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Accounting Research Manager(TM)
Weekly Summary of Developments
May 7-11, 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

EITF Materials Issued -- Comment Letters Received on Tentative Conclusions and Other Matters for the June 14, 2007 EITF Meeting
Conceptual Framework -- FASB Discusses Conceptual Framework Project and Other Matters at May 2, 2007 Meeting
Recent Pronouncements -- Guidance Added and Updated in Our Publication "Accounting Standards"
International Financial Reporting -- IASB Issues Agenda for Its Meeting on May 15-18, 2007

Auditing Headlines

Compilations and Reviews -- Reporting on Uncertainties

Government Headlines

GASB Report Issued -- Current Technical Plan Issued
Real Estate -- GASB Issues Exposure Draft on Real Estate Investments

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ACCOUNTING AND SEC HEADLINES:
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EITF Materials Issued -- Comment Letters Received on Tentative Conclusions and Other Matters for the June 14, 2007 EITF Meeting
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The FASB has issued the following materials for the EITF meeting scheduled for June 14, 2007:

-Issue No. 07-3, "Accounting for Advance Payments for Goods or Services to Be Used in Future Research and Development Activities" (Comment Letters)

Conceptual Framework -- FASB Discusses Conceptual Framework Project and Other Matters at May 2, 2007 Meeting
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As reported in its "Action Alert" publication, the FASB met on May 2, 2007, and addressed the following projects or topics:

-Conceptual Framework
-Derivative Disclosures

The Action Alert also notes that the following projects or topics are scheduled to be discussed by the FASB at its meeting scheduled for May 16, 2007:

-Agenda Decision: Statement 133 Hedging Implementation
-Financial Statement Presentation
-Conceptual Framework: Reporting Entity
-Statement 133 Implementation Issue - Clarification of the Application of the "Shortcut Method"

Of particular interest, the FASB will discuss (a) practice issues related to the hedge accounting guidance in FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, and (b) whether to add a project to its agenda to address the accounting for hedging activities. If the FASB decides to add a project to the agenda, it also will discuss potential approaches for accounting for hedging activities.

Recent Pronouncements -- Guidance Added and Updated in Our Publication "Accounting Standards"
For detail, please contact info@zy-cpa.com

We have updated guidance in and added guidance to various sections of our Accounting Standards to reflect the guidance in the following authoritative literature:

-FASB Statement No. 155, Accounting for Certain Hybrid Financial Instruments
-FASB Statement No. 156, Accounting for Servicing of Financial Assets
-EITF Issue No. 05-1, "Accounting for the Conversion of an Instrument That Became Convertible upon the Issuer's Exercise of a Call Option"
-EITF Issue No. 06-2, "Accounting for Sabbatical Leave and Other Similar Benefits Pursuant to FASB Statement No. 43"
-EITF Issue No. 06-3, "How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation)"
-EITF Issue No. 06-6, "Debtor's Accounting for a Modification (or Exchange) of Convertible Debt Instruments"
-FASB Staff Position (FSP) FTB 85-4-1, "Accounting for Life Settlement Contracts by Third-Party Investors"
-EITF Topic D-98, "Classification and Measurement of Redeemable Securities"

International Financial Reporting -- IASB Issues Agenda for Its Meeting on May 15-18, 2007
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The IASB has issued the agenda for its May 15-18, 2007 meeting when it is scheduled to discuss the following projects or topics:

-Annual Improvements Process
-Business Combinations (Phase II)
-Conceptual Framework
-Financial Instruments Puttable at Fair Value
-Financial Statement Presentation
-IFRIC Update
-IFRS 2 Vesting Conditions and Cancellations
-Leases
-Liabilities - Amendments to IAS 37
-Post-Employment Benefits

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AUDITING HEADLINES:
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Compilations and Reviews -- Reporting on Uncertainties
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We have added a GAAS Update Service that provides discussion and analysis of an Accounting and Review Services Interpretation of AR Section 100 entitled, Reporting on an Uncertainty, Including an Uncertainty About an Entity's Ability to Continue as a Going Concern. This interpretation provides guidance on how to modify the accountant's standard compilation or review report when reporting on an uncertainty, including an uncertainty about an entity's ability to continue as a going concern. It specifically addresses the following issues: (a) how the accountant would modify the standard compilation or review report if he or she became aware of an uncertainty about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements; and (b) matters that the accountant should consider in deciding whether it is necessary to modify the standard compilation or review report if he or she became aware of a material uncertainty other than a going concern uncertainty (e.g., an uncertainty regarding pending or threatened litigation).

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GOVERNMENT HEADLINES:
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GASB Report Issued -- Current Technical Plan Issued
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The April edition of the "GASB Report" has been issued and includes the following discussion items:

-GASB Calendar
-GASB Adds Projects to Its Current Technical Agenda
-Board Meeting Summary
-Board Approves Technical Plan for the Four Months Ending August 31, 2007
-Comments Sought on Proposal Related to Endowment Reporting
-Advisory Committee Appointment Announced
-Who's Who at the GASB

As discussed more fully in the GASB Report, the GASB held a public meeting on April 1-3, 2007. At that meeting, projects on elements of financial statements, derivatives, conforming changes to pension disclosures, fund balance reporting and governmental fund type definitions, and intangible assets were discussed. The GASB also discussed and approved its technical plan for the second four months of 2007.

The GASB Report also notes that the GASB held a public hearing to receive testimony from constituents on the proposed Statement, Accounting and Financial Reporting for Intangible Assets. In addition, the GASB met on April 17, 2007 to continue discussion of issues related to derivatives and on April 27, 2007 to discuss its projects on intangible assets and conforming changes to pension disclosures.

Real Estate -- GASB Issues Exposure Draft on Real Estate Investments
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We have added a Governmental GAAP Update Service that discusses the March 23, 2007, Exposure Draft of a proposed statement, Land and Other Real Estate Held As Investments by Endowments. Prior to this proposal, the accounting standards regarding the recording of land and other real estate held as investments with permanent and term endowments, including permanent funds, involved the reporting of such assets at historical cost. Pension and other postemployment benefit plans, external investment pools, and Internal Revenue Code Section 457 deferred compensation plans, which exist for similar purposes as permanent and term endowments, have been reporting land and other real estate held as investments at their fair value. The GASB indicated that it understands that reporting land and other real estate at cost has benefits when property is held for the purposes of providing services to the public or supporting a government's operations. However, the GASB believes that it is less meaningful for land and other real estate held as an investment.

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