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Accounting Research Manager(TM)
Weekly Summary of Developments
August 16-20, 2010
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Accounting and SEC Headlines

FASB Codification -- FASB Publishes Update for Technical Amendments to Various SEC Rules and Schedules
Leases -- FASB and IASB Publish Joint Proposals on Lease Accounting
Pension Accounting -- FASB Issues Proposal for Defined Contribution Plans
Loss Contingencies -- FASB Ratifies July 29, 2010 EITF Decisions and Discusses Other Matters
EITF Matters -- July 29, 2010 Meeting Minutes Published

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ACCOUNTING AND SEC HEADLINES:
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FASB Codification -- FASB Publishes Update for Technical Amendments to Various SEC Rules and Schedules
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The FASB has issued FASB Accounting Standards Update (ASU) No. 2010-22, Accounting for Various Topics. ASU 2010-22 amends various SEC paragraphs in the FASB Accounting Standards Codification^TM (Codification) based on external comments received and the issuance of Staff Accounting Bulletin (SAB) No. 112, which amends or rescinds portions of certain SAB topics. Specifically, SAB 112 was issued to bring existing SEC guidance into conformity with:

-Codification Topic 805, Business Combinations (originally issued as FASB Statement No. 141 (Revised December 2007), Business Combinations); and
-Codification Topic 810, Consolidation (originally issued as FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements).

Leases -- FASB and IASB Publish Joint Proposals on Lease Accounting

The FASB and IASB (the Boards) published for public comment the following joint proposals to improve the financial reporting of lease contracts:

-FASB Exposure Draft (ED), Leases (Topic 840); and
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-IASB ED, Leases.
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The proposals are one of the main projects included in the Boards’ Memorandum of Understanding. The Boards believe the proposals, if adopted, improve the financial reporting information available to investors about the financial effects of lease contracts. The accounting under existing requirements depends on the classification of a lease. Classification as an operating lease results in the lessee not recording any assets or liabilities in the balance sheet under either U.S. generally accepted accounting principles or international financial reporting standards. This results in investors having to adjust the financial statements and related information to estimate the effects of lessees’ operating leases for the purpose of investment analysis. The proposals include a consistent approach to lease accounting for both lessees and lessors by using a “right-of-use” approach. Among other changes, this approach would result in a liability for payments arising under the lease contract and an asset for the right to use being included in the lessee’s statement of financial position.

Comments on the proposals are due December 15, 2010.

Pension Accounting -- FASB Issues Proposal for Defined Contribution Plans
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The FASB issued for public comment a proposed ASU, Plan Accounting - Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans. The amendments in the proposal would require that participant loans be classified as notes receivable from participants, which are segregated from plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Participant loans are typically classified as an investment and carried at their unpaid principal balance plus any accrued but unpaid interest, which was considered a good faith approximation of fair value.

Comments on this proposal are due September 7, 2010.

Loss Contingencies -- FASB Ratifies July 29, 2010 EITF Decisions and Discusses Other Matters
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As reported in its "Summary of Board Decisions" publication, the FASB met on August 18, 2010, and discussed the following issues

-FASB ratification of July 29, 2010 EITF decisions;
-Disclosure of certain loss contingencies; and
-Disclosure framework.

The FASB ratified decisions made by the EITF at its meeting held on July 29, 2010. Specifically, the FASB ratified the final consensuses reached in:

-EITF Issue No. 09-K, “Health Care Entities: Presentation of Insurance Claims and Related Insurance Recoveries”; and
-EITF Issue No. 09-L, “Health Care Entities: Measuring Charity Care for Disclosure.”

In addition, the FASB ratified the following consensuses-for-exposure:

-EITF Issue No. 10-D, “Accounting for Certain Fees Associated with Recently Enacted Health Care Legislation”; and
-EITF Issue No. 10-F, “Accounting for Legal Costs Associated with Medical Malpractice Claims.”

The FASB plans to publish the above ratified consensuses in the form of a FASB ASU. Separately, the consensuses-for-exposure for EITF Issues No. 10-D and 10-F will be exposed for a 45-day comment period. For additional information on these decisions, consult our EITF Flash Report: For detail, please contact info@zy-cpa.com

The FASB also voted to extend until September 20, 2010, the comment deadline for its recently proposed ASU, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies. The proposed ASU would require entities to disclose qualitative and quantitative information about loss contingencies.

EITF Matters -- July 29, 2010 Meeting Minutes Published
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The final meeting minutes of the July 29, 2010 EITF meeting have been issued. The minutes document the results previously described in our meeting summary published in July 2010. As discussed in the minutes, the EITF reached a final consensus on EITF Issues No. 09-G, "Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts" and 09-L. In addition, the EITF reached a final consensus on gross vs. net presentation on insurance claims and recoveries guidance in Issue 09-K, but did not reach a final consensus on the guidance for legal costs (now Issue 10-F) which is expected to be discussed at a future meeting. The EITF also reached consensuses-for-exposure on EITF Issues No. 10-C, "Reporting of Participant Loans in Employee Benefit Plan Financial Statements" and 10-D. The FASB ratified the consensus-for-exposure reached in Issue 10-C at the July 29, 2010 EITF meeting.

See our discussion above regarding the FASB's ratification of the EITF's decisions made at the July 29, 2010 meeting.

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