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Accounting Research Manager(TM)
Weekly Summary of Developments
August 20-24, 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
Conceptual Framework -- FASB to Discuss Postretirement Benefit Obligations, Including Pensions and Other Matters at August 29, 2007 Meeting
International Financial Reporting -- IASB Issues Agenda for International Financial Reporting Interpretations Committee (IFRIC) Meeting on September 6-7, 2007
Auditing and Internal Controls Headlines
Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained -- Additional Interpretive Guidance
Compilation and Review Engagements -- AICPA Issues Professional Responsibility Proposal
Government Headlines
Elements of Financial Statements -- GASB Concepts Statement Explained
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ACCOUNTING AND SEC HEADLINES:
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Conceptual Framework -- FASB to Discuss Postretirement Benefit Obligations, Including Pensions and Other Matters at August 29, 2007 Meeting
For detail, please contact info@zy-cpa.com
As reported in its "Action Alert" publication, the FASB will meet on August 29, 2007, and address the following projects or topics:
-Conceptual Framework
-Postretirement Benefit Obligations, Including Pensions
Of particular interest, the FASB will discuss the scope of and priorities for the second phase of its project on postretirement benefit obligations.
International Financial Reporting -- IASB Issues Agenda for International Financial Reporting Interpretations Committee (IFRIC) Meeting on September 6-7, 2007
For detail, please contact info@zy-cpa.com
The IASB has issued the agenda for the IFRIC September 6-7, 2007, meeting which includes:
-IAS 27 Consolidated and Separate Financial Statements - Accounting for noncash distributions
-IAS 18 Revenue - Guidance on identifying agency arrangements
-IAS 18 Revenue - Customer contributions
-IFRS 2 Share-Based Payment - Group cash-settled share-based payment transactions
-Staff Recommendations for Tentative Agenda Decisions
-Review of Tentative Agenda Decisions published in July IFRIC Update
-Update on Tentative Agenda Decisions postponed in July
-Administrative Session
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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained -- Additional Interpretive Guidance
For detail, please contact info@zy-cpa.com
We have added a GAAS Update Service that focuses on practical issues relating to Statement on Auditing Standards (SAS) No. 110, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained, by using a "Question & Answer" format designed to provide practical discussion, advice, and specific implementation guidance. The Q & As address various issues including: (a) factors that the auditor should consider when planning to rely on evidence obtained about the operating effectiveness of controls in previous audits and when designing substantive analytical procedures; (b) factors that may cause the auditor to re-evaluate the initial risk assessment process; (c) risks and challenges that the auditor faces when deciding on the timing of audit procedures as of an interim date and some of the typical substantive tests applied as of an interim date; (d) examples of procedures that the auditor might perform on the period between the interim test date and the balance-sheet date for inventory and accounts receivable balances; and (e) additional specific documentation requirements under SAS 110.
Compilation and Review Engagements -- AICPA Issues Professional Responsibility Proposal
For detail, please contact info@zy-cpa.com
The AICPA has issued an Exposure Draft, Defining Professional Requirements in Statements on Standards for Accounting and Review Services, a proposed Statement on Standards for Accounting and Review Services (SSARS). The Exposure Draft proposes degrees of responsibility for accountants conducting compilation and review engagements. Specifically, the Exposure Draft provides two categories of professional responsibilities:
-Unconditional requirements - The accountant is required to comply with this type of requirement in all cases in which circumstances exist to which such requirement applies. An unconditional requirement is indicated within SSARS by the words "must or "is required".
-Presumptively mandatory requirements - The accountant is also required to comply with this type of requirement in all cases in which circumstances exist to which such requirement applies. However, the accountant may justify a departure from a presumptively mandatory requirement by showing the alternative procedures performed were sufficient to achieve the objectives of the requirement departed from. A presumptively mandatory requirement is indicated within SSARS by the word "should".
The proposed SSARS, if issued as a final standard, will be effective upon issuance. Comments on this proposal are due October 25, 2007.
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:
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GOVERNMENT HEADLINES:
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Elements of Financial Statements -- GASB Concepts Statement Explained
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We have added a Governmental GAAP Update Service that discusses that on July 10, 2007, the Governmental Accounting Standards Board (GASB) issued Concepts Statement No. 4, Elements of Financial Statements. This document is the fourth such statement issued by the GASB. Concepts Statements are intended to provide a conceptual framework that can be used as a basis for establishing consistent financial reporting standards and serve multiple purposes, including:
-Identifying the objectives and fundamental principles of financial reporting that can be applied to solve numerous financial accounting and reporting issues;
-Providing the GASB with the basic conceptual foundation for considering the merits of alternative approaches to financial reporting and helping the GASB develop well-reasoned financial reporting standards; and
-Assisting preparers, auditors, and users in better understanding the fundamental concepts underlying financial reporting 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