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Accounting Research Manager(TM)
Weekly Summary of Developments
June 2-6, 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

Interactive Data -- SEC Publishes Proposed Rule Mandating XBRL Reporting
SEC Filings -- SEC Issues Updated EDGAR Filer Manual
International Accounting -- SEC Chairman Discusses International Accounting
Loss Contingencies -- FASB Issues Exposure Draft That Would Expand Disclosure Requirements for Certain Loss Contingencies
Variable Interest Entities -- FASB to Discuss FIN 46R and Other Matters
EITF Materials Issued -- Revenue Recognition and Other Matters Discussed for June 12, 2008 EITF Meeting
Derivatives and Guarantees -- FASB Issues Proposed Staff Position That Would Amend Disclosure Requirements For Credit Derivatives and Certain Guarantees

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ACCOUNTING AND SEC HEADLINES:
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Interactive Data -- SEC Publishes Proposed Rule Mandating XBRL Reporting
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The SEC published for public comment a proposed rule, Interactive Data to Improve Financial Reporting. The proposal would require all companies to provide financial information and disclosures in SEC filings and on corporate Websites using eXtensible Business Reporting Language (XBRL). XBRL is a computer software language that labels companies' financial and other data so that financial statement readers can more easily find information, and use the information for comparisons and analysis.

Among other things, the proposal contains the following requirements:

-Domestic and foreign "large accelerated filers" (as defined) using U.S. generally accepted accounting principles (GAAP) with a worldwide public common float above $5 billion as of the end of their most recent second quarter, would be required to provide interactive data for registration statements containing financial statements for a period ending on or after December 15, 2008. In addition, Form 10-Q for quarterly periods or Form 10-K or 20-F for annual periods ending on or after December 15, 2008, would have to contain interactive data.

-All other large accelerated filers using GAAP would be required to provide interactive data for registration statements containing financial statements for a period ending on or after December 15, 2009. In addition, Form 10-Q for quarterly periods or Form 10-K or 20-F for annual periods ending on or after December 15, 2009, would have to contain interactive data.

-All remaining companies (including smaller reporting companies) using GAAP would be required to provide interactive data for registration statements containing financial statements for a period ending on or after December 15, 2010. In addition, Form 10-Q for quarterly periods or Form 10-K or 20-F for annual periods ending on or after December 15, 2010, would have to include interactive data.

-Foreign private issuers using IFRS as issued by the IASB, would be required to provide interactive data for registration statements containing financial statements for a period ending on or after December 15, 2010. In addition, Form 20-F for annual periods ending on or after December 15, 2010, would have to contain interactive data.

-Required interactive data would be provided as additional exhibits to annual and quarterly reports and registration statements. Companies would also be required to post this information on their Websites.

Comments on the proposal are due August 1, 2008.

SEC Filings -- SEC Issues Updated EDGAR Filer Manual
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The SEC has published a final rule, Adoption of Updated EDGAR Filer Manual. This final rule includes revisions to the SEC's Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual to reflect changes to the EDGAR system. Specifically, the revisions are being made to reflect the:

-Removal of several rescinded EDGAR submission types;
-Addition of XBRL taxonomies; and
-Inclusion of new links for US GAAP XBRL taxonomies.

This updated filer manual is effective on the date of publication in the Federal Register.

International Accounting -- SEC Chairman Discusses International Accounting
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We have added a speech by SEC Chairman Christopher Cox, International Financial Reporting Standards: The Promise of Transparency and Comparability for the Benefit of Investors Around the Globe. Speaking at the Annual Conference of the International Organization of Securities Commissions, Mr Cox noted that "an international language of disclosure and transparency would significantly improve investor confidence in global capital markets." Mr. Cox provided his views on principles critical to the success of IFRS becoming the global accounting standard. Specifically, the principles provided by Mr. Cox are:

-IFRS must be crafted in the interest of investors;
-The standard setting process must be transparent;
-The standard setter must be accountable and independent of influences (politics, favored industries, and national or regional biases); and
-All stakeholders must participate in the standard setting process.

