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Accounting Research Manager(TM)
Weekly Summary of Developments
August 27-31, 2007
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Accounting and SEC Headlines

EITF Materials Issued -- Collaborative Arrangements, Calculating EPS for a Master Limited Partnership and Other Matters for the September 11, 2007 EITF Meeting
Accounting for Leases -- Interpretations of Accounting for Leases Updated
Accounting for Contingencies -- FASB to Discuss Accounting for Contingencies and Other Matters at September 6, 2007 Meeting
SEC Regulations Committee -- Meeting Minutes Released

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ACCOUNTING AND SEC HEADLINES:
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EITF Materials Issued -- Collaborative Arrangements, Calculating EPS for a Master Limited Partnership and Other Matters for the September 11, 2007 EITF Meeting
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The FASB has issued the following materials for the EITF meeting scheduled for September 11, 2007:

-Issue No. 07-1, "Accounting for Collaborative Arrangements" (Issue Summary Supplement)
-Issue No. 07-4, "Application of the Two-Class Method under FASB Statement No. 128, 'Earnings per Share,' to Master Limited Partnerships" (Issue Summary Supplement)
-Issue No. 07-5 (formerly Issue 07-E), "Determining Whether an Instrument (or an Embedded Feature) is Indexed to an Entity's Own Stock" (Issue Summary)
-Issue No. 07-6 (formerly Issue 07-F), "Accounting for the Sale of Real Estate When the Agreement Includes a Buy-Sell Clause" (Issue Summary)
-Revised Proposed Agenda

EITF Issue 07-1 addresses the accounting for collaborative arrangements, such as those to jointly develop and commercialize intellectual property. Collaborative arrangements present unique accounting issues, including how cost incurred and revenue generated should be reported by the participants, characterization of payments made between participants of the collaborative arrangements and what disclosures should be made about a collaborative arrangement. The EITF also plans to discuss EITF Issue 07-4 which address whether current period earnings of a Master Limited Partnership (MLP) should be allocated to holders of incentive distribution rights (IDRs) when applying the two-class method under FASB Statement No. 128, Earnings Per Share. A typical MLP consists of publicly traded common units held by limited partners (the Common Units), a general partner interest (the GP Interest), and the IDRs. The IDRs represent a separate class of nonvoting limited partner interest that the general partner (GP) initially holds but may transfer or sell separately from its GP Interest. IDR holders do not have an ownership interest in the partnership.

Accounting for Leases -- Interpretations of Accounting for Leases Updated
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We have updated our publication, Accounting for Leases. Updates include guidance on the following items:

-Allocating a blanket residual value guarantee to individual leases in a portfolio;
-The application of both EITF Issue No. 97-1, "Implementation Issues in Accounting for Lease Transactions, including Those Involving Special-Purpose Entities" and EITF Issue No. 96-21, "Implementation Issues in Accounting for Lease Transactions involving Special-Purpose Entities"; and
-Applicability of leveraged lease accounting when the lessor is a partnership or variable interest entity.

In addition, we have updated the "Recent Developments" section of this publication to reflect the current status of the FASB/IASB joint project on lease accounting and the FASB's redeliberations of its Exposure Draft, Business Combinations.

Accounting for Contingencies -- FASB to Discuss Accounting for Contingencies and Other Matters at September 6, 2007 Meeting
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As reported in its "Action Alert" publication, the FASB will meet on September 6, 2007, and address the following projects or topics:

-Accounting for Contingencies
-Useful Life and Amortization of Intangible Assets

The Board is expected to deliberate on whether to add a project to its agenda to reconsider the provisions for accounting for contingencies contained in FASB Statement No. 5, Accounting for Contingencies.

SEC Regulations Committee -- Meeting Minutes Released
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The SEC Regulations Committee released meeting minutes (highlights) from its July 10, 2007 meeting with the SEC staff. Below is a summary of key topics discussed at the meeting:

-Staffing updates and recent projects or investigations from the Divisions of Corporation Finance, Enforcement and Investment Management;
-Updates on ongoing projects, including revisions to the SEC Staff Training Manual, an update to Current Accounting and Disclosures Issues document, recent proxy statement rule developments and internal control initiatives;
-Advisory Committee on Improving Financial Reporting;
-Further consideration on whether to issue guidance on materiality;
-Executive compensation disclosures;
-Financial reporting process risk factors;
-Reporting internal controls in a reverse merger; and
-Named valuation experts and consents.

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