===================================================
Accounting Research
Manager(TM)
Weekly Summary of
Developments
February 15-19, 2010
===================================================
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
Compensation Arrangements -- Interpretation on Accounting for
Compensation Arrangements Updated
Accounting Standards -- Revisions Published to Reflect
Codification Updates on Guidance for Consolidation and Transfers of Financial
Assets
Revenue Recognition -- FASB Discusses Revenue Recognition and
Other Matters
Regulation S-K -- SEC Staff Updates Interpretations
Form 8-K -- SEC Staff Updates Interpretations
Comprehensive Income -- IASB Discusses Comprehensive Income
and Other Matters
International Accounting -- IASB Issues Agenda for February 22-23,
2010 Standards Advisory Council Meeting
Government Headlines
GASB Codification -- GASB Publishes Article on its Proposal
to Codify Accounting and Financial Reporting Guidance
Fiscal Sustainability -- GASB Project on Economic Condition
Reporting and Other Matters Discussed
=============================
ACCOUNTING AND SEC HEADLINES:
=============================
Compensation Arrangements
-- Interpretation on Accounting for Compensation Arrangements Updated
For detail, please contact info@zy-cpa.com
We have updated our
publication Accounting for Compensation Arrangements, to reflect the
latest reporting guidance. Some of the changes we have made to this publication
include the following:
-Created a new section,
“Recent Developments,” to discuss the new SEC disclosure rules designed to
enhance compensation and corporate governance disclosures;
-Updated various paragraphs
in Chapter 12, “Disclosures,” to reflect the new proxy enhancement rules and
various SEC staff views;
-Updated our guidance to
document an SEC staff view expressed in “Division of Corporation Finance -
Compliance and Disclosure Interpretations - Regulation S-K”; and
-Added a paragraph to refer
readers to the SEC staff view on escrowed share arrangements that was made at
the EITF meeting held on June 18, 2009.
See our Literature Update for
complete details.
Accounting Standards --
Revisions Published to Reflect Codification Updates on Guidance for
Consolidation and Transfers of Financial Assets
For detail, please contact info@zy-cpa.com
We have updated sections of Accounting
Standards, primarily Chapters 810 Consolidation, and 860 Transfers
and Servicing, to reflect amendments to the FASB Accounting Standards
Codification™ (Codification) for:
-FASB Accounting Standards
Update (ASU) No. 2009-17, Consolidations (Topic 810): Improvements to
Financial Reporting by Enterprises Involved with Variable Interest Entities;
and
-ASU 2009-16, Transfers
and Servicing (Topic 860): Accounting for Transfers of Financial Assets.
ASU 2009-17 codified FASB
Statement No. 167, Amendments to FASB Interpretation No. 46(R), and
changes how a reporting entity determines when an entity that is insufficiently
capitalized or is not controlled through voting (or similar rights) should be
consolidated. ASU 2009-16 codified FASB Statement No. 166, Accounting for
Transfers of Financial Assets - an amendment of FASB Statement No. 140, and
requires more information about transfers of financial assets, including
securitization transactions, and transactions where entities have continuing
exposure to the risks related to transferred financial assets.
See our Literature Update for
complete details.
Revenue Recognition --
FASB Discusses Revenue Recognition 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 February 16-18, 2010, and discussed the following
topics:
-Revenue recognition;
-Right of offset;
-Financial statement
presentation;
-Fair value measurement;
-Accounting for financial
instruments: hedge accounting;
-Accounting for financial
instruments: liabilities;
-Leases;
-Consolidation;
-Financial instruments with
characteristics of equity; and
-Insurance contracts.
The Boards discussed the
scope and transition of their project on revenue recognition and tentatively
decided that the proposed standard would apply to an entity's contracts with
customers, except for:
-Lease contracts within the
scope of IAS 17, Leases, or Codification Topic 840, Leases;
-Insurance contracts within
the scope of IFRS 4, Insurance Contracts, or Codification Topic 944, Financial
Services—Insurance;
-Contracts within the scope
of: (a) IFRS 9, Financial Instruments; (b) IAS 39, Financial
Instruments: Recognition and Measurement; or (c) Codification Topic
825, Financial Instruments; and
-Guarantees (other than
product warranties) within the scope of: (a) IFRS 4; (b) IAS 39;
or (c) Codification Topic 460, Guarantees.
