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Accounting Research
Manager(TM)
Weekly Summary of
Developments
January 10-14, 2011
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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
Balance Sheet Offsetting -- FASB Discusses Balance Sheet
Offsetting and Other Matters
International Accounting -- IASB Publishes Agenda for January
17-20, 2011 Meeting
Financial Assets and
Liabilities --
Publication Updated
Auditing and Internal
Controls Headlines
Responding to Assessed
Risks -- Clarified SAS
Discussed
Government Headlines
GASB Activities -- GASB Approval of Technical Plan
Discussed
GASB Report Issued -- Codification of GASB Standards
Discussed
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ACCOUNTING AND SEC HEADLINES:
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Balance Sheet Offsetting
-- FASB Discusses 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 met on January 12,
2011, and discussed the following topics: (a) balance sheet offsetting;
and (b) consolidations: voting interest entities. Regarding its project
on balance sheet offsetting, the FASB clarified that the scope of the criteria
for offsetting relates to financial assets and liabilities and all derivative
assets and liabilities (both financial and nonfinancial).
The ability to offset any other assets and liabilities would not be permitted.
International Accounting
-- IASB Publishes Agenda for January 17-20, 2011 Meeting
For detail, please contact info@zy-cpa.com
The IASB has issued an agenda
for its January 17-20, 2011 meeting. Topics expected to be discussed at this
meeting include the following:
-Post-employment benefits;
-IFRS Interpretations
Committee update;
-Insurance contracts;
-Financial instruments:
impairment;
-Revenue recognition;
-Leases;
-Joint arrangements; and
-Annual improvements.
Portions of these sessions
are expected to be held with the FASB.
Financial Assets and
Liabilities -- Publication Updated
For detail, please contact info@zy-cpa.com
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AUDITING AND INTERNAL
CONTROLS HEADLINES:
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Responding to Assessed
Risks -- Clarified SAS Discussed
For detail, please contact info@zy-cpa.com
We have added a GAAS Update
Service that provides discussion and analysis of a clarified Statement on
Auditing Standards (SAS), Performing Audit Procedures in Response to
Assessed Risks and Evaluating the Audit Evidence Obtained, which was issued
as part of the AICPA's Clarity Project. The clarified
SAS will supersede SAS 110 (AU Section 318) and addresses the auditor’s
responsibility to:
-Design and implement
responses to the risks of material misstatement that have been identified and assessed
pursuant to the clarified SAS, Understanding the Entity and its Environment
and Assessing the Risks of Material Misstatement (Redrafted); and
-Evaluate the audit evidence
obtained.
The clarified SAS is
effective for audits of financial statements for periods ending on or after
December 15, 2012.
The AICPA’s
Clarity Project is intended to make existing U.S. generally accepted auditing
standards (GAAS) easier to understand, apply, and move toward converging U.S.
GAAS with International Standards on Auditing issued by the International
Auditing and Assurance Standards Board. For further information on the AICPA's Clarity Project, see our previously published
discussion and analysis in our publication "A Closer Look."
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:
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GASB Activities -- GASB
Approval of Technical Plan Discussed
For detail, please contact info@zy-cpa.com
We have added a Governmental
GAAP Update Service that discusses the GASB's
approval of its updated technical plan. The GASB’s
technical plan includes projects on:
-Conceptual framework:
recognition and measurement attributes;
-Economic condition
reporting;
-Government combinations; and
-Postemployment
benefit accounting and financial reporting.
GASB Report Issued --
Codification of GASB Standards Discussed
For detail, please contact info@zy-cpa.com
The December 2010 edition of
the "GASB Report" has been issued and includes the following
discussion items:
-GASB calendar;
-Approval of GASB Statement
No. 62, Codification of Accounting and Financial Reporting Guidance
Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements;
-Summary of recent GASB
meetings; and
-GASB adds projects to
current technical agenda regarding governmental combinations and deferred
inflows and outflows of resources;
-Governmental Accounting
Standards Advisory Council chairman and member appointments; and
-Who's who at the GASB.
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