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Accounting Research Manager(TM)
Weekly Summary of Developments
January 4-8, 2010
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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

New Accounting Standards -- Checklist Published
Disclosure Checklists -- SEC Disclosure Checklists Updated through December 31, 2009
International Accounting -- IFRS for Small and Medium Sized Entities and Related Resources Added
Distributions to Shareholders -- FASB Issues Guidance on Distributions to Shareholders with Components of Stock and Cash
Consolidation -- FASB Issues Guidance on Scope
Oil and Gas Activities -- FASB Issues Guidance on Oil and Gas Reserve Estimation and Disclosures
Leases -- FASB Discusses Accounting for Leases and Other Matters
Securities Registration -- SEC Staff Publishes Guidance for Requesting Waivers of Disqualification under Regulations A and D
Liabilities -- IASB Issues Clarification of Its Proposal to Amend IAS 37
International Accounting -- IASB Issues Agenda for January 7-8, 2010 IFRIC Meeting

Auditing and Internal Controls Headlines

Audit Procedures -- 2010 Edition of Knowledge-Based Audit Procedures Publication Published

Government Headlines

Postemployment Benefits -- GASB Issues Guidance on Measurements by Agent Employers and Agent Multiple-Employer Plans
Bankruptcies -- GASB Issues Guidance on Accounting and Financial Reporting for Chapter 9 Bankruptcies
Pension Standards -- GASB Discusses Pension Accounting and Other Matters

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ACCOUNTING AND SEC HEADLINES:
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New Accounting Standards -- Checklist Published
For detail, please contact info@zy-cpa.com

We have published a "Summary Checklist of Recent Authoritative U.S. Accounting Standards." This checklist is intended to serve as a reference tool to help users ensure that they have considered authoritative standards recently issued or approved by the FASB. The standards are listed by source and a summary of the transition guidance is provided with a reference to the relevant FASB Accounting Standards Codification^TM (Codification) paragraph(s). Effective dates and application (adoption) requirements are also presented.

See our Literature Update for complete details.

Disclosure Checklists -- SEC Disclosure Checklists Updated through December 31, 2009
For detail, please contact info@zy-cpa.com

As discussed in our Literature Update, we have updated the following SEC disclosure-related checklists through December 31, 2009:

-Financial Statement Disclosures - This checklist outlines the required SEC disclosures for financial statements included in 1934 and 1933 Act domestic filings that are incremental to U.S. GAAP. The checklist is organized by topic.

-Management's Discussion and Analysis - This checklist outlines the required SEC disclosures for MD&A included in 1934 and 1933 domestic filings, including Forms 10-K and S-1.

-Incremental Certifications, Disclosures, and Reporting Mandated by Sarbanes-Oxley - This checklist outlines the certification, disclosure and reporting requirements resulting from the SEC rules mandated by the Sarbanes-Oxley Act of 2002. The checklist provides a by-topic "tickler" and effective dates. It also provides a column for users to note implementation date.

-SEC Form 10-Q checklist - This checklist is for financial and nonfinancial information included in Form 10-Q and is organized by form item number.

Among the revisions we made to these checklists was to update our references to reflect the SEC’s publication of revised Compliance and Disclosure Interpretations (C&DIs). These C&DIs include the interpretations of the staff in the Division of Corporation Finance (Corp Fin), in a question and answer (Q&A) format, of the rules promulgated under the registration and reporting provisions of various sections of both the Securities Act of 1933 and Securities Exchange Act of 1934. In addition, we have updated these checklists to reflect certain updates published in Corp Fin’s Financial Reporting Manual.

See our Literature Update for complete details.

International Accounting -- IFRS for Small and Medium Sized Entities and Related Resources Added
For detail, please contact info@zy-cpa.com

We have published the IASB's International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). IFRS for SMEs is designed to meet the needs and capabilities of small and medium-sized entities (SMEs). Compared to the full IFRSs, this standard is intended to be less complex in a number of ways, including:

-Topics not relevant to SMEs are omitted;
-Where full IFRSs allow accounting policy choices, IFRS for SMEs requires only the use of easier choice;
-Many principles for recognizing and measuring assets, liabilities, income and expenses in full IFRSs are simplified;
-Significantly fewer disclosures are required;
-Revisions to this standard will be limited to once every three years; and
-IFRS for SMEs has been written more clearly than the full IFRSs.

IFRS for SMEs is available for any jurisdiction to adopt, whether or not it has adopted full IFRSs. Each jurisdiction must determine which entities should use this standard, but the IASB restricts the use by public companies and financial institutions. IFRS for SMEs is available for use now.

