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Accounting Research Manager(TM)
Weekly Summary of Developments
July 14-18, 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

Accounting for Leases -- FASB to Discuss Leases and Other Matters
Inflation Rates -- Interpretation Issued, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - June 2008
IFRIC Update -- IFRIC Discusses Distribution of Non-cash Assets to Owners and Other Matters at July 10-11, 2008 Meeting
International Financial Reporting -- IASB Issues Agenda for July 22-25, 2008 Meeting

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ACCOUNTING AND SEC HEADLINES:
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Accounting for Leases -- FASB to Discuss Leases and Other Matters
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As reported in its "Action Alert" publication, the FASB is scheduled to meet on July 23, 2008, and discuss: (a) leases; and (b) reporting discontinued operations. The FASB is expected to cover the following items relating to its joint project with the IASB on leases:

-Overall approach to the joint project in conjunction with the "2008 Memorandum of Understanding" between the FASB and IASB;
-The scope of the project and whether to include or exclude lessor accounting;
-The treatment of options to extend or terminate a lease;
-The treatment of contingent rentals;
-The initial and subsequent measurement of a lessee's right of use asset and obligation to make rental payments; and
-Whether to retain the classification criteria for operating and finance leases.

The FASB is also expected to continue discussing the proposed converged (with the IASB) definition of a discontinued operation and related disclosures. The FASB will also discuss any remaining issues and whether to proceed to a draft of a proposed FASB Staff Position on discontinued operations.

As also reported in its Action Alert publication, the FASB is scheduled to hold an educational, non-decision-making session on July 23, 2008, to discuss topics that are anticipated to be covered at a future FASB meeting. Those topics will be posted to the FASB calendar four days prior to the education session.

Inflation Rates -- Interpretation Issued, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - June 2008
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Our Interpretation, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - June 2008, has been issued and reflects the latest available inflation rate information. We did not make any changes since our March 2008 update.

Users of this Interpretation should also refer to the actions of the AICPA International Practices Task Force for further guidance in classifying countries as hyperinflationary, particularly for countries not reporting data to the International Monetary Fund and published in the International Financial Statistics, the source for this Interpretation.

See our Literature Update for complete details.

IFRIC Update -- IFRIC Discusses Distribution of Non-cash Assets to Owners and Other Matters at July 10-11, 2008 Meeting
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As reported in the IASB's "IFRIC Update" publication, the IFRIC met on July 10-11, 2008, and discussed the following matters:

-IFRIC D23, Distributions of Non-cash Assets to Owners;
-IFRIC D24, Customer Contributions;
-Group cash-settled share-based payment transactions (proposed amendments to IFRS 2, Share-based Payment, and IFRIC 11, IFRS 2 - Group and Treasury Share Transactions);
-Compliance costs related to the European Regulation concerning the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH);
-IFRIC agenda decisions;
-Tentative agenda decisions; and
-IFRIC work in progress.

International Financial Reporting -- IASB Issues Agenda for July 22-25, 2008 Meeting
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The IASB is scheduled to discuss the following agenda items at its July 22-25, 2008 meeting:

-Amendments to IFRS 5, Non-current Assets Held for Sale and Discontinued Operations;
-Annual improvements process;
-Consolidations;
-An update on expert panel on valuing financial instruments in markets that have become active;
-Fair value measurement;
-IFRIC update;
-Income taxes;
-IFRS for private entities (formerly small and medium-sized entities);
-Leases;
-Liabilities and equity: Proactive Accounting Activities in Europe working group education session;
-Management commentary;
-Project proposals: derecognition/liabilities and equity;
-Revenue recognition;
-Standards Advisory Council summary; and
-Other matters carried forward from earlier sessions (if necessary).

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