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Accounting Research Manager(TM)
Weekly Summary of Developments
April 28 - May 2, 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

Fair Value Option -- Guidance within Accounting Standards Updated for FASB Statement 159
Accounting for Leases -- Guidance Updated for Recently Issued Standards on Business Combinations, Fair Value Measurements, and Other Matters
Inventory -- FASB Issues Proposed Staff Position Requiring Fair Value Accounting for Inventory Used for Trading Activities
Intangible Assets -- FASB Issues Final Staff Position on Determining the Useful Life of Intangible Assets
Conceptual Framework -- FASB to Discuss Conceptual Framework and Other Matters
International Financial Reporting -- IASB Issues Agenda for May 8, 2008 IFRIC Meeting
IASB Update -- IASB Discusses IFRS for Small and Medium-Sized Entities
International Financial Reporting -- IASB Issues Newsletter Discussing Credit Crunch and Other Matters

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ACCOUNTING AND SEC HEADLINES:
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Fair Value Option -- Guidance within Accounting Standards Updated for FASB Statement 159
For detail, please contact info@zy-cpa.com

We have incorporated the guidance in FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, and FASB Staff Position (FSP) FIN 48-1, Definition of 'Settlement' in FASB Interpretation No. 48, into our Accounting Standards. Specifically, chapters covering the following areas have been updated for this guidance:

-Financial instruments;
-Accounts receivable and loans;
-Investments in debt securities and other equity securities;
-Debt;
-Income taxes;
-Equity method investments and joint ventures; and
-Cash-flow statement.

See our Literature Update for complete details.

Accounting for Leases -- Guidance Updated for Recently Issued Standards on Business Combinations, Fair Value Measurements, and Other Matters
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We have updated our interpretation, Accounting for Leases. Specifically, we have updated this interpretation to add or update the following:

-Our "Recent Developments" chapter to include a discussion of the joint project to reconsider lease accounting announced by the FASB and the IASB and to highlight certain key provisions of FASB Statement No. 141 (Revised 2007), Business Combinations, that affect leases;
-An interpretation to discuss the exclusion of lease classification and measurement from FASB Statement No. 157, Fair Value Measurements;
-Interpretive guidance addressing whether a sale of an undivided interest in a leased asset results in the seller retaining substantial risks of ownership;
-An interpretation discussing the effect of an insurance policy purchased by a seller on its determination of whether it has retained substantial risks of ownership; and
-Interpretive guidance addressing the applicability of Statement 157 to the measurement of finance leases acquired in a business combination accounted for in accordance with FASB Statement No. 141, Business Combinations, and Statement 141R.

See our Literature Update for complete details.

Inventory -- FASB Issues Proposed Staff Position Requiring Fair Value Accounting for Inventory Used for Trading Activities
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The FASB has published proposed FASB Staff Position (FSP) ARB 43-a, Amendment of the Inventory Provisions of Chapter 4 of ARB No. 43. This proposed FSP would amend Accounting Research Bulletin (ARB) No. 43, Restatement and Revision of Accounting Research Bulletins, to require that inventories included in an entity's trading activities be initially and subsequently measured at fair value with changes in fair value recognized in earnings. Specifically, this FSP specifies the accounting for inventories included in an entity's trading activities, which is determined based the entity's specific facts and circumstances. This FSP is not intended to change the accounting for nontrading inventories such as those that are held for production, retail, wholesale, distribution, or other nontrading activities.

As proposed, this FSP would be effective for financial statements issued for fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. Early adoption would not be permitted.

Comments on this FASB proposal are due June 16, 2008.

Intangible Assets -- FASB Issues Final Staff Position on Determining the Useful Life of Intangible Assets
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The FASB has issued FASB Staff Position (FSP) FAS 142-3, Determination of the Useful Life of Intangible Assets. This FSP amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under FASB Statement No. 142, Goodwill and Other Intangible Assets. The intent of this FSP is to improve the consistency between the useful life of a recognized intangible asset under Statement 142 and the period of expected cash flows used to measure the fair value of the asset under FASB Statement No. 141R, and other U.S. generally accepted accounting principles.

This FSP is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Early adoption is prohibited.

Conceptual Framework -- FASB to Discuss Conceptual Framework and Other Matters
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As reported in its "Action Alert" publication, the FASB is scheduled to discuss the following items at its May 6-7, 2008, meeting: (a) conceptual framework: elements and recognition; and (b) determining whether instruments granted in share-based payment transactions are participating securities. Regarding its conceptual framework project, the FASB is expected to discuss how to distinguish between a liability and a business risk. In addition, the FASB is expected to discuss the principle of a stand-ready obligation and whether it can be applied to noncontractual situations. The FASB will also redeliberate some of the decisions reached at its March 5, 2008 meeting on proposed FASB Staff Position (FSP) EITF 03-6-a, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. The FASB will discuss consideration of share-based payment awards not expected to vest, the effective date, and transition.

As also indicated in its Action Alert publication, the FASB held a joint meeting with the IASB on April 21-22, 2008, and discussed the following topics or items:

-FASB/IASB Memorandum of Understanding;
-Revenue recognition;
-Conceptual framework: objectives and qualitative characteristics and reporting entity;
-The Corporate Reporting Users' Forum; and
-Standard setters' response to the credit crisis.

International Financial Reporting -- IASB Issues Agenda for May 8, 2008 IFRIC Meeting
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IFRIC is scheduled to discuss the following agenda items at its May 8, 2008 meeting:

-D21, Real Estate Sales;
-D22, Hedges of a Net Investment in a Foreign Operation;
-Preliminary consideration of comment letters received on draft IFRS 2, Share-Based Payment, and IFRIC 11 IFRS, Group Treasury Share Transactions;
-Review of tentative agenda decisions published in March IFRIC Update (deposits on returnable containers and settlements);
-Staff recommendations for tentative agenda decisions (application of the effective interest rate method);
-IFRIC work in progress; and
-Project plan for agenda request on rate regulated liabilities.

IASB Update -- IASB Discusses IFRS for Small and Medium-Sized Entities
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As reported in its "IASB Update" publication, the IASB met on April 14-18, 2008, and discussed the following projects or topics:

-Annual improvements;
-IFRS for small and medium-sized entities;
-IAS 39, Financial Instruments: Recognition and Measurement;
-Revenue recognition;
-Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets;
-Cost of an investment in a subsidiary, jointly controlled entity or associate;
-Amendments to IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations;
-Consolidation;
-Fair value measurement; and
-Joint ventures.

International Financial Reporting -- IASB Issues Newsletter Discussing Credit Crunch and Other Matters
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The IASB has issued its "Insight" newsletter for the first and second quarters of 2008. This edition includes the following topics:

-Discussing the credit crunch;
-Interview with IASB trustees, Pedro Malan and Jeff Lucy;
-Four principles to ensuring sustainable funding;
-IASC Foundation update;
-Five questions on adoption and translation;
-Challenging but rewarding - Korea and IFRSs;
-Working towards 2011 - Canada and IFRSs;
-IFRSs for small and medium-sized entities;
-Facing up to pensions accounting;
-IASB/IFRIC project updates; and
-Staff changes.

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