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Accounting Research Manager(TM)
Weekly Summary of Developments
February 2-6, 2009
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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:

For detail, please contact info@zy-cpa.com

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 Final Rule Requiring XBRL Financial Statement Information
International Accounting -- SEC Extends Comment Period on Proposed IFRS Roadmap
Fair Value -- FASB Proposes Guidance on Fair Value Disclosures in Interim Financial Statements
Income Taxes -- Updated Interpretation on Accounting for Income Taxes Published
Oil and Gas Reporting -- Updated Interpretation Published
EITF Matters -- January 15, 2009 Meeting Minutes Issued
Audit Risk Alerts -- AICPA Issues Audit Risk Alerts
IASB Update -- IASB Discusses Global Financial Crisis and Other Matters

Auditing and Internal Controls Headlines

Fraud -- AICPA Proposes Guidance on Consideration of Fraud in a Financial Statement Audit
Laws and Regulations -- AICPA Proposes Guidance for Considering Laws and Regulations in an Audit of Financial Statements
Risk Assessment -- AICPA Proposes Guidance on Risk Assessment
Accounting and Review Services -- AICPA Issues Guidance on Applicability of Statements on Standards for Accounting and Review Services
Interim Financial Information -- AICPA Issues Guidance on Interim Financial Information
Audit Risk Alerts -- AICPA Issues Audit Risk Alerts
Audit Manual -- GAO Publishes Updated Federal Information System Controls Audit Manual
Economic Crisis -- GAO Issues Report on the Troubled Asset Relief Program

Government Headlines

Audit Manual -- GAO Publishes Updated Federal Information System Controls Audit Manual
Economic Crisis -- GAO Issues Report on the Troubled Asset Relief Program
GASB Report Issued -- GASB Agenda and Other Matters Discussed

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ACCOUNTING AND SEC HEADLINES:
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Interactive Data -- SEC Publishes Final Rule Requiring XBRL Financial Statement Information
For detail, please contact info@zy-cpa.com

The SEC has published a final rule, Interactive Data to Improve Financial Reporting. This rule requires companies to provide financial statements to the SEC and on their corporate websites in interactive data format using eXtensible Business Reporting Language (XBRL). The interactive data must be provided as an exhibit to periodic and current reports and registration statements, as well as to transition reports for a change in fiscal year. According to the SEC, the new rule is intended not only to make financial information easier for investors to analyze, but also to assist in automating regulatory filings and business information processing.

Large accelerated filers with a market capitalization over $5 billion will be required to comply with these new interactive data requirements beginning with the first quarterly report on Form 10-Q or annual report on Form 20-F or Form 40-F, as applicable, for fiscal periods ending on or after June 15, 2009. For a domestic calendar year-end large accelerated filer with a market capitalization over $5 billion, the first required XBRL filing would be in connection with its June 30, 2009, Form 10-Q. All other registrants will be phased-in thereafter.

International Accounting -- SEC Extends Comment Period on Proposed IFRS Roadmap
For detail, please contact info@zy-cpa.com

The SEC has announced a 60 day extension to the comment period on its proposed rule, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers (Roadmap). This proposed Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers in 2014 if the SEC believes it to be in the public interest and for the protection of investors.

Comments on the proposed Roadmap are due April 20, 2009.

Fair Value -- FASB Proposes Guidance on Fair Value Disclosures in Interim Financial Statements
For detail, please contact info@zy-cpa.com

The FASB has issued proposed FASB Staff Position (FSP) FAS 107-b and APB 28-a, Interim Disclosures about Fair Value of Financial Instruments. This proposed FSP would amend FASB Statement No. 107, Disclosures about Fair Value of Financial Instruments, to require disclosures about fair value of financial instruments in interim financial statements as well as in annual financial statements. This proposed FSP also would amend APB Opinion No. 28, Interim Financial Reporting, to require those disclosures in all interim financial statements.

As proposed, this FSP would be effective for interim and annual reporting periods ending after March 15, 2009, and does not require disclosures for earlier periods presented for comparative purposes at initial adoption. In periods after initial adoption, this proposed FSP would require comparative disclosures only for periods ending subsequent to initial adoption.

