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Accounting Research Manager(TM)
Weekly Summary of Developments
March 31 - April 4, 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

Disclosure Checklists -- Disclosure Checklists Updated through March 31, 2008
Fair Value Measurements -- SEC Issues Guidance on MD&A Disclosure Regarding the Application of Statement 157
Periodic Financial Reporting -- SEC Staff Updates Interpretations on Exchange Act Form 8-K
EITF Matters -- March 12, 2008 Meeting Minutes and Draft Abstracts Issued
Financial Instruments -- FASB Issues Seeks Comments on Reducing Complexity in Reporting Financial Instruments
Revenue Recognition -- FASB to Discuss Revenue Recognition and Other Matters
High-Technology Industry -- AICPA Issues Audit Risk Alert

Auditing and Internal Controls Headlines

Knowledge Based Audits -- Updated Core Overview and Tools Published
High-Technology Industry -- AICPA Issues Audit Risk Alert

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ACCOUNTING AND SEC HEADLINES:
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Disclosure Checklists -- Disclosure Checklists Updated through March 31, 2008

As described in our Literature Update, we have updated our General U.S. GAAP Financial Statement Disclosures Checklist, General U.S. GAAP Interim Financial Statement Disclosures Checklist, and Industry-Specific Disclosures Checklist: Not-for-Profit Organizations through March 31, 2008: For detail, please contact info@zy-cpa.com

The disclosure requirements of the following have been incorporated into the U.S. GAAP Financial Statement Disclosures Checklist:

-FASB Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities;
-FASB Staff Position (FSP) FAS 157-2, Effective Date of FASB Statement No. 157; and
-FASB Staff Position (FSP) FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises.

The General U.S. GAAP Interim Financial Statement Disclosures Checklist has been updated to reflect the interim disclosures required by the above documents. In addition, the Industry-Specific Disclosures Checklist: Not-for-Profit Organizations has been updated to reflect the disclosure requirements included in Statement 161.

We have also updated the following SEC disclosure-related checklists through March 31, 2008:

-Financial Statement Disclosures - This checklist outlines the required SEC disclosures for financial statements included in 1934 and 1933 Act domestic filings that are incremental to U.S. GAAP. The checklist is organized by topic.

-Management's Discussion and Analysis - This checklist outlines the required SEC disclosures for MD&A included in 1934 and 1933 domestic filings, including Forms 10-K and S-1.

-Incremental Certifications, Disclosures, and Reporting Mandated by Sarbanes-Oxley - This checklist outlines the certification, disclosure and reporting requirements resulting from the SEC rules mandated by the Sarbanes-Oxley Act of 2002. The checklist provides a by-topic "tickler" and effective dates. It also provides a column for users to note implementation date.

-SEC Form 10-Q checklist - This checklist is for financial and nonfinancial information included in Form 10-Q and is organized by form item number.

Among the revisions we made to these checklists is to reflect the decision by the SEC to replace the concept of "small business issuers" with "smaller reporting companies" as defined in Item 10(f)(1) of Regulation S-K. As defined by the SEC, smaller reporting companies means a company that has a public float of less than $75 million or, if a company does not have a calculable public equity float, having revenues of less than $50 million in the last fiscal year. Such companies have scaled disclosure and reporting requirements. The concept of smaller reporting companies was effective on February 4, 2008.

In addition, in late March 2008, the SEC staff issued guidance (discussed below) in the form of a sample letter to public companies regarding suggested disclosures in MD&A on the application of FASB Statement No. 157, Fair Value Measurements, in both Forms 10-Q and 10-K. We have referred to this guidance in our disclosure checklists, which may be particularly relevant for companies that have assets or liabilities covered by Statement 157.

See our Literature Updates for complete details: For detail, please contact info@zy-cpa.com

Fair Value Measurements -- SEC Issues Guidance on MD&A Disclosure Regarding the Application of Statement 157
For detail, please contact info@zy-cpa.com

The SEC staff issued an illustrative letter providing guidance to public companies identifying a number of disclosure items related to the application of FASB Statement No. 157, Fair Value Measurements. Specifically, the guidance highlights several disclosure considerations relating to Statement 157 that registrants should consider when preparing Management's Discussion and Analysis (MD&A) in their filings on Forms 10-K and 10-Q.

Among other things, the guidance urges registrants that conclude that unobservable inputs are material when determining the fair value of their assets and liabilities, to include in its MD&A such disclosures as: (a) how you determined such unobservable inputs; (b) how the resulting fair value of your assets and liabilities was determined; and (c) possible changes to the fair values calculated that impacted or could impact your results of operations, liquidity, and capital resources.

Periodic Financial Reporting -- SEC Staff Updates Interpretations on Exchange Act Form 8-K
For detail, please contact info@zy-cpa.com

On April 3, 2008, the SEC staff issued an update to its interpretations on Exchange Act Form 8-K. The updated interpretations replace guidance previously included in Frequently Asked Questions (FAQ) documents and a telephone interpretations document. The updated interpretations provide both general guidance regarding Form 8-K and guidance on specific items or events reported on Form 8-K. The updated interpretations provide new or additional guidance on several of the items, including:

-General guidance on Form 8-K;
-Item 1.01, "Entry into a Material Definitive Agreement";
-Item 2.02, "Results of Operations and Financial Condition";
-Item 3.02, "Unregistered Sales of Equity Securities"; and
-Item 5.02, "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers."

