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Accounting Research Manager®
Weekly Summary of Developments
June 27-30, 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:

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Accounting and SEC Headlines

Retirement Benefit Plans -- FASB Discusses Disclosures About Participation in a Multiemployer Plan and Other Matters
Offsetting -- IASB and FASB Discuss Asset and Liability Offsetting and Other Matters

Government Headlines

GASB Report Issued -- GASB User Guides and Other Matters Discussed

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ACCOUNTING AND SEC HEADLINES:
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Retirement Benefit Plans -- FASB Discusses Disclosures About Participation in a Multiemployer Plan and Other Matters
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As reported in its "Summary of Board Decisions" publication, the FASB met on June 29, 2011, and discussed the following issues: (a) disclosures about an employer’s participation in a multiemployer plan; and (b) goodwill impairment assessments.

The FASB continued redeliberations of its September 2010 exposure draft of a proposed Accounting Standards Update, Compensation - Retirement Benefits - Multiemployer Plans (Subtopic 715-80): Disclosure about an Employer’s Participation in a Multiemployer Plan. The FASB reached the following tentative decisions that would only apply to multiemployer pension plans:

-An employer would be required to disclose: (a) a description of the nature and effect of any changes affecting comparability from period-to-period for each period for which a statement of income is presented, including a business combination or a divestiture, the rate of employer contributions, and the number of employees subject to multiemployer pension plans; and (b) information about plan assets and liabilities and total contributions to the multiemployer plan from all employers in circumstances in which the information is not available in the public domain.
-An employer would not be required to disclose any of the following: (a) known trends in future contributions; (b) estimated amounts of future contributions; and (c) the percentage of its employees covered by multiemployer plans.
-A subsidiary that participates in its parent entity’s single employer defined benefit pension plan would be required to disclose the name of the parent plan and the amount of contributions made in each period for which an income statement is presented.

The FASB directed its staff to conduct outreach with respect to the auditability of the percentage of the employer’s total contributions to a multiemployer plan and the disclosure of information about plan assets and liabilities and total contributions to a multiemployer plan in circumstances in which the information is not available outside of the financial statements. The result of that outreach is expected to be discussed at a future FASB meeting.

On a related matter, certain aspects of the existing disclosure requirements for multiemployer health and welfare plans are expected to be clarified by the FASB. In addition, the FASB indicated that it may address other aspects of the disclosure requirements related to multiemployer health and welfare plans as part of a future project.

Offsetting -- IASB and FASB Discuss Asset and Liability Offsetting and Other Matters
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As reported in its "IASB Update" publication, the IASB and FASB met on June 13-15, 2011, and discussed the following topics:

-Asset and liability offsetting;
-IFRS 9, Financial Instruments, (classification and measurement-education session on FASB model);
-Impairment;
-Insurance contracts;
-Investment property (education session on FASB project);
-Leases; and
-Revenue recognition.

The IASB held a separate meeting and discussed the following topics:

-Agenda consultation-proposed timetable;
-Annual improvements project-comment period; and
-Investment entities-sweep issues.

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GOVERNMENT HEADLINES:
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GASB Report Issued -- GASB User Guides and Other Matters Discussed
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The May 2011 edition of the "GASB Report" has been issued and includes the following discussion items:

-GASB calendar;
-Updates to GASB user guide series;
-Summary of recent GASB meetings; and
-GASB podcasts examine elements of pension project.

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