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Accounting Research Manager(TM)
Weekly Summary of Developments
August 18-22, 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
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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 Changes -- Interpretive Publication Added
Subsequent Events -- FASB to Discuss Subsequent Events and Going
Concern
Auditing and Internal Controls Headlines
Internal Controls -- 2008 Edition of Interpretive Publication on
Information Technology Audits Added
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ACCOUNTING AND SEC HEADLINES:
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Accounting Changes -- Interpretive
Publication Added
For detail, please contact info@zy-cpa.com
We have published an interpretation, Accounting
Changes and Error Corrections under U.S. GAAP. Our interpretation is based
on the requirements in FASB Statement No. 154, Accounting Changes and Error
Corrections, which replaced APB Opinion No. 20, Accounting Changes,
and FASB Statement No. 3, Reporting Accounting Changes in Interim Financial
Statements. Statement 154 changed the accounting for and reporting of a
change in accounting principle, while maintaining the accounting for the
correction of an error in previously issued financial statements and for a
change in accounting estimate. Statement 154 requires retrospective application
(unless impracticable) to prior period financial statements of a change in
accounting principle. This statement also requires a change in accounting
principle be justified on the basis of preferability.
Our publication includes examples of
disclosures for certain accounting changes and sample preferability
letters required by the SEC. Also included in our publication is a discussion
of the guidance in SEC Staff Accounting Bulletin (SAB) No. 99, Materiality,
and SAB No. 108, Considering the Effects of Prior Year Misstatements When
Quantifying Misstatements in Current Year Financial Statements, and our
thoughts on their applicability to non-SEC Registrants.
See our Literature Update for complete details.
Subsequent Events -- FASB to Discuss
Subsequent Events and Going Concern
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As reported in its "Action Alert"
publication, the FASB is scheduled to meet on August 27, 2008, to discuss its
plans for incorporating guidance on subsequent events and going concern into
the FASB Accounting Standards CodificationTM.
The FASB's primary goal in developing the
Codification is to simplify user access to all authoritative
The FASB is also scheduled to hold an
educational, non-decision-making session to discuss topics that are anticipated
to be discussed at a future FASB meeting.
No FASB meetings were held during the week of
August 11, 2008.
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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Internal Controls -- 2008 Edition of
Interpretive Publication on Information Technology Audits Added
For detail, please contact info@zy-cpa.com
We have published the 2008 edition of Information
Technology Audits. The primary objective of this publication is to provide
audit practitioners with a cost-effective approach for conducting high-quality
integrated information technology audits. Reflecting real-life situations, this
publication offers practical discussions and consideration of the day-to-day
management of a variety of audit engagements and reviews.
The 2008 edition of this publication includes
the following:
-New chapter on fraud;
-Sarbanes-Oxley Act of 2002 and its impact over
the years;
-PCAOB auditing standards and related
pronouncements;
-AICPA Risk Assessment and Response Standards
including AICPA Statements on Auditing Standards (SAS) No. 104, Amendment to
Statement on Auditing Standards No.1,"Codification of Auditing Standards
and Procedures" ('Due Professional Care in the Performance of Work')
through SAS No. 111, Amendment to Statement on Auditing Standards No. 39,
"Audit Sampling";
-Audit Documentation (SAS No. 103, Audit
Documentation and PCAOB Auditing Standard No. 3, Audit Documentation);
-Evaluating Deficiencies in Internal Controls
(SAS No. 112, Communicating Internal Control Related Matters Identified in
an Audit and the PCAOB Auditing Standard No. 5, An Audit of Internal
Control over Financial Reporting Performed That is Integrated with an Audit of
Financial Statements);
-SAS No. 99, Consideration of Fraud in a
Financial Statement Audit;
-Views of the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) and
the Control Objectives for Information Related Technology (COBIT);
-Developing IT audit skills for non-IT
auditors;
-Technology overviews (database management,
networks, the Internet, and general computer and application controls);
-Certifications and maintaining skills for
Information System auditors;
-IT infrastructure overview and security
documentation;
-Audit program development; and
-Matrices, checklists, and questionnaires.
See our Literature Update for complete details.
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