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Accounting Research
Manager(TM)
Weekly Summary of
Developments
August 24-28, 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:
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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
Discontinued Operations -- FASB Discusses Reporting Discontinued
Operations
EITF Materials -- FASB Issues Additional Materials for
September 9-10, 2009 EITF Meeting
Improvements to IFRSs
-- IASB Publishes Proposed Improvements to IFRSs
Auditing and Internal
Controls Headlines
Audit Sampling -- Proposed AICPA Auditing Standard
Discussed
Government Headlines
Service Efforts and
Accomplishments -- GASB
Proposal Discussed
GASB Report Issued -- GASB Proposals and Other Matters
Discussed
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ACCOUNTING AND SEC HEADLINES:
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Discontinued Operations --
FASB Discusses Reporting Discontinued Operations
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As reported in its
"Summary of Board Decisions" publication, the FASB met on August 26,
2009, and discussed the reporting of discontinued operations.
The FASB decided that discontinued operations should continue to be presented
in a separate section on the face of an entity’s financial statements. The FASB
did not make a decision on the definition of a "discontinued
operation," however it did ask its staff to further analyze the usefulness
of various definitions of a discontinued operation, including a significant
operating segment or component of an entity, both with qualitative indicators
of significance as part of the definition.
EITF Materials -- FASB
Issues Additional Materials for September 9-10, 2009 EITF Meeting
For detail, please contact info@zy-cpa.com
The FASB has issued the
following additional materials for the September 9-10, 2009 EITF Meeting:
-EITF Issue No. 08-1,
"Revenue Arrangements with Multiple Deliverables" (comment letters,
issue summary, and issue supplement);
-EITF Issue No. 08-9,
"Milestone Method of Revenue Recognition" (issue supplement);
-EITF Issue No. 09-2,
"Research and Development Assets Acquired In an Asset Acquisition"
(previously distributed issue summary and issue supplement);
-EITF Issue No. 09-3,
"Applicability of SOP 97-2 to Certain Arrangements That Include Software
Elements" (comment letters and issue supplement);
-EITF Issue No. 09-4,
"Seller Accounting for Contingent Consideration" (issue supplement);
-EITF Issue No. 09-B,
"Consideration of an Insurer's Accounting for Majority-Owned Investments
When Ownership Is through a Separate Account" (issue supplement); and
-EITF Issue No. 09-E,
"Accounting for Distributions to Shareholders with Components of Stock and
Cash in the Calculations and Presentation of Earnings per Share" (issue
summary).
Improvements to IFRSs -- IASB Publishes Proposed Improvements to IFRSs
For detail, please contact info@zy-cpa.com
The IASB has published for
public comment an exposure draft, Improvements to IFRSs,
which includes proposed amendments to eleven IFRSs.
This proposal was developed as part of the IASB's
annual "improvements project," which deals with non-urgent but
necessary amendments to IFRSs. This proposal reflects
issues discussed by the IASB in the project cycle that began last year. The
amendments to various IFRSs included in this proposal
range from clarification of the measurement of non-controlling interests in
IFRS 3, Business Combinations, to changes of wording to clarify the
meaning of IFRSs and remove unintended
inconsistencies.
Unless otherwise specified,
the proposed effective date for the amendments is for annual periods beginning
on or after January 1, 2011, although entities would be permitted to adopt them
earlier. The proposed effective date for the amendments arising from IFRS 3 and
the consequential amendments to the transition requirements of IAS 27, Consolidated
and Separate Financial Statements is July 1, 2010.
Comments on this proposal are
due by November 24, 2009.
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listed above may not be accessible under your current subscription. For
information about upgrading your subscription to include additional content,
click here:
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AUDITING AND INTERNAL
CONTROLS HEADLINES:
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Audit Sampling -- Proposed
AICPA Auditing Standard Discussed
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We have added a GAAS Update
Service that discusses the AICPA's Proposed Statement
on Auditing Standards (SAS), Audit Sampling (Redrafted), which would
supersede SAS 39 (AU Section 350) of the same name. To facilitate convergence
with the International Standards on Auditing (ISAs),
this proposed SAS has been drafted using ISA No. 530, Audit Sampling
(Redrafted), as a base. The differences between this proposed SAS and ISA
530 that have no compelling reason have been eliminated.
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:
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======================
GOVERNMENT HEADLINES:
======================
Service Efforts and
Accomplishments -- GASB Proposal Discussed
For detail, please contact info@zy-cpa.com
We have published a
Governmental GAAP Update Service that discusses the GASB's
proposal, Proposed Suggested Guidelines for Voluntary Reporting - SEA Performance
Information. The purpose of this proposal is to obtain feedback from
constituents on suggested guidelines intended to provide a common framework for
the effective external communication of service efforts and accomplishments
(SEA) performance information. This Update provides discussion on the following
topics related to this proposal:
-Analysis and implementation;
-Proposed essential SEA
report components;
-Proposed qualitative
characteristics of SEA performance information; and
-Proposed central concepts to
communicating SEA information.
Comments on this proposal are
due October 30, 2009.
GASB Report Issued -- GASB
Proposals and Other Matters Discussed
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The July 2009 edition of the
"GASB Report" has been issued and includes the following discussion
items:
-GASB calendar;
-GASB Chairman Robert H. Attmore begins second term and David E. Sundstrom
joins GASB;
-Summary of GASB meeting held
on June 23, 2009;
-Richard C. Tracy retires
from GASB;
-GASB exposure drafts
(Chapter 9 bankruptcies, measuring other postemployment
benefits, and financial instruments); and
-Who's who at the GASB.
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