In addition, the updated interpretations include a number of interpretive responses regarding particular situations pertaining to specific items on Form 8-K. These interpretive responses focus on when a filing on Form 8-K under a specific item is triggered.

EITF Matters -- March 12, 2008 Meeting Minutes and Draft Abstracts Issued
For detail, please contact info@zy-cpa.com

The final minutes of the March 12, 2008 EITF meeting have been issued. The minutes document the meeting results as previously described in our Hot Topic dated March 27, 2008. As a result of the FASB's ratification of its earlier decisions, the EITF has issued for public comment the following draft abstracts:

-EITF Issue No. 07-5, "Determining Whether an Instrument (or Embedded Feature) is Indexed to an Entity's Own Stock";
For detail, please contact info@zy-cpa.com

-EITF Issue No. 08-3, "Accounting by Lessees for Nonrefundable Maintenance Deposits"; and
For detail, please contact info@zy-cpa.com

-EITF Issue No. 08-4, "Transition Guidance for Conforming Changes to Issue No. 98-5."
For detail, please contact info@zy-cpa.com

Comments on the draft abstracts are due May 5, 2008.

The final minutes include revisions to Topic No. D-98, "Classification and Measurement of Redeemable Securities," made by the SEC staff.

Financial Instruments -- FASB Issues Seeks Comments on Reducing Complexity in Reporting Financial Instruments
For detail, please contact info@zy-cpa.com

The FASB issued Invitation to Comment on Reducing Complexity in Reporting Financial Instruments - Including IASB Discussion Paper, Reducing Complexity in Reporting Financial Instruments. The Invitation to Comment seeks input from constituents on whether there is a need for the FASB to add a project intended to simplify and improve standards for measurement of financial instruments and, if so, what kind of projects or approaches should be considered. It also requests feedback on the IASB Discussion Paper, which seeks similar information on improving measurement of financial instruments that may also be useful to the FASB.

Comments from constituents are due September 19, 2008.

Revenue Recognition -- FASB to Discuss Revenue Recognition and Other Matters
For detail, please contact info@zy-cpa.com

As reported in its "Action Alert" publication, the FASB is scheduled to meet on April 9, 2008, to discuss the following issues:

-Revenue recognition;
-Measurement of liabilities; and
-Reconsideration of FASB Interpretation (FIN) No. 46 (Revised 2003), Consolidation of Variable Interest Entities.

The FASB will discuss the first three draft chapters of the discussion paper that is expected to be issued in June or July 2008. Those chapters deal with initial recognition and subsequent accounting for contracts with customers. In particular, the FASB will discuss: (a) the type of contract accounted for in the proposed revenue recognition model; (b) the definition of a performance obligation; and (c) how a performance obligation is satisfied. In addition, the FASB will discuss potential issues and recommendations related to FIN 46R as a result of potential changes to FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and recent market events.

As also reported in its Action Alert publication, the FASB met on March 26, 2008 and discussed the following items:

-FASB ratification of EITF consensuses and tentative conclusions;
-Convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement);
-Omnibus changes to consolidation and equity method guidance for not-for-profit organizations; and
-Open discussion: agenda decision - reconsideration of FIN 46R.

As described in our Hot Topic dated March 27, 2008, the FASB ratified the decisions made at the March 12, 2008 EITF meeting.

High-Technology Industry -- AICPA Issues Audit Risk Alert
For detail, please contact info@zy-cpa.com

The AICPA has issued a 2007/2008 Audit Risk Alert, High-Technology Industry Developments. The Alert is intended to provide auditors of financial statements of high technology entities with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. The Alert also includes discussion of recently issued specific accounting and audit guidance that may have an impact on audits of entities within or impacted by the high-technology industry. This Alert may also be useful to financial statement preparers.

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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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Knowledge Based Audits -- Updated Core Overview and Tools Published
For detail, please contact info@zy-cpa.com

We have published a 2008 update to our Knowledge Based Audits^TM (KBA) core overview and tools. KBA provides practical tools and resources that help audit professionals: (a) facilitate compliance with GAAS; (b) encourage more efficient and effective audits; and (c) help auditors to identify and focus on risks. Significant changes in the 2008 update include:

-KBA-400, "Understanding Internal Controls: Scoping and Mapping," was added with additional examples provided;
-KBA-502, "Summary of Risk Assessments," was updated with additional instructions about where to document specific risk;
-The audit assertions used in risk assessment were further combined to reduce the number from 11 to 6; and
-Content was updated to reflect the issuance of AICPA Statement on Auditing Standards (SAS) No. 114, The Auditor's Communication with Those Charged with Governance.

High-Technology Industry -- AICPA Issues Audit Risk Alert
For detail, please contact info@zy-cpa.com

As discussed above in our Accounting and SEC Summaries, the AICPA has issued a 2007/2008 Audit Risk Alert, High-Technology Industry Developments. The Alert is intended to provide auditors of financial statements of high technology entities with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. The Alert also includes a discussion of recently issued specific accounting and audit guidance that may have an impact on audits of entities within the high-technology industry. This Alert may also be useful to financial statement preparers.

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