Loss Contingencies -- FASB Issues Exposure Draft That Would Expand Disclosure Requirements for Certain Loss Contingencies
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The FASB has issued an Exposure Draft (ED), Disclosure of Certain Loss Contingencies. This ED would expand the disclosure requirements for certain loss contingencies by amending both FASB Statement No. 5, Accounting for Contingencies, and FASB Statement No. 141 (Revised 2007), Business Combinations. Specifically, this ED would require an entity provide disclosures to assist users of financial statements in assessing the likelihood, timing, and amount of future cash flows associated with loss contingencies that are (or would be) recognized as liabilities in a statement of financial position. Such loss contingency disclosures must include information about the risks those loss contingencies pose to the entity and their potential and actual effects on the entity's financial position, cash flows, and results of operations.

As proposed, the expanded disclosure requirements would apply to all loss contingencies within the scope of Statement 5 or Statement 141R, except for:

-Loss contingencies that are (or would be) recognized as asset impairments in a statement of financial position;
-Guarantees within the scope of the disclosure requirements of FASB Interpretation (FIN) No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others;
-Specified liabilities for unpaid claim costs related to insurance contracts or reinsurance contracts of an insurance entity or a reinsurance entity;
-Liabilities for insurance-related assessments within the scope of AICPA Statement of Position (SOP) 97-3, Accounting by Insurance and Other Enterprises for Insurance-Related Assessments; and
-Liabilities for employment-related costs, including pensions and other postemployment benefits.

As proposed, the provisions of this ED would be effective for fiscal years ending after December 15, 2008, and interim and annual periods in subsequent fiscal years.

Comments on the ED are due August 8, 2008.

Variable Interest Entities -- FASB to Discuss FIN 46R and Other Matters
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As reported in its "Action Alert" publication, the FASB is scheduled to meet on June 11, 2008, to discuss the following matters:

-Reconsideration of FASB Interpretation (FIN) No. 46 (Revised 2003), Consolidation of Variable Interest Entities;
-Mergers and acquisitions by a not-for-profit organization;
-FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, implementation: transfers of financial assets; and
-Reconsideration of FIN 46R and Statement 140: transfers of financial assets.

The FASB is scheduled to discuss options for guidance when determining the primary beneficiary in a variable interest entity for purposes of applying FIN 46R. The FASB will also consider possibly discussing whether additional guidance should be developed regarding the purpose and design of a variable interest entity including the risks the entity was designed to create and pass through to interest holders (for example, interest rate risk).

EITF Materials Issued -- Revenue Recognition and Other Matters Discussed for June 12, 2008 EITF Meeting
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The FASB has issued the following materials for the June 12, 2008 EITF meeting:

-Revised agenda;
-Agenda Committee report;
-Issue No. 08-2, "Lessor Revenue Recognition for Maintenance Services" (Issue Supplement No. 1);
-Issue No. 07-5, "Determining Whether an Instrument (or Embedded Feature) is Indexed to an Entity's Own Stock" (Issue Supplement No. 3 and Comment Letters);
-Issue No. 08-3, "Accounting by Lessees for Maintenance Deposits under Lease Agreements" (Issue Supplement No. 1 and Comment Letters); and
-Issue No. 08-4, "Transition Guidance for Conforming Changes to Issue No. 98-5" (Issue Summary No. 1 and Comment Letter).

Derivatives and Guarantees -- FASB Issues Proposed Staff Position That Would Amend Disclosure Requirements for Credit Derivatives and Certain Guarantees
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The FASB issued for public comment proposed FASB Staff Position (FSP) FAS 133-b and FIN 45-c, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45. This proposal would amend FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, and FASB Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others, to improve disclosures about credit derivatives and guarantees.

As proposed, the additional disclosures would be required for fiscal years and interim periods ending after November 15, 2008.

Comments on this proposed FSP are due June 30, 2008.

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