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Accounting Research Manager(TM)
Weekly Summary of Developments
February 8-12, 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

Subsequent Events -- FASB Discusses Subsequent Events and Other Matters
Financial Instruments -- IASB Issues Limited Exemption from Comparative IFRS 7 Disclosures
Revenue Recognition -- IASB to Discuss Revenue Recognition and Other Matters

Auditing and Internal Controls Headlines

Financial Reporting Framework -- Proposed AICPA Auditing Standards Discussed

Government Headlines

Bankruptcies -- GASB 58 Discussed

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ACCOUNTING AND SEC HEADLINES:
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Subsequent Events -- FASB Discusses Subsequent Events and Other Matters
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As reported in its "Summary of Board Decisions" publication, the FASB met on February 10, 2010, and discussed its project on subsequent events. Specifically, the FASB discussed comments received on its proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements, and made the following decisions:

-To clarify which entities are required to evaluate subsequent events through the date the financial statements are issued as either: (a) an entity that files or furnishes financial statements with the SEC (or another regulator if such filing satisfies the SEC’s requirements); or (b) an entity that is a conduit bond obligor for conduit debt securities that are traded in a public market. Other entities will evaluate subsequent events through the date the financial statements are available to be issued.
-All entities, other than conduit debt obligors, will be required to apply this new guidance for financial statements originally issued or reissued after the date the final amendments are issued. Conduit debt obligors will be required to apply the guidance in fiscal years ending after June 15, 2010.

In addition, the FASB and IASB (the Boards) held a joint video conference on February 10, 2010, and discussed: (a) accounting for financial instruments: classification and measurement; and (b) insurance contracts.

Regarding their project on financial instruments, the Boards affirmed their previous tentative decisions that financial liabilities that are not held to pay contractual cash flows should be measured at fair value through profit or loss. The IASB tentatively decided that financial liabilities that are held to pay contractual cash flows and have “non-vanilla” contractual cash flow characteristics should be bifurcated into a host and the embedded features (must be separately measured). The FASB did not make any decisions about financial liabilities that are held to pay contractual cash flows that contain embedded derivatives and would be required to be measured at fair value with changes in fair value recognized in net income under the FASB’s current tentative model. The FASB is expected to first consider whether and how to address changes in an entity’s own credit risk for financial liabilities with “vanilla” contractual cash flow characteristics that would be required to be measured at fair value with changes in fair value recognized in other comprehensive income under the FASB’s current tentative model.

Financial Instruments -- IASB Issues Limited Exemption from Comparative IFRS 7 Disclosures
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The IASB has issued Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters: Amendment to IFRS 1. This amendment provides relief to first-time adopters of IFRSs from providing the additional disclosures introduced in the IASB's Improving Disclosures about Financial Instruments (Amendments to IFRS 7). As a result of this amendment, first-time adopters receive the same transition provisions provided to current IFRS preparers. This amendment also clarifies the IASB’s conclusions and intended transition for the previous amendments to IFRS 7, Financial Instruments: Disclosures.

This amendment is effective July 1, 2010. Early application is permitted.

Revenue Recognition -- IASB to Discuss Revenue Recognition and Other Matters
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The IASB is scheduled to discuss the following agenda items at its February 15-19, 2010 meeting:

-Revenue recognition;
-Derecognition;
-Right of offset under IAS 32, Financial Instruments: Presentation (education session);
-Financial statement presentation;
-Fair value measurement;
-Consolidation;
-Rate-regulated activities;
-Financial instruments: hedge accounting;
-Financial instruments: classification and measurement;
-Leases;
-Post-employment benefits;
-Financial instruments with characteristics of equity;
-Insurance contracts; and
-Joint ventures.

Portions of this meeting will be held jointly with the FASB.

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Financial Reporting Framework -- Proposed AICPA Auditing Standards Discussed
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We have added a GAAS Update Service that discusses the AICPA's Proposed Statement on Auditing Standards (SAS), Reporting on Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country, which would supersede SAS 51 (AU Section 534), Reporting on Financial Statements Prepared for Use in Other Countries. Currently, Section 534 indicates that the auditor “should consider consulting” with persons having expertise in auditing and accounting standards of the other country. However, the AICPA’s Auditing Standards Board believes that the consideration of consulting with persons having expertise in auditing and accounting standards should not be a requirement and, therefore, is proposing to convert the existing requirement to application and other explanatory material. Nonetheless, under the proposed standard, the auditor would be required to obtain an understanding of: (a) a relevant financial reporting framework generally accepted in another country; and (b) relevant auditing standards other than U.S. generally accepted auditing standards. Aside from this change, the proposed SAS is not expected to change existing practice in any significant respect.

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GOVERNMENT HEADLINES:
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Bankruptcies -- GASB 58 Discussed
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We have added a Governmental GAAP Update Service that examines GASB Statement No. 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies. GASB 58 establishes the requirements for: (a) recognizing and measuring the effects of the bankruptcy process on assets and liabilities; and (b) classifying the changes in those items and the related costs. Topics covered in this Update are:

-Chapter 9 filings;
-Overview of GASB 58;
-Disclosures of the expected effects of bankruptcy; and
-GASB 58 effective date and transition.

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