We have also published the following related resources that may help in applying IFRS for SMEs:

-IFRS for SMEs: Basis for Conclusions; and
-IFRS for SMEs: Illustrative Financial Statements Presentation and Disclosure Checklist (the Checklist).

The Basis for Conclusions accompanies the IFRS for SMEs and provides the basis for how and why this standard and particular provisions of it were developed. The Checklist guidance also accompanies, but is not part of, the IFRS for SMEs. The Checklist provides illustrative financial statements and related sample footnote disclosures for specific areas or transactions accounted for using IFRS for SMEs.

Distributions to Shareholders -- FASB Issues Guidance on Distributions to Shareholders with Components of Stock and Cash
For detail, please contact info@zy-cpa.com

The FASB has issued Accounting Standard Update (ASU) No. 2010-01, Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash. The amendments to the Codification in this ASU clarify that the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in earnings per share prospectively and is not a stock dividend. This ASU codifies the consensus reached in EITF Issue No. 09-E, "Accounting for Stock Dividends, Including Distributions to Shareholders with Components of Stock and Cash."

ASU 2010-01 is effective for interim and annual periods ending on or after December 15, 2009, and should be applied on a retrospective basis.

Consolidation -- FASB Issues Guidance on Scope
For detail, please contact info@zy-cpa.com

The FASB has issued ASU No. 2010-02, Consolidation (Topic 810) - Accounting and Reporting for Decreases in Ownership of a Subsidiary - A Scope Clarification. This ASU clarifies that the scope of the decrease in ownership provisions of Subtopic 810-10 and related guidance applies to:

-A subsidiary or group of assets that is a business or nonprofit activity;
-A subsidiary that is a business or nonprofit activity that is transferred to an equity method investee or joint venture; and
-An exchange of a group of assets that constitutes a business or nonprofit activity for a noncontrolling interest in an entity (including an equity method investee or joint venture).

ASU 2010-02 also clarifies that the decrease in ownership guidance in Subtopic 810-10 does not apply to: (a) sales of in substance real estate; and (b) conveyances of oil and gas mineral rights, even if these transfers involve businesses.

The amendments in this ASU expand the disclosure requirements about deconsolidation of a subsidiary or derecognition of a group of assets to include:

-The valuation techniques used to measure the fair value of any retained investment;
-The nature of any continuing involvement with the subsidiary or entity acquiring the group of assets; and
-Whether the transaction that resulted in the deconsolidation or derecognition was with a related party or whether the former subsidiary or entity acquiring the assets will become a related party after the transaction.

ASU 2010-02 is effective beginning in the period that an entity adopts FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB 51 (now included in Subtopic 810-10). If an entity has previously adopted Statement 160, the amendments are effective beginning in the first interim or annual reporting period ending on or after December 15, 2009. The amendments in ASU 2010-02 should be applied retrospectively to the first period that an entity adopts Statement 160.

Oil and Gas Activities -- FASB Issues Guidance on Oil and Gas Reserve Estimation and Disclosures
For detail, please contact info@zy-cpa.com

The FASB has issued ASU No. 2010-03, Extractive Activities - Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures. The amendments to the Codification in this ASU are designed to improve the reserve estimation and disclosure requirements of Topic 932 by: (a) updating the reserve estimation requirements for recent changes in practice and technology; and (b) expanding the disclosure requirements for equity method investments.

ASU 2010-03 is effective for annual reporting periods ending on or after December 31, 2009. Entities should apply the adoption of the amendments as a change in accounting principle inseparable from a change in estimate. The amendments in ASU 2010-03 specify the required disclosures for the effect of adoption, and early adoption is not permitted.

Leases -- FASB Discusses Accounting for Leases and Other Matters
For detail, please contact info@zy-cpa.com

As reported in its "Summary of Board Decisions" publication, the FASB and IASB (the Boards) held a joint meeting on January 5, 2010, and discussed the following topics: (a) leases; and (b) insurance contracts. Previously, the Boards tentatively decided to exclude from the scope of the proposed new lease guidance any contracts that represent the purchase or sale of the underlying asset. As a follow up to this decision, the Boards discussed when a contract is the purchase or sale of the underlying asset and tentatively decided that:

-Contracts that transfer control of the underlying asset should be excluded from the scope of the proposed new lease guidance.
-The proposed new lease guidance should include indicators to help a reporting entity determine whether control has transferred.
-Management of the reporting entity should exercise judgment and consider all relevant facts and circumstances when determining whether control of the underlying asset has been transferred.
-Situations where control of the underlying asset has normally been transferred include: (a) contracts where the title to the underlying asset automatically transfers; and (b) contracts that include a bargain purchase option.

