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Accounting Research
Manager(TM)
Weekly Summary of
Developments
November 15-19, 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:
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
Leases -- FASB Lease Proposal Discussed
Financial Assets and
Liabilities --
Publication Revised
EITF Materials -- FASB Issues Additional Materials for
November 19, 2010 EITF Meeting
Balance Sheet Offsetting -- FASB and IASB Discuss Balance Sheet
Offsetting and Other Matters
Compensation -- IFRS Interpretations Committee
Discusses Vesting/Non-Vesting Conditions and Other Matters
Auditing and Internal
Controls Headlines
HUD Programs -- HUD Practice Aids Updated
Leases -- FASB Lease Proposal Discussed
Government Headlines
HUD Programs -- HUD Practice Aids Updated
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ACCOUNTING AND SEC HEADLINES:
=============================
Leases -- FASB Lease
Proposal Discussed
For detail, please contact info@zy-cpa.com
We have published “A Closer
Look: The FASB's Proposal on Leases.” This
publication provides discussion and analysis on the FASB’s
recent exposure draft that would significantly change how both lessors and lessees report leasing activity in their
financial statements. The analysis includes explanations and sample journal
entries to help users better understand the FASB proposal. If adopted by the
FASB, the guidance would replace Topic 840, Leases,in its
entirety. This FASB proposal was developed jointly with the IASB who issued a
separate proposal.
Both the FASB and IASB are
seeking feedback on their proposals and request comments be received by
December 15, 2010.
See our Literature Update for
complete details.
Financial Assets and
Liabilities -- Publication Revised
For detail, please contact info@zy-cpa.com
We have revised our
publication, Financial Assets and Liabilities - Sales, Transfers, and
Extinguishments: Interpretations of
See our Literature Update for
complete details.
EITF Materials -- FASB
Issues Additional Materials for November 19, 2010 EITF Meeting
For detail, please contact info@zy-cpa.com
The FASB has issued the
following additional materials for the November 19, 2010 EITF meeting:
-Summary of issues for the
November 19, 2010 meeting; and
-EITF Issue No. 10-A,
"How the Carrying Amount of a Reporting Unit Should be Calculated When
Performing Step 1 of the Goodwill Impairment Test" (comment letter).
Balance Sheet Offsetting
-- FASB and IASB Discuss Balance Sheet Offsetting 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) met on November 17-18, 2010, and discussed the following issues:
-Balance sheet offsetting;
-Conceptual framework:
reporting entity;
-Technical plan;
-Accounting for financial
instruments;
-Revenue recognition;
-Statement of comprehensive
income;
-Emissions trading schemes;
and
-Fair value measurement.
The Boards discussed balance
sheet offsetting and decided to require an entity to offset a recognized
financial asset and financial liability only if the entity has the
unconditional right of offset and intends to settle net or intends to settle
simultaneously. Simultaneous settlement refers to transactions that settle at
the same moment. The Boards also decided that an entity cannot offset a
recognized financial asset and financial liability if the entity has a
conditional right of offset.
The Boards also discussed
some of the issues raised in comment letters on the Exposure Draft (ED), Conceptual
Framework for Financial Reporting: The Reporting Entity, and concluded that
significant time will be required to satisfactorily address those issues. The
Boards decided that based on the priority placed on other projects, the Boards
cannot devote the time necessary to properly address those issues in the near
future. As a result, the Boards do not expect to discuss issues related to the
ED during the first half of 2011.
Compensation -- IFRS
Interpretations Committee Discusses Vesting/Non-Vesting Conditions and Other
Matters
For detail, please contact info@zy-cpa.com
As reported in its
"IFRIC Update" publication, the IFRS Interpretations Committee met on
November 4-5, 2010, and discussed the following topics:
-Vesting and non-vesting
conditions;
-Put options written over
non-controlling interests;
-Agenda decisions;
-Tentative agenda decisions;
-Issues considered for
"Annual Improvements" project; and
-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
=======================================
AUDITING AND INTERNAL
CONTROLS HEADLINES:
=======================================
HUD Programs -- HUD
Practice Aids Updated
For detail, please contact info@zy-cpa.com
We have updated our HUD
Practice Aids, which provide audit programs, work papers, and sample
reports for use in performing audits of for-profit entities under the
requirements of the Consolidated Audit Guide for Audits of HUD Programs
(HUD Audit Guide). These practice aids have been revised to reflect changes
made in the HUD Audit Guide as issued by the U.S. Department of Housing and
Urban Development and other changes for:
-AICPA Statement of Auditing
Standards (SAS) No. 115, Communicating Internal Control Related Matters
Identified in an Audit; and
-SAS No. 117, Compliance
Audits.
In addition, the structure
and content of the practice aids have been reorganized for ease of use.
See our Literature Update for
complete details.
Leases -- FASB Lease
Proposal Discussed
For detail, please contact info@zy-cpa.com
As discussed above in our
Accounting and SEC Summaries, we have published “A Closer Look: The FASB's Proposal on Leases.” This publication provides
discussion and analysis on the FASB’s recent exposure
draft that would significantly change how both lessors
and lessees report leasing activity in their financial statements. The analysis
includes explanations and sample journal entries to help users better understand
the FASB proposal. If adopted by the FASB, the guidance would replace Topic
840, Leases, in its entirety. This FASB proposal was developed jointly
with the IASB who issued a separate proposal.
Both the FASB and IASB are
seeking feedback on their proposals and request comments be received by
December 15, 2010.
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
======================
GOVERNMENT HEADLINES:
======================
HUD Programs -- HUD
Practice Aids Updated
For detail, please contact info@zy-cpa.com
As discussed above in our
Auditing and Internal Controls Summaries, we have updated our HUD Practice
Aids, which provide audit programs, work papers, and sample reports for use
in performing audits of for-profit entities under the requirements of the Consolidated
Audit Guide for Audits of HUD Programs (HUD Audit Guide). These practice
aids have been revised to reflect changes made in the HUD Audit Guide as issued
by the U.S. Department of Housing and Urban Development and other changes for:
-AICPA Statement of Auditing
Standards (SAS) No. 115, Communicating Internal Control Related Matters
Identified in an Audit; and
-SAS No. 117, Compliance
Audits.
In addition, the structure
and content of the practice aids have been reorganized for ease of use.
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