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Accounting Research Manager(TM)
Weekly Summary of Developments
March 17-21, 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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Accounting and SEC Headlines

Derivatives and Hedging Activities -- FASB Issues Statement 161 Providing Guidance on Disclosures about Derivatives and Hedging Activities
Postretirement Benefits -- FASB Issues Proposed Staff Position on Disclosures about Postretirement Benefit Plan Assets
Accounting for Contingencies -- FASB Discussed Disclosures of Contingencies and Other Matters
Proxy Materials -- SEC Issues Final Rule Making Technical Amendments to Proxy Material Requirements
International Financial Reporting -- IASB Issues Discussion Paper on Reducing Complexity in Reporting Financial Instruments
IASB Update -- IASB Discusses Annual Improvements and Other Matters at March 10-14, 2008 Meeting

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ACCOUNTING AND SEC HEADLINES:
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Derivatives and Hedging Activities -- FASB Issues Statement 161 Providing Guidance on Disclosures about Derivatives and Hedging Activities
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On March 19, 2008, the FASB issued FASB Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities - an Amendment of FASB Statement 133. Statement 161 enhances required disclosures regarding derivatives and hedging activities, including enhanced disclosures regarding how: (a) an entity uses derivative instruments; (b) derivative instruments and related hedged items are accounted for under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities; and (c) derivative instruments and related hedged items affect an entity's financial position, financial performance, and cash flows. Specifically, Statement 161 requires:

-Disclosure of the objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation;
-Disclosure of the fair values of derivative instruments and their gains and losses in a tabular format;
-Disclosure of information about credit-risk-related contingent features; and
-Cross-reference from the derivative footnote to other footnotes in which derivative-related information is disclosed.

Statement 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Early application is encouraged.

Postretirement Benefits -- FASB Issues Proposed Staff Position on Disclosures about Postretirement Benefit Plan Assets
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The FASB has issued for public comment FASB Staff Position (FSP) FAS 132(R)-a, Employers' Disclosures about Postretirement Benefit Plan Assets. This proposal would amend FASB Statement No. 132 (Revised 2003), Employers' Disclosures about Pensions and Other Postretirement Benefits, which the FASB believes will improve an employer's disclosures about postretirement benefit plan assets. Specifically, the FSP includes the following amendments or requirements:

-A principle for disclosing the fair value of categories of plan assets based on the types of assets held in the plan.
-Categories of plan assets that, if significant, should be disclosed.
-Disclosures about the nature and amount of concentrations of risk arising within or across categories of plan assets.
-Disclosures about fair value measurements, similar to those required by FASB Statement No. 157, Fair Value Measurements.
-A technical amendment to Statement 132R that would require a nonpublic entity to disclose net periodic benefit cost.

If adopted as proposed, the disclosures about plan assets required by this FSP would be applied on a prospective basis for fiscal years ending after December 15, 2008. Earlier application would not be permitted.

Comments on the proposal are due May 2, 2008.

Accounting for Contingencies -- FASB Discussed Disclosures of Contingencies and Other Matters
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As reported in its "Action Alert" publication, the FASB met on March 11, 2008 and discussed: (a) accounting for certain nonfinancial liabilities: contingency disclosures; and (b) financial statement presentation. The FASB decided to expose for comment (not yet available) a proposed amendment to FASB Statement No. 5, Accounting for Contingencies. The amendment should document the following decisions made at this meeting:

-The FASB affirmed the recommended principle requiring an entity to provide disclosures that are sufficient to enable users of financial statements to assess the likelihood, timing, and amount of future cash flows associated with loss contingencies.
-The FASB agreed with the proposed principle that all loss contingencies should be disclosed unless certain narrow criteria are met.
-The FASB decided to require that an entity disclose the claim amount or, in the absence of a claim amount, an estimate of the maximum potential exposure to loss.

As also indicated in its Action Alert, the FASB is scheduled to meet on March 26, 2008 to discuss the following issues:

-FASB ratification of EITF consensuses and tentative conclusions;
-GAAP hierarchy;
-Convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement); and
-Omnibus changes to consolidation and equity method guidance for not-for-profit organizations.

The FASB will consider the ratification of the decisions reached at the March 12, 2008 EITF meeting. See our EITF Flash report for complete details of this meeting.

Proxy Materials -- SEC Issues Final Rule Making Technical Amendments to Proxy Material Requirements
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The SEC issued a final rule, Internet Availability of Proxy Materials; Regulation of Takeovers and Security Holder Communications; Cross-Border Tender and Exchange Offers, Business Combinations and Rights Offerings; Certain Other Related Rule Corrections. The final rule makes certain technical amendments to the SEC's proxy material requirements and related rules, including clarifying that the "notice and access model" regarding internet availability of proxy materials with respect to business combination transactions is not permitted. In addition, the final rule makes a number of corrections or updates to references within proxy material rules, including cross-references, typographical errors and SEC staff contact information.

International Financial Reporting -- IASB Issues Discussion Paper on Reducing Complexity in Reporting Financial Instruments
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The IASB has published a Discussion Paper (DP), "Reducing Complexity in Reporting Financial Instruments." This document is the first stage in a project to replace IAS 39, Financial Instruments: Recognition and Measurement. This DP discusses the main causes of complexity in reporting financial instruments and possible intermediate and long-term approaches to improving financial reporting and reducing complexity. The DP indicates that a single measurement method for all types of financial instruments is needed as a long-term solution to the current complexity in reporting financial instruments. The DP provides the following intermediate approaches that may be taken to reduce the current complexity:

-Amending measurement requirements (e.g., by reducing the number of categories of financial instruments).
-Replace the existing requirements with a fair value measurement principle and some optional exceptions to fair value measurement.
-Simplify hedge accounting.

Comments on the DP are due September 19, 2008.

IASB Update -- IASB Discusses Annual Improvements and Other Matters at March 10-14, 2008 Meeting
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As reported in its "IASB Update" publication, the IASB met on March 10-14, 2008, and discussed the following projects or topics:

-Annual improvements;
-Financial statement presentation;
-Fair value measurement;
-IFRS for small and medium-sized entities;
-IAS 19, Employee Benefits;
-IAS 39, Financial Instruments: Recognition and Measurement;
-Update to IFRIC activities;
-First-time adoption of IFRSs; and
-Extractive activities research project.

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