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Accounting Research Manager®
Weekly Summary of Developments
May 23-26, 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@hkcmcpa.us
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
Whistleblower Regulations -- SEC Adopts Whistleblower
Regulations
EITF Materials -- FASB Issues Materials for June
23, 2011 EITF Meeting
Auditing and Internal
Controls Headlines
Audit Evidence -- Clarified SAS Discussed
Government Headlines
Fund Balance Reporting -- GASB 54 Discussed
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ACCOUNTING AND SEC HEADLINES:
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Whistleblower Regulations
-- SEC Adopts Whistleblower Regulations
For detail, please contact info@hkcmcpa.us
The SEC has issued a final
rule, Implementation of the Whistleblower Provisions of Section 21F of the
Securities Exchange Act of 1934. This rule implements the whistleblower
provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
This legislation established a whistleblower program that requires the SEC to
pay an award to eligible whistleblowers that voluntarily provide the SEC with
original information about a violation of the federal securities laws that
leads to the successful enforcement of a covered judicial or administrative
action, or a related action. This final rule provides a definition of a
whistleblower and provides certain anti-retaliation protections to individuals
who provide the SEC with information about possible securities violations.
This final rule is effective
60 days after it is published in the Federal Register.
EITF Materials -- FASB
Issues Materials for June 23, 2011 EITF Meeting
For detail, please contact info@hkcmcpa.us
The FASB has issued the
following materials for the June 23, 2011 EITF meeting:
-Proposed Agenda;
-EITF Issue No. 9-H2,
"Health Care Entities - Presentation and Disclosure of Net Revenue,
Provision for Bad Debts, and the Allowance for Doubtful Accounts" (comment
letters); and
-EITF Issue No. 10-H,
"Fees Paid to the Federal Government by Health Insurers" (comment
letters).
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listed above may not be accessible under your current subscription. For
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AUDITING AND INTERNAL CONTROLS
HEADLINES:
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Audit Evidence -- Clarified
SAS Discussed
For detail, please contact info@hkcmcpa.us
We have added a GAAS Update
Service that provides discussion and analysis of a clarified Statement on
Auditing Standards (SAS), Audit Evidence - Specific Considerations for
Selected Items, which was finalized as part of the AICPA's
Clarity Project. The clarified SAS addresses specific considerations by the
auditor in obtaining sufficient appropriate audit evidence regarding certain
aspects of:
-Investments in securities and
derivative instruments (e.g., fair value measurements, impairment losses);
-Inventory (e.g., existence
and condition);
-Litigation, claims, and
assessments involving the entity; and
-Segment information.
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": For
detail, please contact info@hkcmcpa.us
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listed above may not be accessible under your current subscription. For
information about upgrading your subscription to include additional content,
click here:
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======================
GOVERNMENT HEADLINES:
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Fund Balance Reporting --
GASB 54 Discussed
For detail, please contact info@hkcmcpa.us
We have added a Governmental
GAAP Update Service that discusses GASB Statement No. 54, Fund Balance
Reporting and Governmental Fund Type Definitions. GASB 54 establishes a
hierarchy of fund balance classifications based primarily on the extent to
which a government is bound to observe spending constraints imposed upon how
resources reported in governmental funds may be used. This update discusses
certain challenges associated with the implementation of GASB 54. Topics
discussed in this update include: (a) calculating fund balance in order;
(b) prior year and other adjustments; and (c) types of governmental
funds.
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@hkcmcpa.us