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Accounting Research
Manager(TM)
Weekly Summary of
Developments
March 3-7, 2008
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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:
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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
Income Taxes -- Updates to Interpretations of
Accounting for Income Taxes
International Financial
Reporting -- SEC Issues
Proposal on the Reporting Requirements for Foreign Private Issuers
SEC Enforcement -- Accounting and Auditing Enforcement
Releases Topical Index Updated
Contingencies -- FASB to Discuss Whether to Amend
Required Disclosures for Loss Contingencies
EITF Materials Issued -- Revenue Recognition by Lessors and Other Matters Discussed for March 12, 2008 EITF
Meeting
International Financial
Reporting -- IASB Issues
Agenda for March 11-14, 2008 Meeting
International Financial
Reporting -- IASB Issues
Agenda for International Financial Reporting Interpretations Committee (IFRIC)
Meeting on March 6-7, 2008
PCAOB Standing Advisory
Group Meeting -- Minutes
of the February 27, 2008 Meeting
Auditing and Internal
Controls Headlines
PCAOB Standing Advisory
Group Meeting -- Minutes
of the February 27, 2008 Meeting
Government Headlines
Fund Balance Reporting -- GASB Issues Proposed Statement on Fund
Balance Reporting and Governmental Fund Type Definitions
GASB Report Issued -- Fund Balance Reporting and Other
Matters
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ACCOUNTING AND SEC HEADLINES:
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Income Taxes -- Updates to
Interpretations of Accounting for Income Taxes
For detail, please contact info@zy-cpa.com
We have updated our
publication Accounting for Income Taxes - Interpretations of FASB Statement
109. Our publication has been updated to reflect the following changes:
-We have added Interpretation
FIN 48 22A-1, "Effective Date for Nonpublic Enterprises," which
documents the issuance of FASB Staff Position (FSP) FIN 48-2, Effective Date
of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, in
February 2008.
-We have updated Appendix
III, "Sample Footnotes and Disclosures," to provide more recent
examples that reflect how various U.S. public companies disclosed the
information required by FASB Statement No. 109, Accounting for Income Taxes,
and FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income
Taxes, as amended and interpreted. This information was extracted from
published reports as filed with the SEC in
We have also updated the
"Recent Developments" section of our publication to give users a
status of projects and related activities at the FASB that may affect the
accounting for income taxes.
See our Literature Update for
complete details.
International Financial
Reporting -- SEC Issues Proposal on the Reporting Requirements for Foreign
Private Issuers
For detail, please contact info@zy-cpa.com
The SEC has issued for public
comment, Foreign Issuer Reporting Enhancements. The proposal includes a
number of changes to the SEC's rules relating to foreign private issuers that
are intended to improve the accessibility of the
-Enable foreign issuers to
test their qualification to use the forms and rules available to foreign
private issuers once a year, rather than continuously;
-Accelerate the deadline for
annual reports filed by foreign private issuers to within 90 days after the
issuers' fiscal year for large accelerated and accelerated filers, and 120 days
after fiscal year-end for all other foreign private issuers;
-Eliminate an option under
which foreign private issuers are permitted to omit segment data from their
U.S. GAAP financial statements;
-Amend the rule pertaining to
going private transactions to reflect the new termination of reporting and
deregistration rules for foreign private issuers;
-Make applicable revisions to
annual report and registration statement forms used by foreign private issuers
to improve certain disclosures provided in these forms.
Comments on the proposal are
due within 60 days following publication in the Federal Register.
SEC Enforcement --
Accounting and Auditing Enforcement Releases Topical Index Updated
For detail, please contact info@zy-cpa.com
We have updated our Topical
Index of the SEC's Accounting and Auditing Enforcement Releases (AAERs) to reflect releases by the SEC through December 31,
2007 (release number 2762 ). The SEC's Division of Enforcement periodically
issues AAERs to reflect civil lawsuits brought by the
SEC in federal court and notices and orders concerning the institution and (or)
settlement of administrative proceedings.
Our Topical Index includes
the following 11 categories (each of which has additional sub categories):
-Revenue Recognition Issues;
-Recognition of
Losses/Expenses;
-Reporting Issues;
-Consolidated and Combined
Financial Statements;
-Business Combinations;
-Asset Valuation;
-Financial Instruments;
-Fraudulent Activities by the
Company;
-Internal Controls and
Reporting Deficiencies - Company;
-Audit or Audit Firm
Deficiencies; and
-SEC Rules and Regulations.
See our Literature Update for
complete details.
Contingencies -- FASB to
Discuss Whether to Amend Required Disclosures for Loss Contingencies
For detail, please contact info@zy-cpa.com
As reported in its
"Action Alert" publication, the FASB is scheduled to meet on March
11-12, 2008, to discuss whether to amend and enhance the disclosure
requirements for loss contingencies in FASB Statement No. 5, Accounting for
Contingencies. In addition, the FASB is expected to revisit its earlier
decision that an entity should present income taxes in a separate section in
the financial statements. The FASB will also discuss what additional
disclosures an entity should present if income taxes are no longer to be
allocated to continuing operations, discontinued operations, and other
comprehensive income.
