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Accounting Research Manager(TM)
Weekly Summary of Developments
October 27-31, 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

Statement 157 -- New Interpretations Added Including Those Relating to the Emergency Economic Stabilization Act of 2008
Conceptual Framework -- FASB to Discuss Conceptual Framework and Other Matters
EITF Materials -- FASB Issues Additional Materials for November 13, 2008 Meeting
IASB Update -- IASB Discusses Credit Market Crisis and Other Matters
International Financial Reporting -- IASB Issues Agenda for November 6, 2008 IFRIC Meeting

Auditing and Internal Controls Headlines

Audit Engagements -- Proposed AICPA Auditing Standard on Interim Financial Information

Government Headlines

Financial Statements -- GASB Proposals to Incorporate AICPA Accounting Guidance Discussed

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ACCOUNTING AND SEC HEADLINES:
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Statement 157 -- New Interpretations Added Including Those Relating to the Emergency Economic Stabilization Act of 2008
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We have updated our interpretations of FASB Statement No. 157, Fair Value Measurements. We have added several new questions and answers to Section C, “Disclosure Requirements under Statement 157.” We also added Section F, “Statement 157 and the Emergency Economic Stabilization Act of 2008,” to discuss the legislation that was enacted in the United States on October 3, 2008. Included in this discussion are references to FASB Staff Position (FSP) FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, together with the September 30, 2008, release “SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting.”

See our Literature Update for complete details.

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 meet on November 5, 2008, to discuss its conceptual framework project. The FASB is expected to discuss factors that should be considered in making standards-level decisions about the appropriate measurement bases for different types of assets and liabilities.

As also reported in its Action Alert publication, the FASB and IASB (the Boards) held a joint meeting on October 20-21, 2008, and discussed the following items:

-Conceptual framework: elements and recognition;
-Consolidations;
-Derecognition;
-Fair value measurement;
-Financial instruments with characteristics of equity;
-Financial instruments: complexity;
-Emissions trading schemes; and
-Liabilities.

The Boards tentatively agreed to working definitions of an asset and of a liability for use in the "elements and recognition" phase of their joint project on the conceptual framework. In regards to the Boards work on a derecognition model, a majority of each Board expressed a preliminary preference for derecognition when a transferor of a financial asset: (a) has the practical ability to transfer that asset (or component) in its entirety to a third party for its own benefit; and (b) is able to exercise that practical ability unilaterally and without needing to impose additional restrictions on the transfer.

EITF Materials -- FASB Issues Additional Materials for November 13, 2008 Meeting
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The FASB has issued the following additional materials for the November 13, 2008 EITF meeting:

-EITF Issue No. 08-6, "Equity Method Investment Accounting Considerations" (comment letter);
-EITF Issue No. 08-7, "Accounting for Defensive Intangible Assets" (comment letters); and
-EITF Issue No. 08-8, "Accounting for an Instrument (or Embedded Feature) with a Settlement Amount That Is Based on the Stock of an Entity's Consolidated Subsidiary" (comment letter).

IASB Update -- IASB Discusses Credit Market Crisis and Other Matters
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As reported in its "IASB Update" publication, the IASB met on October 13-17, 2008, and discussed the following projects or topics:

-Credit market crisis;
-Annual improvements project;
-Fair value measurement;
-Financial instruments with characteristics of equity;
-IFRS for private entities;
-Insurance contracts;
-Joint meeting held with the FASB on October 20-21, 2008;
-Share-based payment; and
-IASB technical plan.

International Financial Reporting -- IASB Issues Agenda for November 6, 2008 IFRIC Meeting
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IFRIC is scheduled to discuss the following agenda items at its November 6, 2008 meeting:

-D24, Customer Contributions;
-Compliance costs;
-Customer related intangible assets;
-Review of tentative agenda decisions published in September IFRIC update (restricted securities and application to prepaid employer's contribution reserve);
-Staff recommendations for tentative agenda decisions; and
-Administrative session on IFRIC work in progress.

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Audit Engagements -- Proposed AICPA Auditing Standard on Interim Financial Information
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We have added a GAAS Update Service that discusses the AICPA's Proposed Statement on Auditing Standards (SAS), Interim Financial Information. This proposal would amend existing AU Section 722 of the same name. The proposed SAS was issued to accommodate reviews of interim financial information of nonissuers, including companies offering securities pursuant to SEC Rule 144A or participating in private equity exchanges. The proposed SAS would also remove from AU Section 722 the guidance for reviews of the interim financial information of issuers, which are governed by the auditing standards of the PCAOB.

Under the proposed SAS, AU Section 722 would apply when the interim financial information of a nonissuer is intended to provide a periodic update to year-end reporting and the accountant has either: (a) audited the entity’s latest annual financial statements; or (b) is auditing the current year financial statements and the entity’s latest annual financial statements were audited by another auditor. The proposed SAS also clarifies that if these conditions are not met, reviews of interim financial information of nonissuers should be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS).

As proposed, the guidance would be effective for interim periods within fiscal years beginning after December 15, 2008.

Comments on the proposal are due November 3, 2008.

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GOVERNMENT HEADLINES:
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Financial Statements -- GASB Proposals to Incorporate AICPA Accounting Guidance Discussed
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We have added a Governmental GAAP Update Service that discusses the GASB issuance of the following two exposure drafts (EDs) for public comment:

-Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards; and
-The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.

These EDs would incorporate into the authoritative literature of the GASB certain accounting and financial reporting guidance that is included in AICPA Statements on Auditing Standards (SAS). Among other things, these proposals establish accounting and financial reporting standards for: (a) related party transactions; (b) subsequent events; and (c) going concern considerations. The proposals are not intended to establish new accounting standards but rather incorporates the existing guidance (to the extent appropriate in a governmental environment) into the GASB standards.

As proposed, the guidance in the EDs would apply to all state and local governments and be effective immediately upon issuance.

Comments on these proposals are due October 30, 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