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Accounting Research Manager(TM)
Weekly Summary of Developments
December 24-28, 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 Matters -- Draft Abstract of Consensus-for-Exposure Issued
Securities/General/Insurance -- AICPA Issues Audit Risk Alerts
SEC Issues Final Rule -- Elimination of IFRS-to-U.S. GAAP Reconciliation
Auditing and Internal Controls Headlines
Audit Evidence -- Unconditional and Presumptively Mandatory Requirements of SAS 106
Defining Professional Requirements -- AICPA Issues New Guidance
Securities/General/Insurance -- AICPA Issues Audit Risk Alerts
Government Headlines
GASB Report Issued -- GASB Issues Statement 52 and Other Matters
Real Estate -- GASB Statement 52 Discussed
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ACCOUNTING AND SEC HEADLINES:
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EITF Matters -- Draft Abstract of Consensus-for-Exposure Issued
For detail, please contact info@zy-cpa.com
As a result of the consensus-for-exposure reached at the EITF's November 29, 2007 meeting, as ratified by the FASB at its December 12, 2007 meeting, the EITF issued for public comment a draft abstract of EITF Issue No. 07-4, "Application of the Two-Class Method under FASB Statement No. 128, Earnings per Share, to Master Limited Partnerships."
Comments on the draft abstract are due February 8, 2008.
Securities/General/Insurance -- AICPA Issues Audit Risk Alerts
The AICPA has issued the following 2007/2008 Audit Risk Alerts:
-General Alert: Strengthening Audit Integrity, Safeguarding Financial Reporting
For detail, please contact info@zy-cpa.com
-Insurance Industry Developments
For detail, please contact info@zy-cpa.com
-Securities Industry Developments
For detail, please contact info@zy-cpa.com
AICPA Audit Risk Alerts provide users with a detailed overview of recent industry, technical, regulatory, or professional developments.
SEC Issues Final Rule -- Elimination of IFRS-to-U.S. GAAP Reconciliation
For detail, please contact info@zy-cpa.com
The SEC has issued a final rule allowing foreign private issuers to file financial statements with the Commission prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board without reconciliation to U.S. GAAP.
The rule is effective 30 days after it is published in the Federal Register.
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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Audit Evidence -- Unconditional and Presumptively Mandatory Requirements of SAS 106
For detail, please contact info@zy-cpa.com
We have added a GAAS Update Service that discusses the unconditional and presumptively mandatory requirements of AICPA Statement on Auditing Standards (SAS) No. 106 entitled, Audit Evidence. Among other matters, the provisions of SAS 106 require the auditor to: (a) perform risk assessment procedures to provide a satisfactory basis for the assessment of risks at the financial statement and relevant assertion levels; (b) obtain audit evidence about the accuracy and completeness of client-prepared information when using that information to perform further audit procedures; (c) determine the source of likely potential misstatements in each significant class of transactions, account balance, and presentation and disclosure, in order to identify relevant assertions; (d) perform tests of controls when the auditor's risk assessment includes an expectation of the operating effectiveness of controls and when the substantive procedures alone do not provide sufficient appropriate audit evidence; and (e) perform procedures to establish the continuing relevance of evidence obtained in previous audits, where that evidence is to be used in the current audit.
Defining Professional Requirements -- AICPA Issues New Guidance
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The AICPA has issued Statement on Standards for Accounting and Review Services (SSARS) No. 16, Defining Professional Requirements in Statements on Standards for Accounting and Review Services. This statement sets forth the meaning of certain terms used in SSARSs issued by the Accounting and Review Services Committee in describing the professional requirements imposed on accountants performing a compilation or review.
SSARS 16 is effective immediately.
Securities/General/Insurance -- AICPA Issues Audit Risk Alerts
As discussed above in our Accounting and SEC Summaries, the AICPA has issued the following 2007/2008 Audit Risk Alerts:
-General Alert: Strengthening Audit Integrity, Safeguarding Financial Reporting
For detail, please contact info@zy-cpa.com
-Insurance Industry Developments
For detail, please contact info@zy-cpa.com
-Securities Industry Developments
For detail, please contact info@zy-cpa.com
AICPA Audit Risk Alerts provide users with a detailed overview of recent industry, technical, regulatory, or professional developments.
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
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GOVERNMENT HEADLINES:
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GASB Report Issued -- GASB Issues Statement 52 and Other Matters
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The November edition of the "GASB Report" has been issued and includes the following discussion items:
-GASB Calendar
-GASB Issues Statement 52
-Board Meeting Summary
-Derivatives User Roundtable and Public Hearing Held
-Service Efforts and Accomplishments Reporting Task Force Meets
Real Estate -- GASB Statement 52 Discussed
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We have added a Governmental GAAP Update Service that discusses the issuance of GASB Statement No. 52, Land and Other Real Estate Held as Investments by Endowments. GASB 52 was issued on November 21, 2007, to address questions raised (especially within the college and university community) regarding the difference in accounting for land and other real estate held as investments between permanent and term endowments, including permanent funds and other governmental entities that exist for similar purposes but have different accounting methods for the same transactions. The purpose of GASB 52 is to establish consistent accounting standards for reporting land and other real estate held as investments by essentially similar entities.
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