===================================================
Accounting Research Manager(TM)
Weekly Summary of Developments
May 11-15, 2009
===================================================

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

Fair Value Measurements -- Statement 157 Interpretations Updated
Business Combinations -- Statement 141R Interpretations Updated
EITF Materials -- FASB Issues Materials for June 18, 2009 EITF Meeting
International Financial Reporting -- IASB Issues Agenda for May 19-21, 2009 Meeting

=============================
ACCOUNTING AND SEC HEADLINES:
=============================

Fair Value Measurements -- Statement 157 Interpretations Updated
For detail, please contact info@zy-cpa.com

We have updated our publication, Interpretations of FASB Statement 157, which provides key questions and focused answers on the application of FASB Statement No. 157, Fair Value Measurements. We have updated this interpretation to discuss the following guidance issued by the FASB:

-FASB Staff Position (FSP) FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly;
-FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments; and
-FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments.

See our Literature Update for complete details.

Business Combinations -- Statement 141R Interpretations Updated
For detail, please contact info@zy-cpa.com

We have updated our publication, Accounting for Business Combinations, Goodwill, and Other Intangible Assets - Interpretations of U.S. and International Accounting Standards. This publication offers practical guidance on accounting for business combinations, and also for intangible assets and goodwill, under both U.S. and international accounting standards. We have added a completely new section that provides numerous interpretations of FASB Statement No. 141 (Revised 2007), Business Combinations. We have also added interpretations related to FASB Statement No. 142, Goodwill and Other Intangible Assets, and deleted a number of interpretations that are no longer relevant or applicable.

See our Literature Update for complete details.

EITF Materials -- FASB Issues Materials for June 18, 2009 EITF Meeting
For detail, please contact info@zy-cpa.com

The FASB issued the following materials for the June 18, 2009 EITF meeting:

-Agenda committee report; and
-EITF Issue No. 08-9, "Milestone Method of Revenue Recognition" (Comment Letters).

As described in its agenda committee report, the FASB added the following two projects to the EITF's agenda:

-Subsequent measurement of contingent consideration received by the seller in a business combination; and
-Accounting for distributions to shareholders with components of stock and cash in the calculations and presentation of EPS.

The EITF is expected to discuss whether a seller of a subsidiary in a business combination should recognize the acquisition-date fair value of contingent consideration as part of the consideration received or whether such consideration should be recognized in accordance with FASB Statement No. 5, Accounting for Contingencies. Depending on the conclusion reached by the EITF, guidance may be required to determine subsequent remeasurement of such contingencies to fair value.

The EITF is also expected to discuss the impact on EPS of accounting for distributions to shareholders with components of stock and cash. For example, the EITF will consider whether the stock portion of a distribution to shareholders should be considered a stock dividend for purposes of applying the provisions of paragraph 54 of FASB Statement No. 128, Earnings Per Share. The EITF is expected to consider such application in different situations.

International Financial Reporting -- IASB Issues Agenda for May 19-21, 2009 Meeting
For detail, please contact info@zy-cpa.com

The IASB is scheduled to discuss the following agenda items at its May 19-21, 2009 meeting:

-Credit standing;
-Consolidation;
-Post-employment benefits disclosures;
-Financial instruments;
-Revenue recognition;
-Joint ventures;
-Annual Improvements project (Amendments to IFRS 3, Business Combinations, and IAS 27, Consolidated and Separate Financial Statements);
-Leases;
-Conceptual framework project;
-IAS 34, Interim Financial Reporting;
-Rate regulated activities;
-Insurance contracts; and
-Financial instruments with characteristics of equity.

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