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Accounting Research Manager(TM)
Weekly Summary of Developments
November 19-21, 2007
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Accounting and SEC Headlines

EITF Materials Issued -- Accounting for Collaborative Arrangements and Other Matters for the November 29, 2007 EITF Meeting
Investment Companies -- Proposed FASB Staff Position Issued
Financial Statement Disclosures -- SEC Seeks Input on Possible Mechanisms for Better Access to Disclosures on State Sponsors of Terrorism
IASB Update -- IASB Discusses Conceptual Framework and Other Matters at Its November 13-16, 2007 Meeting

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ACCOUNTING AND SEC HEADLINES:
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EITF Materials Issued -- Accounting for Collaborative Arrangements and Other Matters for the November 29, 2007 EITF Meeting
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The FASB has issued the following additional materials for the EITF meeting scheduled for November 29, 2007:

-Issue No. 07-1, "Accounting for Collaborative Arrangements" (Issue Summary Supplement); and
-Issue No. 07-5, "Determining Whether an Instrument (or an Embedded Feature) is Indexed to an Entity's Own Stock" (Issue Summary Supplement).

The FASB has published issue summary supplements for both Issue 07-1 (consensus-for-exposure) and Issue 07-5 (no consensus-for-exposure). 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. Issue 07-5 addresses the determination of whether an instrument (or an embedded feature) is indexed to an entity's own stock and therefore would not be separated from the host contract and accounted for as a derivative by the issuer.

Investment Companies -- Proposed FASB Staff Position Issued
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The FASB issued proposed FASB Staff Position (FSP) SOP 07-1-a, "Effective Date of AICPA Statement of Position 07-1." This proposal would delay the effective date of AICPA Statement of Position 07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies. Specifically, this proposed FSP would: (a) delay indefinitely the effective date of SOP 07-1 and (b) prohibit adoption of SOP 07-1 for an entity that has not early adopted the SOP before issuance of the final FSP. An entity that early adopts SOP 07-1 before issuance of the final FSP would be permitted but not required to continue to apply the provisions of the SOP. An entity that did not early adopt SOP 07-1 would not be permitted to adopt the SOP. As issued, SOP 07-1 is effective for financial statements issued for fiscal years beginning on or after December 15, 2007, with early adoption encouraged. If adopted as proposed, the FSP would be effective upon issuance.

Comments on the proposed FSP are due December 17, 2007.

Financial Statement Disclosures -- SEC Seeks Input on Possible Mechanisms for Better Access to Disclosures on State Sponsors of Terrorism
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The SEC released for public comment, Concept Release on Mechanisms to Access Disclosures Relating to Business Activities in or with Countries Designated as State Sponsors of Terrorism. The release seeks constituent views on whether the SEC should develop mechanisms to facilitate greater access to companies' disclosures concerning their business activities in or with countries designated as State Sponsors of Terrorism (SST) by the U.S. Department of State. Currently, SEC rules and regulations do not impose a specific disclosure requirement that addresses business activities in or with a country based upon its designation as a SST. However, a registrant is generally required to disclose business activities with a country designated as an SST if material to an understanding of its financial statements.

Comments on the release are due 60 days after publication in the Federal Register.

IASB Update -- IASB Discusses Conceptual Framework and Other Matters at Its November 13-16, 2007 Meeting
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As reported in its "IASB Update" publication, the IASB met on November 13-16, 2007, and discussed the following projects or topics:

-Revenue Recognition
-Insurance
-IAS 24 Related Party Disclosures
-Share-based Payment
-Update on IFRIC activities
-Financial Statement Presentation
-Consolidation
-Business Combinations
-Puttable Financial Instruments and Obligations Arising on Liquidation
-Fair Value Measurements
-Conceptual Framework

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