===================================================
Accounting Research
Manager(TM)
Weekly Summary of
Developments
September 7-11, 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
EITF Meeting Results -- Decisions Reached
International Financial
Reporting -- IASB Issues
Agenda for September 15-18, 2009 Meeting
Auditing and Internal
Controls Headlines
Ethics -- AICPA Publishes Omnibus Proposal on
Application of Independence Rules
Subsequent Events -- Proposed AICPA Auditing Standard
Discussed
Government Headlines
Component Units -- Question and Answers on Reporting
Components Units
GASB Report Issued -- GASB Discusses Service Concession
Arrangements and Other Matters
=============================
ACCOUNTING AND SEC HEADLINES:
=============================
EITF Meeting Results --
Decisions Reached
For detail, please contact info@zy-cpa.com
As described in detail in our
"EITF Flash Report," the Emerging Issues Task Force (EITF) discussed
the following issues at its September 9-10, 2009 meeting:
-EITF Issue No. 08-1,
"Revenue Arrangements with Multiple Deliverables";
-EITF Issue No. 08-9,
"Milestone Method of Revenue Recognition";
-EITF Issue No. 09-2,
"Research and Development Assets Acquired In an Asset Acquisition";
-EITF Issue No. 09-3,
"Certain Revenue Arrangements That Include Software Elements";
-EITF Issue No. 09-4,
"Seller Accounting for Contingent Consideration";
-EITF Issue No. 09-B,
"Consideration of an Insurer's Accounting for Majority-Owned Investments
When the Ownership Is through a Separate Account"; 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."
The EITF reached a final
consensus on Issues 08-1 and 09-3. It also reached a consensus-for-exposure on
Issues 09-2, 09-B and 09-E. The FASB must still ratify these
decisions which is scheduled for September 23, 2009.
In addition, the SEC Observer
present at this meeting noted that the SEC staff announcement reflected in
Topic D-86, "Issuance of Financial Statements," was being modified to
give guidance on when financial statements posted to a registrant's website
constitutes "issuance."
Prior to the EITF meeting
this week, the FASB distributed additional meeting materials relating to Issue
08-1 and Issue 09-2:
For detail, please contact info@zy-cpa.com
See our EITF Flash Report for
complete details.
International Financial
Reporting -- IASB Issues Agenda for September 15-18, 2009 Meeting
For detail, please contact info@zy-cpa.com
The IASB is scheduled to
discuss the following agenda items at its September 15-18, 2009 meeting:
-Post-employment benefits;
-Conceptual framework;
-Revenue recognition;
-Leases;
-Liabilities - Amendments to
IAS 37, Provisions, Contingent Liabilities and Contingent Assets;
-Derecognition;
-Classification of rights
issues;
-Related party disclosures;
-Financial statement
presentation;
-Financial instruments with
characteristics of equity;
-Credit risk in liability
management;
-Financial instruments -
replacement of IAS 39, Financial Instruments: Recognition and Measurement;
-Financial instruments -
classification and measurement; and
-Insurance contracts.
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
=======================================
AUDITING AND INTERNAL
CONTROLS HEADLINES:
=======================================
Ethics -- AICPA Publishes
Omnibus Proposal on Application of
For detail, please contact info@zy-cpa.com
The AICPA has issued an
exposure draft, Omnibus Proposal of Professional Ethics Division
Interpretations and Rulings, proposing revisions to Interpretation No.
101-1, under Rule 101,
This proposal also includes a
proposed revision to Ethics Ruling No. 2, "Distribution of Client
Information to Trade Associations," under Rule 301, Confidential Client
Information, along with a proposed new definition of “confidential client
information” under ET Section 92, Definitions. The proposal provides
that the use or disclosure of client information that is not known to be in the
public domain or is not available to the public would be considered a breach of
client confidentiality unless the member received the client's consent to
disclose or use such information.
Comments on this proposal are
due by November 6, 2009.
Subsequent Events --
Proposed AICPA Auditing Standard Discussed
For detail, please contact info@zy-cpa.com
We have added a GAAS Update
Service that discusses the AICPA's Proposed Statement
on Auditing Standards (SAS), Subsequent Events and Subsequently Discovered
Facts, which would supersede the following standards:
-SAS-1, Codification of
Auditing Standards and Procedures: (a) AU Section 530, Dating of
the Independent Auditor’s Report, as amended; (b) AU Section 560, Subsequent
Events, as amended; and (c) AU Section 561, Subsequent Discovery
of Facts Existing at the Date of the Auditor’s Report, as amended.
-SAS-58 (AU Section 508), Reports
on Audited Financial Statements, paragraphs 71-73, as amended.
The proposed SAS combines
elements of existing standards and considers the impact of accounting guidance
related to subsequent events. In addition, to facilitate convergence with the
International Standards on Auditing (ISAs), the proposed
standard has been drafted using ISA No. 560, Subsequent Events, as a
base. The differences between this proposed SAS and ISA 560 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:
For detail, please contact info@zy-cpa.com
======================
GOVERNMENT HEADLINES:
======================
Component Units --
Question and Answers on Reporting Components Units
For detail, please contact info@zy-cpa.com
We have published a
Governmental GAAP Update Service that addresses both common and unique
questions and answers (Q&As)
regarding implementation issues dealing with governmental financial reporting
entity issues relating to the inclusion or exclusion of potential component
units. This Update includes Q&As
on the following topics:
-Separate legal standing;
-Blended component units;
-Discretely presented component
units; and
-Nongovernmental
organizations as component units.
GASB Report Issued -- GASB
Discusses Service Concession Arrangements and Other Matters
For detail, please contact info@zy-cpa.com
The August 2009 edition of
the "GASB Report" has been issued and includes the following
discussion items:
-GASB calendar;
-GASB to hold public hearing
on service concession arrangement proposal;
-Summary of GASB meeting held
on July 14-16, 2009;
-Technical inquiry
activities: service efforts and accomplishments report for first half of 2009;
and
-Governmental Accounting
Standards Advisory Council meets in Savannah, GA.
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