Comments on this proposal are due March 2, 2009.

Income Taxes -- Updated Interpretation on Accounting for Income Taxes Published
For detail, please contact info@zy-cpa.com

We have updated our publication, Accounting for Income Taxes - Interpretations of FASB Statement 109. Specifically, we have updated this publication to reflect the issuance of FASB Staff Position (FSP) FIN 48-3, Effective Date of Interpretation No. 48 for Certain Nonpublic Enterprises. This FSP defers the required effective date in FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes, for most nonpublic companies for another year. It also requires nonpublic enterprises that elect to defer the application of FIN 48 to explicitly disclose that fact and to disclose their accounting policy for evaluating uncertain tax positions.

See our Literature Update for complete details.

Oil and Gas Reporting -- Updated Interpretation Published
For detail, please contact info@zy-cpa.com

We have updated our publication, Oil and Gas Industry: U.S. Accounting and Financial Reporting. The purpose of this publication is to discuss accounting and financial reporting issues that affect companies engaged in oil and gas exploration and (or) development. The guidance in our publication has been updated for the following accounting standards:

-FASB Statement No. 141 (Revised December 2007), Business Combinations;
-FASB Statement No. 157, Fair Value Measurements;
-FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements;
-EITF Issue No. 00-1, “Investor Balance Sheet and Income Statement Display under the Equity Method for Investments in Certain Partnerships and Other Ventures”;
-EITF Issue No. 02-6, “Classification in the Statement of Cash Flows of Payments Made to Settle an Asset Retirement Obligation within the Scope of FASB Statement No. 143”;
-EITF Issue No. 03-16, “Accounting for Investments in Limited Liability Companies”; and
-FASB Staff Position (FSP) AUG AIR-1, Accounting for Planned Major Maintenance Activities.

Our interpretation also includes a discussion of the SEC's recently issued final rule, Modernization of Oil and Gas Reporting .

See our Literature Update for complete details.

EITF Matters -- January 15, 2009 Meeting Minutes Issued
For detail, please contact info@zy-cpa.com

The final meeting minutes of the January 15, 2009 EITF meeting have been issued. The minutes document the meeting results previously described in our meeting summary published in January 2009. As discussed in the minutes, the EITF discussed EITF Issue No. 08-10, "Selected Statement 160 Implementation Questions," but did not reach a final consensus. The EITF is expected to revisit the accounting issues in Issue 08-10 at its next meeting scheduled for March 19, 2009.

Audit Risk Alerts -- AICPA Issues Audit Risk Alerts

The AICPA has issued the following two "Audit Risk Alert" publications:

-Securities Industry Developments; and
For detail, please contact info@zy-cpa.com

-Investment Companies Industry Developments.
For detail, please contact info@zy-cpa.com

These publications are intended to provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. These publications also include a section discussing current and future rulemaking or other activities that may impact these particular areas in the near future.

IASB Update -- IASB Discusses Global Financial Crisis and Other Matters
For detail, please contact info@zy-cpa.com

As reported in its "IASB Update" publication for January 2009, the IASB met on January 19-23, 2009, and discussed the following projects or topics:

-Global financial crisis;
-Annual improvements;
-Conceptual framework;
-Financial instruments with characteristics of equity;
-International Financial Reporting Interpretations Committee (IFRIC) update;
-IFRS for non-publicly accountable entities;
-Income taxes;
-Leases;
-Post-employment benefits; and
-IASB's technical plan.

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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Fraud -- AICPA Proposes Guidance on Consideration of Fraud in a Financial Statement Audit
For detail, please contact info@zy-cpa.com

The AICPA has issued for public comment proposed Statement on Auditing Standards (SAS), Consideration of Fraud in a Financial Statement Audit (Redrafted). This proposed SAS would supersede SAS No. 99, Consideration of Fraud in a Financial Statement Audit. The AICPA indicates in this proposal that the guidance in this SAS has been drafted using International Standards on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, as a base. Differences between SAS 99 and ISA 240 for which the ASB believes no compelling reason exists have been eliminated.