The Boards also tentatively
decided that an entity should apply the proposed standard retrospectively in
accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates
and Errors, and Codification Topic 250, Accounting Changes and Error
Corrections. The FASB tentatively decided to prohibit early adoption of the
proposed standard and the IASB tentatively decided to permit early adoption by
first-time adopters of IFRSs. The IASB will decide at
a future meeting whether to permit or prohibit early adoption by entities
already applying IFRSs.
The Boards reached a number
of other decisions on the topics listed above which are detailed in the Summary
of Board Decisions publication.
Regulation S-K -- SEC
Staff Updates Interpretations
For detail, please contact info@zy-cpa.com
The staff in the Division of
Corporation Finance (Corp Fin) of the SEC has updated its Compliance and
Disclosure Interpretations, Regulation S-K. This C&DI provides
interpretations by Corp Fin, in a question and answer format, of the SEC’s
rules and regulations related to Regulation S-K. The most significant updates
provide further guidance on the following topics:
-Required disclosure
regarding director business experience under Item 401(e);
-Requirements to include Item
402 disclosure on executive compensation in a registration statement before it
can be declared effective;
-Reporting certain equity
awards in the executive compensation tables required by Regulation S-K; and
-Conditional exemption
provided in Item 2.02 of Form 8-K.
Form 8-K -- SEC Staff
Updates Interpretations
For detail, please contact info@zy-cpa.com
The Corp Fin staff of the SEC
has updated its C&DI, Exchange Act Form 8-K. This C&DI provides
interpretations by Corp Fin, in a question and answer format, of the SEC’s
rules and regulations related to Form 8-K under the Securities Exchange Act of
1934. The SEC staff has added a new question 121A.01 to this C&DI that
provides guidance for calculating the four business day filing period for an
Item 5.07 Form 8-K.
Comprehensive Income -- IASB
Discusses Comprehensive Income and Other Matters
For detail, please contact info@zy-cpa.com
As reported in its "IASB
Update" publication, the IASB held a joint meeting with the FASB on
February 2, 2010, and discussed the following items:
-Comprehensive income;
-Financial instruments with
characteristics of equity;
-Financial instruments: hedge
accounting; and
-Leases.
In addition, the IASB met on
February 10, 2010, and discussed the following items:
-Annual improvements project;
-Financial instruments:
classification and measurement; and
-Insurance contracts.
The FASB participated in the
discussions on financial instruments and insurance contracts held on February
10, 2010.
International Accounting
-- IASB Issues Agenda for February 22-23, 2010 Standards Advisory Council
Meeting
For detail, please contact info@zy-cpa.com
The IASB has published an
agenda for the February 22-23, 2010 meeting of its Standards Advisory Council.
Topics expected to be discussed at this meeting include the following:
-IASB activities;
-National Standard Setters
update;
-European Financial Reporting
Advisory Group update;
-Update on recent
developments at the SEC's and its roadmap for IFRS adoption in the U.S.;
-XBRL and its interaction
with disclosure requirements;
-IASB work plan post June
2011; and
-Effect analysis.
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:
======================
GASB Codification -- GASB
Publishes Article on its Proposal to Codify Accounting and Financial Reporting
Guidance
For detail, please contact info@zy-cpa.com
The GASB has published a
Plain-Language Article, GASB Proposal Would Make Codification of Accounting
and Financial Reporting Standards More Useful for State and Local Governments.
This article discusses the GASB's recently issued
Exposure Draft, Codification of Accounting and Financial Reporting Guidance
Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The
proposal is intended to enhance the usefulness of its Codification by
incorporating guidance that previously could only be found in certain FASB and
AICPA pronouncements. The article provides discussion of the following topics:
-The GASB's
codification efforts;
-The Pre-89 codification
project;
-Application of standards
should be more certain, clear, and consistent;
-Topics the proposal
addresses; and
-How constituents can help
the GASB complete the project.
Fiscal Sustainability --
GASB Project on Economic Condition Reporting and Other Matters Discussed
For detail, please contact info@zy-cpa.com
The January 2010 edition of
the "GASB Report" has been issued and includes the following discussion
items:
-Project on economic
condition reporting: fiscal sustainability added to GASB's
current technical agenda;
-GASB calendar;
-Summary of GASB meeting held
on December 8, 2009;
-Overview of GASB's current technical agenda;
-Discussion of the issuance
of GASB No. 57, OPEB Measurements by Agent Employers and Agent
Multiple-Employer Plans; and
-Discussion of the issuance
of GASB No. 58, Accounting and Financial Reporting for Chapter 9
Bankruptcies.
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