.com

As reported in its "Action Alert" publication, the FASB will meet on April 18, 2007, and is scheduled to discuss the following projects or topics:

-Business Combinations
-Discontinued Operations
-FIN 39

As part of its redeliberations of the June 2005 Exposure Drafts, Business Combinations, and Consolidated Financial Statements, Including Accounting and Reporting of Noncontrolling Interests in Subsidiaries, the FASB will discuss the following issues:

1. Whether to affirm proposed disclosures about completed business combinations;

2. Whether the definition of fair value in FASB Statement No. 157, Fair Value Measurements, (to be used in the replacement of FASB Statement No. 141, Business Combinations) differs significantly from the definition of fair value in IFRS 3, Business Combinations (to be used in the replacement of that Statement) and, if so, the implications for convergence;

3. How an acquirer would classify contracts, assets and liabilities acquired or assumed in a business combination;

4. Whether to affirm or modify proposed guidance relating to assets and liabilities arising from acquired insurance contracts; and

5. Effective date.

The FASB and the IASB have tentatively agreed to a converged definition of a "discontinued operation." Both Boards will independently consider a request from constituents to complete this aspect of the project, on an accelerated basis, separate from the financial statement presentation project.

The FASB will also discuss the comments received on proposed FASB Staff Position (FSP) FIN 39-a, "Amendment of FASB Interpretation No. 39," and whether to approve that proposed FSP for final issuance. This proposal addresses:

a. Certain modifications to FASB Interpretation (FIN) No. 39, Offsetting of Amounts Related to Certain Contracts; and

b. Whether a reporting entity that is party to a master netting arrangement can offset the receivable or payable recognized upon payment or receipt of cash collateral against fair value amounts recognized for derivative instruments that have been offset under the same master netting arrangement in accordance with paragraph 10 of FIN 39.

International Financial Reporting -- IASB Issues Agenda for Its Meeting on April 17-19, 2007
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The IASB has issued the agenda for its April 17-19, 2007 meeting when it is scheduled to discuss the following projects or topics:

-Agenda Decision - Discontinued Operations
-Annual Improvements Process
-Business Combinations (Phase II)
-Conceptual Framework
-Financial Instruments - Due Process Document
-Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation
-Income Taxes (Short-Term Convergence)
-Joint Ventures (Short-Term Convergence) [Education Session]
-Liabilities - Amendments to IAS 37 [Education Session]
-Post-Employment Benefits

As part of the IASB's annual improvements process, the IASB will consider whether paragraph 70 of IAS 38, Intangible Assets, should be amended to allow cost capitalization if costs have been incurred by an entity relating to training, advertising and promotional activities until such time as those activities first take place.

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AUDITING HEADLINES:
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Dating of the Auditor's Report -- AICPA Provides Interpretive Guidance
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We have added a GAAS Update Service that provides discussion and analysis of AICPA Practice Alert 2007-1, Dating of the Auditor's Report and Related Practical Guidance. The Practice Alert provides guidance to auditors of nonissuers (primarily "nonpublic companies") regarding the application of certain provisions of Statement on Auditing Standards No. 103, Audit Documentation, as they relate to dating the auditor's report. The issues addressed include: (a) evidence supporting financial statement amounts and disclosures relating to attorney letters, waivers from financial institutions related to violations of loan covenants, and subsequent events; (b) consideration of management's representations and responsibility for the financial statements; and (c) potential effect of a firm's internal quality control review on the date of the auditor's report.

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GOVERNMENT HEADLINES:
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Deposits with Financial Institutions -- Questions and Answers on Required Disclosures
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We have added a Governmental GAAP Update Service that explores and addresses some frequently asked questions regarding the disclosures related to deposits with financial institutions and investments. Guidance for disclosures related to deposits, investments, and reverse repurchase agreements is established in GASB Statement No. 3, Deposits with Financial Institutions, Investments (Including Repurchase Agreements), and Reverse Repurchase Agreements, as amended by GASB Statement No. 40, Deposit and Investment Risk Disclosures. The purpose of these standards is to provide users of financial statements with information to assess the risk related to a governmental entity's investments, including repurchase agreements, deposits with financial institutions, and reverse repurchase agreements. One of the questions addressed in this Update Service is the level of detail required when providing disclosures of the types of investments authorized by a government's legal or contractual provisions.

The provisions of GASB Statement 40 were effective for financial statements for periods beginning after June 15, 2004.

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