The Boards instructed their staff to provide additional analysis on the definition of control, how control would be assessed, and other possible indicators of control in the context of a lease contract.

Securities Registration -- SEC Staff Publishes Guidance for Requesting Waivers of Disqualification under Regulations A and D
For detail, please contact info@zy-cpa.com

The staff in Corp Fin published, Process for Requesting Waivers of Disqualification under Rule 262 of Regulation A and Rule 505 of Regulation D. This guidance provides information on the process for requesting waivers of disqualification under Rule 262 of Regulation A and Rule 505 of Regulation D. Rules 262 and 505 specify the circumstances that result in disqualifications from relying on Regulation A and Rule 505, including certain criminal convictions and being subject to certain kinds of injunctions and administrative orders. This publication covers the following topics:

-Overview of Regulation A and Rule 505 disqualification provisions;
-Submitting waiver requests; and
-Additional help available.

Liabilities -- IASB Issues Clarification of Its Proposal to Amend IAS 37
For detail, please contact info@zy-cpa.com

The IASB has an ongoing project to improve IAS 37, Provisions, Contingent Liabilities and Contingent Assets. In June 2005, the IASB issued for public comment an Exposure Draft (ED), Proposed Amendments to IAS 37, "Provisions, Contingent Liabilities and Contingent Assets" and IAS 19, "Employee Benefits." As a result of feedback on this 2005 ED, the IASB decided to clarify certain provisions in its proposal to amend IAS 37 that have been set forth in a new ED, Measurement of Liabilities in IAS 37. The objectives of the project are to:

-Align the criteria in IAS 37 for recognizing a liability with those in other IFRS;
-Eliminate some differences between IAS 37 and U.S. GAAP; and
-Clarify the measurement of liabilities in IAS 37.

Comments on this new ED are due April 12, 2010.

International Accounting -- IASB Issues Agenda for January 7-8, 2010 IFRIC Meeting
For detail, please contact info@zy-cpa.com

The IASB has published an agenda for the January 7-8, 2010 meeting of the International Financial Reporting Interpretations Committee (IFRIC). Topics expected to be discussed at this IFRIC meeting include the following:

-IAS 16, Property, Plant and Equipment;
-IFRS 2, Share-Based Payment;
-Annual improvements project;
-Review of tentative agenda decisions previously published;
-Staff recommendations for tentative agenda decisions; and
-IFRIC work in progress.

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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Audit Procedures -- 2010 Edition of Knowledge-Based Audit Procedures Publication Published
For detail, please contact info@zy-cpa.com

We have published the 2010 edition of Knowledge-Based Audit Procedures. The primary objective of this publication is to show practitioners the most effective approach for conducting high-quality audits of nonpublic commercial entities. This edition has been updated:

-For pronouncements through Statements on Auditing Standard No. 116, Interim Financial Information; and
-To include the guidance in the AICPA's Audit Guide, Audit Sampling (May 1, 2008 Edition).

See our Literature Update for complete details.

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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Postemployment Benefits -- GASB Issues Guidance on Measurements by Agent Employers and Agent Multiple-Employer Plans
For detail, please contact info@zy-cpa.com

The GASB has issued GASB Statement No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans. GASB 57 addresses issues related to measurement of other postemployment benefit (OPEB) obligations by certain employers participating in agent multiple-employer OPEB plans. GASB 57 amends GASB Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.

The provisions of GASB 57 related to the use and reporting of the alternative measurement method are effective immediately, whereas other provisions are effective for periods beginning after June 15, 2011. Earlier application is encouraged.

Bankruptcies -- GASB Issues Guidance on Accounting and Financial Reporting for Chapter 9 Bankruptcies
For detail, please contact info@zy-cpa.com

The GASB has issued GASB Statement No. 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies. GASB 58 provides guidance for governments that have petitioned for protection from creditors by filing for bankruptcy under Chapter 9 of the United States Bankruptcy Code. It establishes requirements for recognizing and measuring the effects of the bankruptcy process on assets and liabilities, and for classifying changes in those items and related costs.

GASB 58 is effective for periods beginning after June 15, 2009. Retroactive application is required for all prior periods presented during which a government was in bankruptcy. Earlier application is encouraged.

Pension Standards -- GASB Discusses Pension Accounting and Other Matters
For detail, please contact info@zy-cpa.com

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

-GASB calendar;
-FAF trustees reappoint GASB board member;
-Summary of GASB board meeting held on November 18-20, 2009;
-GASB remembers a GASB founder;
-GASB requests input on emerging issues; and
-Governmental Accounting Standards Advisory Council developments.

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