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Accounting Research Manager(TM)
Weekly Summary of Developments
March 10-14, 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:

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 Meeting Results -- Consensuses-for-Exposure and Consensus Reached
Share-Based Compensation -- FASB Discusses Share-Based Compensation as Participating Securities and Other Matters
Smaller Reporting Companies -- SEC Issues Compliance and Disclosure Interpretations
IFRIC Update -- IFRIC Discusses Real Estate Sales and Other Matters at March 6, 2008 Meeting

Auditing and Internal Controls Headlines

Professional Responsibilities -- Requirements for Accounting and Review Services Discussed

Government Headlines

Conduit Debt -- Accounting and Financial Reporting Issues Associated Conduit Debt Transactions Discussed

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ACCOUNTING AND SEC HEADLINES:
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EITF Meeting Results -- Consensuses-for-Exposure and Consensus Reached
For detail, please contact info@zy-cpa.com

As described in detail in our "EITF Flash Report," the EITF discussed the following issues at its March 12, 2008 meeting:

-Issue No. 00-27, "Application of EITF Issue No. 98-5, 'Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios,' to Certain Convertible Instruments;"
-Issue No. 07-4, "Application of the Two-Class Method under FASB Statement No. 128, Earnings per Share, to Master Limited Partnerships;"
-Issue No. 07-5, "Determining Whether an Instrument (or an Embedded Feature) is Indexed to an Entity's Own Stock;"
-Issue No. 08-1, "Revenue Recognition for a Single Unit of Accounting;"
-Issue No. 08-2, "Lessor Revenue Recognition for Maintenance Services;"
-Issue No. 08-3, "Accounting by Lessees for Maintenance Deposits under Lease Agreements;"
-Amendments to Issue 98-5; and
-Revisions to EITF Topic D-98, "Classification and Measurement of Redeemable Securities."

The EITF reached a consensus on Issue 07-4 and consensuses-for-exposure on Issues 07-5 and 08-3. In addition, the EITF agreed to amend the existing authoritative guidance in Issue 98-5. These decisions must be approved by the FASB which is scheduled for its meeting on March 26, 2008. Separately, the SEC staff presented certain revisions to EITF Topic D-98 which the SEC staff intends to finalize in connection with the issuance of the final minutes to this EITF meeting.

See our EITF Flash Report for complete details.

Share-Based Compensation -- FASB Discusses Share-Based Compensation as Participating Securities and Other Matters
For detail, please contact info@zy-cpa.com

As reported in its "Action Alert" publication, the FASB met on March 5, 2008 and discussed issues raised by respondents to proposed FASB Staff Position (FSP) EITF 03-6-a, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. The FASB affirmed its decision that unvested share-based payment awards that are entitled to receive nonforfeitable dividends or dividend equivalents are participating securities and that both distributed and undistributed earnings should be allocated to participating securities. The FASB also decided that: (a) only those unvested share-based payment awards that are expected to vest are participating securities; (b) a change in an entity's estimated forfeiture rate should not be captured as an adjustment to the computation of basic earnings per share pursuant to the two-class method; and (c) the final FSP should require full retrospective application and become effective on the same date as a revised Statement on FASB Statement No. 128, Earnings Per Share. The FASB directed the staff to proceed to a draft of a final FSP for vote.

As also reported in its Action Alert publication, the FASB is scheduled to meet on March 19, 2008 to discuss determining the useful life of intangible assets.

Smaller Reporting Companies -- SEC Issues Compliance and Disclosure Interpretations
For detail, please contact info@zy-cpa.com

The SEC has published, Smaller Reporting Company Compliance and Disclosure Interpretations. The interpretations provide guidance on six specific questions regarding the SEC's recently issued smaller reporting company rules. Among other things, the new rules expanded the scope of companies permitted to use scaled disclosure requirements (i.e., $50 million in revenue or $75 million in public float) for smaller public companies. The interpretations cover the following topics:

-Determining qualification for the scaled disclosure requirements for current reporting companies;
-Whether a company can be both a smaller reporting company and an accelerated filer;
-Future eligibility to be a smaller reporting company for registrants not qualifying for such status in the current year;
-Audit committee report requirements for smaller reporting companies;
-Applicability of new disclosure requirements within the new rules to Section 14A (proxies) disclosure; and
-Whether smaller reporting requirements are required to describe policies and procedures for review, approval or ratification or related party transactions per Item 404(b) of Regulation S-K.

IFRIC Update -- IFRIC Discusses Real Estate Sales and Other Matters at March 6, 2008 Meeting
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As reported in the IASB's "IFRIC Update" publication, the IFRIC met on March 6, 2008, and discussed the following matters:

-IFRIC D21, Real Estate Sales;
-IFRIC D22, Hedges of a Net Investment in a Foreign Operation;
-IFRIC agenda decisions;
-Tentative agenda decisions; and
-IFRIC work in progress

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Professional Responsibilities -- Requirements for Accounting and Review Services Discussed
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We have added a GAAS Update Service that discusses AICPA Statement on Standards for Accounting and Review Services (SSARS) No. 16, Defining Professional Requirements in Statements on Standards for Accounting and Review Services. SSARS 16 defines the terminology used in SSARSs to describe the degree of responsibility that those standards impose on accountants performing a compilation or review engagement. SSARS 16 defines two types of responsibility that SSARSs impose on accountants: (1) unconditional responsibility to comply with a requirement in all cases, which responsibility is communicated by the terms "must" or "is required" and (2) presumptive responsibility to comply with a requirement in all cases, which responsibility is communicated by the term "should" and which places the burden of proof on the accountant if he or she departs from the presumptive requirement.

SSARS 16 became effective December 18, 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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Conduit Debt -- Accounting and Financial Reporting Issues Associated Conduit Debt Transactions Discussed
For detail, please contact info@zy-cpa.com

We have added a Governmental GAAP Update Service that discusses accounting and financial reporting issues related to conduit debt transactions. Conduit debt includes limited-obligation bonds and other similar debt instruments that provide capital financing for third parties that are not a part of the issuing government's financial reporting entity. Topics covered in the Update Service are:

-Accounting for conduit debt;
-Required disclosures; and
-Conduit debt in financing authorities.

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