As proposed, this SAS would be effective for audits of financial statements for periods beginning on or after December 15, 2010.

Comments on this proposed SAS are due May 29, 2009.

Laws and Regulations -- AICPA Proposes Guidance for Considering Laws and Regulations in an Audit of Financial Statements
For detail, please contact info@zy-cpa.com

The AICPA has issued for public comment proposed SAS, Consideration of Laws and Regulations in an Audit of Financial Statements. This proposed SAS would supersede SAS No. 54, Illegal Acts by Clients. Among other things, this proposed SAS includes the following items or requirements:

-The requirement to perform procedures to identify instances of noncompliance with those laws and regulations that may have a material effect on the financial statements;
-Acknowledgement that there is an unavoidable risk that some material misstatements (including noncompliance with laws and regulations) in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with generally accepted auditing standards; and
-The requirement to obtain a written representation from management concerning the absence of noncompliance with laws or regulations

As proposed, this SAS would be effective for audits of financial statements for periods beginning on or after December 15, 2010.

Comments on this proposed SAS are due May 29, 2009.

Risk Assessment -- AICPA Proposes Guidance on Risk Assessment
For detail, please contact info@zy-cpa.com

The AICPA has issued for public comment proposed SASs, Risk Assessment. This proposal includes standards with guidance in following areas:

-Audit evidence;
-Materiality in planning and performing an audit;
-Evaluation of misstatements identified during the audit;
-Planning an audit;
-Understanding the entity and its environment and assessing the risks of material misstatements; and
-Performing audit procedures in response to assessed risks and evaluating the audit evidence obtained.

This proposal represent the redrafting of current SAS Nos. 106-110 to apply the Auditing Standards Board’s (ASB) clarity drafting conventions and to converge with ISA.

As proposed, the SASs would be effective for audits of financial statements for periods beginning on or after December 15, 2010.

Comments on this proposal are due April 30, 2009.

Accounting and Review Services -- AICPA Issues Guidance on Applicability of Statements on Standards for Accounting and Review Services
For detail, please contact info@zy-cpa.com

The AICPA has published Statement on Standards for Accounting and Review Services (SSARS) No. 18, Applicability of Statements on Standards for Accounting and Review Services. SSARS 18 amends AR Section 100, Compilation and Review of Financial Statements, so that SSARSs do not apply when the provisions of AU section 722, Interim Financial Information, apply.

SSARS 18 is effective for compilations and reviews of financial statements for periods beginning after December 15, 2009. Early application is permitted.

Interim Financial Information -- AICPA Issues Guidance on Interim Financial Information
For detail, please contact info@zy-cpa.com

The AICPA has published SAS No. 116, Interim Financial Information. SAS 116 amends AU Section 722, Interim Financial Information, to establish standards and provide guidance on the independent accountant’s professional responsibilities when the accountant undertakes an engagement to review interim financial information of a nonissuer. The guidance in SAS 116 applies to engagements of companies offering securities pursuant to SEC Rule 144A or participating in private equity exchanges. SAS 116 also removes the guidance for reviews of the interim financial statements of issuers since such guidance appropriately resides in the auditing standards of the PCAOB.

SAS 116 is effective for reviews of interim financial information for interim periods within fiscal years beginning after December 15, 2009. Early application is permitted.

Audit Risk Alerts -- AICPA Issues Audit Risk Alerts

As discussed above in our Accounting and SEC Summaries, the AICPA has issued the following two "Audit Risk Alert" publications:

-Securities Industry Developments; and
For detail, please contact info@zy-cpa.com

-Investment Companies Industry Developments.
For detail, please contact info@zy-cpa.com

These publications are intended to provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. These publications also include a section discussing current and future rulemaking or other activities that may impact these particular areas in the near future.