EITF Materials Issued --
Revenue Recognition by Lessors and Other Matters
Discussed for March 12, 2008 EITF Meeting
For detail, please contact info@zy-cpa.com
The FASB has issued the
following additional materials for the March 12, 2008 EITF meeting:
-Issue No. 08-2 (formerly
Issue 08-B), "Lessor Revenue Recognition for
Maintenance Services" (Issue Summary);
-EITF chairman's announcement
concerning new task force members;
-Topic D-98,
"Classification and Measurement of Redeemable Securities" (proposed
amendments);
-Proposed EITF Project Plan:
Determining Whether Payments to Incentive Distribution Rights Holders in Master
Limited Partnerships Represent Equity Distributions or Compensation Expense;
and
-Issue No. 08-1 (formerly
Issue 08-A), "Revenue Recognition for a Single Unit of Accounting"
(Issue Summary).
International Financial
Reporting -- IASB Issues Agenda for March 11-14, 2008 Meeting
For detail, please contact info@zy-cpa.com
The IASB is scheduled to
discuss the following agenda items at its March 11-14, 2008 meeting:
-Annual improvements process;
-Extractive activities
research project;
-Fair value measurement;
-Financial statement
presentation;
-IAS 39, Financial
Instruments: Recognition and Measurement;
-IFRIC Update;
-IFRS 1, First-time
Adoption of International Financial Reporting Standards; and
-IFRS for small and
medium-sized entities.
International Financial
Reporting -- IASB Issues Agenda for International Financial Reporting
Interpretations Committee (IFRIC) Meeting on March 6-7, 2008
For detail, please contact info@zy-cpa.com
The IASB has issued the
agenda for the IFRIC March 6-7, 2008 meeting which includes:
-D22, Hedges of a Net
Investment in a Foreign Operation;
-D21, Real Estate Sales;
-Review of tentative agenda
decisions published in November and January IFRIC Updates (deposits on
returnable containers and cash flow statement classification of expenditures);
-Staff recommendations on
tentative agenda decisions (settlements under IAS 19, Employee Benefits);
and
-Administrative session on
IFRIC work in progress.
PCAOB Standing Advisory
Group Meeting -- Minutes of the February 27, 2008 Meeting
For detail, please contact info@zy-cpa.com
As described in our minutes
of the PCAOB Standing Advisory Group meeting held on February 27, 2008, the
more significant topics of discussion at this meeting related to the following:
(a) a proposal developed by the SEC's Advisory Committee on Improvements
to Financial Reporting (CIFiR) relating to accounting
and auditing judgments, (b) accounting firms' and auditors'
responsibility to supervise audit work, and (c) quality control
practices of global audit networks in audits of financial statements.
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listed above may not be accessible under your current subscription. For
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AUDITING AND INTERNAL
CONTROLS HEADLINES:
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PCAOB Standing Advisory
Group Meeting -- Minutes of the February 27, 2008 Meeting
For detail, please contact info@zy-cpa.com
As discussed above in our
Accounting and SEC Summaries, as described in our minutes of the PCAOB Standing
Advisory Group meeting held on February 27, 2008, the more significant topics
of discussion at this meeting related to the following: (a) a proposal
developed by the SEC's Advisory Committee on Improvements to Financial
Reporting (CIFiR) relating to accounting and auditing
judgments, (b) accounting firms' and auditors' responsibility to
supervise audit work, and (c) quality control practices of global audit
networks in audits of financial statements.
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
======================
GOVERNMENT HEADLINES:
======================
Fund Balance Reporting --
GASB Issues Proposed Statement on Fund Balance Reporting and Governmental Fund
Type Definitions
For detail, please contact info@zy-cpa.com
The GASB has issued for
public comment a proposed statement, Fund Balance Reporting and Governmental
Fund Type Definitions. The proposal aims to enhance the usefulness of fund
balance information by providing clearer fund balance classifications that can
be more consistently applied and by clarifying the existing governmental fund
type definitions. The proposal would establish fund balance classifications
that comprise a hierarchy based primarily on the extent to which a government
is bound to observe constraints imposed upon the use of the resources reported
in governmental funds.
As proposed, the statement
would be effective for financial statements for periods beginning after June
15, 2010. Early implementation would be encouraged.
Comments on the proposal are
due June 30, 2008. The GASB has scheduled a public hearing to discuss this
proposal on July 14, 2008 in
GASB Report Issued -- Fund
Balance Reporting and Other Matters
For detail, please contact info@zy-cpa.com
The February 2008 edition of
the "GASB Report" has been issued and includes the following topics:
-Fund balance reporting
exposure draft approved;
-Summary of GASB board
meeting held January 22-24, 2008;
-GASB seeks participants for
fund balance reporting field test;
-Updated Governmental
Accounting Research System available; and
-OPEB implementers.
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