===================================================
Accounting Research
Manager(TM)
Weekly Summary of
Developments
January 3-7, 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:
http://www.accountingresearchmanager.com/wk/rm.nsf/?Open&M=vwUID/EB2DAC14
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
Disclosure Checklists -- GAAP Disclosure Checklists Updated
through December 31, 2010
SEC Disclosure Checklists -- SEC Disclosure Checklists Updated
through December 31, 2010
Checklist -- AutoCheck
U.S. GAAP Disclosures Checklist Updated
Troubled Debt
Restructurings -- FASB
Discusses Troubled Debt Restructuring Disclosures
SEC Reporting -- SEC Publishes Updated EDGAR Filer
Manual
Asset-Backed Securities -- SEC Proposes to Change Reporting
Obligations for Asset-Backed Securities
Government Headlines
Governmental GAAP -- New Edition of Guide Published
Accounting Standards -- GASB 62 Issued
GASB Standards -- Checklist of Recent GASB Pronouncements
Updated
=============================
ACCOUNTING AND SEC HEADLINES:
=============================
Disclosure Checklists --
GAAP Disclosure Checklists Updated through December 31, 2010
For detail, please contact info@zy-cpa.com
We have updated the General
U.S. GAAP Financial Statement Disclosures Checklist through December 31,
2010. This checklist includes changes made in the FASB Accounting Standards CodificationTM
(Codification) since the issuance of our checklist dated September 30, 2010.
Specifically, this checklist has been updated for the following changes:
-FASB Accounting Standards
Update (ASU) No. 2010-26, Financial Services–Insurance (Topic 944) –
Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts;
-ASU No. 2010-27, Other
Expenses (Topic 720) – Fees Paid to the Federal Government by Pharmaceutical
Manufacturers; and
-ASU No. 2010-29, Business
Combinations (Topic 805) – Disclosure of Supplementary Pro Forma Information
for Business Combinations.
We have also updated the General
U.S. GAAP Interim Financial Statement Disclosures Checklist, as well as our
industry specific checklists, through December 31, 2010, to reflect the
disclosure requirements as of that date.
See our Literature Update for
complete details.
SEC Disclosure Checklists
-- SEC Disclosure Checklists Updated through December 31, 2010
For detail, please contact info@zy-cpa.com
We have updated the following
SEC disclosure-related checklists through December 31, 2010:
-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.
-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 SEC disclosure-related checklists were to:
-Reflect new disclosure
requirements (if within the scope of these checklists) that were provided in
the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” that were
effective immediately upon passage of the legislation, without any SEC
rulemaking required;
-Document views of the SEC
staff on certain topics, including income taxes, significance testing and
disclosure of loss contingencies; and
-Reflect changes made by the
SEC’s Division of Corporation Finance in its “Financial Reporting Manual,”
including references to guidance on acquisition or disposition of a business,
financial statements of an equity-method investee,
stock compensation in an IPO, and income taxes.
See our Literature Update for
complete details.
Checklist -- AutoCheck
For detail, please contact info@zy-cpa.com
The AutoCheck
U.S. GAAP Disclosures Checklist has been updated through December 31, 2010.
This checklist includes changes made by the FASB to its Codification since the
issuance of our checklist dated September 30, 2010. This checklist is organized
by accounting topic, consistent with the Codification's broad structure, and
provides authoritative references. Once completed, it can be printed and placed
in annual or quarterly work papers to provide support for review and compliance
procedures.
While the FASB released four ASUs in the quarter ended December 31, 2010, the only ones
affecting this checklist were ASU 2010-27 and ASU 2010-29.
Existing users of the AutoCheck checklist must update the software
supporting the checklist as explained at the bottom of our Literature Update.
Troubled Debt
Restructurings -- FASB Discusses Troubled Debt Restructuring Disclosures
For detail, please contact info@zy-cpa.com
As reported in its
"Summary of Board Decisions" publication, the FASB met on January 4,
2011, and discussed deferral of the effective date of disclosures about
troubled debt restructurings in ASU No. 2010-20, Receivables (Topic 310):
Disclosures about the Credit Quality of Financing Receivables and the Allowance
for Credit Losses. The FASB affirmed its previous decision to temporarily
defer the effective date for troubled debt restructuring disclosures in ASU
2010-20 to be concurrent with the effective date in proposed ASU, Receivables
(Topic 310): Clarifications to Accounting for Troubled Debt Restructuring by
Creditors.