Audit Manual -- GAO Publishes Updated Federal Information System Controls Audit Manual
For detail, please contact info@zy-cpa.com

The U.S. Government Accountability Office (GAO) has published the Federal Information System Controls Audit Manual (FISCAM), which supersedes the prior version that was issued in 2001. The FISCAM presents a methodology for performing information system control audits of federal and other governmental entities in accordance with professional standards. The FISCAM is designed to be used primarily on financial and performance audits and attestation engagements performed in accordance with Generally Accepted Government Auditing Standards. The GAO indicates that the methodology in this release incorporates the following:

-A top-down, risk-based approach that considers materiality and significance in determining effective and efficient audit procedures;
-Evaluation of entity-wide controls and their effect on audit risk;
-Evaluation of general controls and their pervasive impact on business process application controls;
-Evaluation of security management at all levels;
-A control hierarchy to assist in evaluating the significance of identified information system control weaknesses;
-Grouping of control categories consistent with the nature of the risk; and
-Experience gained in GAO’s performance and review of information system control audits, including field testing the concepts in this revised FISCAM.

Economic Crisis -- GAO Issues Report on the Troubled Asset Relief Program
For detail, please contact info@zy-cpa.com

The GAO has issued a second report on the Troubled Asset Relief Program (TARP), Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues. The Emergency Economic Stabilization Act of 2008 was signed into law which established the Office of Financial Stability (OFS) within the Department of the Treasury and authorized the TARP. Every 60 days, the U.S. Comptroller General is required to report on a variety of areas associated with the oversight of TARP. This report:

-Follows up on the nine recommendations from the GAO's first TARP report published on December 2, 2008;
-Reviews the nature and purpose of activities that had been initiated under TARP as of January 23, 2009; and
-Reviews OFS hiring and transition efforts, use of contractors, and progress in developing a system of internal control; and
-Preliminary indicators of TARP's performance.

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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GOVERNMENT HEADLINES:
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Audit Manual -- GAO Publishes Updated Federal Information System Controls Audit Manual
For detail, please contact info@zy-cpa.com

As discussed above in our Auditing and Internal Controls Summaries, the U.S. Government Accountability Office (GAO) has published the Federal Information System Controls Audit Manual (FISCAM), which supersedes the prior version that was issued in 2001. The FISCAM presents a methodology for performing information system control audits of federal and other governmental entities in accordance with professional standards. The FISCAM is designed to be used primarily on financial and performance audits and attestation engagements performed in accordance with Generally Accepted Government Auditing Standards. The GAO indicates that the methodology in this release incorporates the following:

-A top-down, risk-based approach that considers materiality and significance in determining effective and efficient audit procedures;
-Evaluation of entity-wide controls and their effect on audit risk;
-Evaluation of general controls and their pervasive impact on business process application controls;
-Evaluation of security management at all levels;
-A control hierarchy to assist in evaluating the significance of identified information system control weaknesses;
-Grouping of control categories consistent with the nature of the risk; and
-Experience gained in GAO’s performance and review of information system control audits, including field testing the concepts in this revised FISCAM.

Economic Crisis -- GAO Issues Report on the Troubled Asset Relief Program
For detail, please contact info@zy-cpa.com

As discussed above in our Auditing and Internal Controls Summaries, the GAO has issued a second report on the Troubled Asset Relief Program (TARP), Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues. The Emergency Economic Stabilization Act of 2008 was signed into law which established the Office of Financial Stability (OFS) within the Department of the Treasury and authorized the TARP. Every 60 days, the U.S. Comptroller General is required to report on a variety of areas associated with the oversight of TARP. This report:

-Follows up on the nine recommendations from the GAO's first TARP report published on December 2, 2008;
-Reviews the nature and purpose of activities that had been initiated under TARP as of January 23, 2009; and
-Reviews OFS hiring and transition efforts, use of contractors, and progress in developing a system of internal control; and
-Preliminary indicators of TARP's performance.

GASB Report Issued -- GASB Agenda and Other Matters Discussed
For detail, please contact info@zy-cpa.com

The January 2009 edition of the "GASB Report" has been issued and includes the following discussion items:

-GASB calendar;
-GASB adds items to its current and research agenda;
-Summary of December 16-18, 2008 GASB meeting;
-Summary of GASB technical agenda;
-Who's Who at the GASB; and
-Formation of the Implementation Guide Advisory Committee.

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