Disclosures in ASU 2010-20
were initially effective for periods ending on or after December 15, 2010, for
public entities, and for annual periods ending on or after December 15, 2011,
for nonpublic entities. The FASB added the project to clarify accounting for
troubled debt restructurings after ASU 2010-20 became effective for public
companies, which created a need to align the effective dates of the disclosures
and the clarifications. The effective date of the clarifications project is
expected to be for periods ending on or after June 15, 2011. For nonpublic
entities, the FASB decided to retain the existing effective date for required
disclosures about troubled debt restructurings in ASU 2010-20, because the
clarifications project is scheduled to be completed before ASU 2010-20 becomes
effective.
SEC Reporting -- SEC
Publishes Updated EDGAR Filer Manual
For detail, please contact info@zy-cpa.com
The SEC has published a final
rule, Adoption of Updated EDGAR Filer Manual. This rule includes
revisions to the Electronic Data Gathering, Analysis, and Retrieval System
(EDGAR) Filer Manual, to reflect updates in the EDGAR system. The revisions are
being made primarily to:
-Implement the new "EDGARLink Online Application" which will allow filers
to submit EDGARLink submission form types online
without the use of an offline tool;
-Support the electronic
filing of submission form types ABS 15G, ABS 15G/A;
-Support the electronic
filing of a new Form 8-K Item 6.10; and
-Support minor changes in eXtensible Business Reporting Language validations for
filings containing Exhibit 101 attachments.
This final rule is effective
when published in the Federal Register.
Asset-Backed Securities --
SEC Proposes to Change Reporting Obligations for Asset-Backed Securities
For detail, please contact info@zy-cpa.com
The SEC has issued for public
comment a proposed rule, Suspension of the Duty to File Reports for Classes
of Asset-Backed Securities under Section 15(d) of the Securities Exchange Act
of 1934. This proposal would implement the requirements of Section 942(a)
of the "Dodd-Frank Wall Street Reform and Consumer Protection Act"
which eliminated the automatic suspension of the duty to file under Section
15(d) of the Securities Exchange Act of 1934 (Exchange Act) for asset-backed
securities issuers and granted the SEC the authority to issue rules providing
for the suspension or termination of such duty. This proposal would permit
suspension of the reporting obligations for asset-backed securities issuers
when there are no longer asset-backed securities of the class sold in a
registered transaction held by nonaffiliates of the
depositor. This proposal would also amend SEC rules relating to the Exchange
Act reporting obligations of asset-backed securities issuers in light of these
statutory changes.
Comments on this proposal are
due February 7, 2011.
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:
======================
Governmental GAAP -- New
Edition of Guide Published
For detail, please contact info@zy-cpa.com
We have published the 2011
Edition of Governmental GAAP Practice Manual. This publication shows
state and local government accountants and auditors how to apply U.S. GAAP to
state and local governments in a practical step-by-step approach. This edition
of the publication has been updated throughout with the latest information on:
-GASB Statement No. 59, Financial
Instruments Omnibus;
-GASB Statement No. 58, Accounting
and Financial Reporting for Chapter 9 Bankruptcies; and
-GASB Statement No. 57, OPEB
Measurements by Agent Employers and Agent Multiple-Employer Plans.
See our Literature Update for
complete details.
Accounting Standards --
GASB 62 Issued
For detail, please contact info@zy-cpa.com
The GASB has issued GASB
Statement No. 62, Codification of Accounting and Financial Reporting
Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.
GASB 62 is intended to enhance the usefulness of the Codification of Governmental
Accounting and Financial Reporting Standards by incorporating guidance that
previously could only be found in certain FASB and AICPA pronouncements.
GASB 62 incorporates into the
GASB’s authoritative literature the applicable
guidance previously presented in the following pronouncements issued before
November 30, 1989:
-FASB Statements and
Interpretations;
-Accounting Principles Board
Opinions; and
-Accounting Research
Bulletins of the AICPA’s Committee on Accounting
Procedure.
By incorporating and maintaining
this guidance in a single source, the GASB believes that GASB 62 reduces the
complexity of locating and using authoritative literature needed to prepare
state and local government financial reports. In addition, GASB 62 is expected
to improve financial reporting by eliminating the need for financial statement
preparers and auditors to determine which FASB and AICPA pronouncement
provisions apply to state and local governments, thereby resulting in a more
consistent application of relevant guidance in financial statements of state
and local governments. Further, GASB 62 contributes to the GASB’s
efforts to codify all sources of generally accepted accounting principles for
state and local governments so that they can be found within a single source.
The requirements of GASB 62
are effective for financial statements for periods beginning after December 15,
2011. Earlier application is encouraged.
GASB Standards --
Checklist of Recent GASB Pronouncements Updated
For detail, please contact info@zy-cpa.com
We have updated our
"Summary Checklist of Recent GASB Standards," to reflect GASB 62,
discussed above. This checklist is intended to serve as a reference tool to
review authoritative standards recently issued by the GASB. The standards are
listed by source, and include GASB Statements and GASB Technical Bulletins.
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