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Accounting Research Manager®
Weekly Summary of Developments
July 4-8, 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

Disclosure Checklists -- GAAP Disclosure Checklists Updated through June 30, 2011
Checklist -- AutoCheck U.S. GAAP Disclosures Checklist Updated
SEC Disclosure Checklists -- SEC Disclosure Checklists Updated through June 30, 2011
Financial Reporting Manual -- SEC Staff Updates Financial Reporting Manual
Inflation Rates -- Interpretation Issued, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - June 2011
Broker-Dealers -- SEC Seeks Comments on PCAOB Proposed Rules
Insurance Entities -- AICPA Issues Working Draft of Audit and Accounting Guide
IFRS for SMEs -- Q&A Guidance and Other Matters Discussed

Auditing and Internal Controls Headlines

Financial Institutions -- New Edition of Knowledge-Based Audits of Financial Institutions Published
Fraud -- AICPA Publishes Handbook of Fraud and Commercial Crime Prevention
Accounting Estimates -- Clarified SAS Discussed
Broker-Dealers -- SEC Seeks Comments on PCAOB Proposed Rules
Insurance Entities -- AICPA Issues Working Draft of Audit and Accounting Guide

Government Headlines

Auditing Standards -- A-133 Compliance Supplement for 2011 Discussed

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ACCOUNTING AND SEC HEADLINES:
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Disclosure Checklists -- GAAP Disclosure Checklists Updated through June 30, 2011
For detail, please contact info@hkcmcpa.us

We have updated the General U.S. GAAP Financial Statement Disclosures Checklist through June 30, 2011. This checklist includes changes made to the FASB Accounting Standards Codification^TM (Codification) since the issuance of our checklist dated March 31, 2011. Specifically, this checklist has been updated to include the disclosure and presentation requirements in the following FASB Accounting Standards Updates (ASUs):

-ASU No. 2011-02, Receivables (Topic 310) – A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring;
-ASU No. 2011-04, Fair Value Measurement (Topic 820) – Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs; and
-ASU No. 2011-05, Comprehensive Income (Topic 220) – Presentation of Comprehensive Income.

We have also updated the General U.S. GAAP Interim Financial Statement Disclosures Checklist, as well as our industry specific checklists, through June 30, 2011, to reflect the disclosure requirements as of that date.

See our Literature Update for complete details.

Checklist -- AutoCheck U.S. GAAP Disclosures Checklist Updated
For detail, please contact info@hkcmcpa.us

The AutoCheck U.S. GAAP Disclosures Checklist has been updated through June 30, 2011. This checklist includes changes made by the FASB to the Codification since the issuance of our checklist dated March 31, 2011, through ASU No. 2011-05. 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.

Existing users of the AutoCheck checklist must update the software supporting the checklist as explained at the bottom of our Literature Update $Database 'Research Mgr - MOM Authoring', View '1. What's New\a. By Date', Document 'Accounting; Regulatory'$ .

SEC Disclosure Checklists -- SEC Disclosure Checklists Updated through June 30, 2011
For detail, please contact info@hkcmcpa.us

We have updated the following SEC disclosure-related checklists through June 30, 2011:

-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 checklists was to remove references to the Center for Audit Quality SEC Regulations Committee Meeting Minutes where the guidance is now included in the Financial Reporting Manual issued by the Division of Corporation Finance (Corp Fin). The staff in Corp Fin is enhancing the Financial Reporting Manual with staff views expressed over the years at various meetings of the Regulations Committee. This committee meets periodically with the SEC staff to discuss emerging technical accounting and reporting issues relating to SEC rules and regulations.

See our Literature Update for complete details.

Financial Reporting Manual -- SEC Staff Updates Financial Reporting Manual
For detail, please contact info@hkcmcpa.us

The Corp Fin staff of the SEC has released the updated Financial Reporting Manual, reflecting changes through March 31, 2011. This manual represents informal guidance prepared for use by the Corp Fin staff. Corp Fin has made this manual public because readers may find the guidance useful in preparing filings with the SEC. We have prepared a Literature Update highlighting areas in the manual updated by the Corp Fin staff. In addition, as described in our Literature Update, we have available in PDF format the prior quarterly versions of Corp Fin’s Financial Reporting Manual, dating back to December 2008 when the first version was released.

See our Literature Update for complete details.

Inflation Rates -- Interpretation Issued, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - June 2011
For detail, please contact info@hkcmcpa.us

Our Interpretation, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - June 2011, has been issued and reflects the latest available inflation rate information. We did not make any changes since our March 2011 update.

Users of this Interpretation should also refer to all of the actions of the International Practices Task Force of the Center for Audit Quality for further guidance in classifying countries as hyperinflationary, particularly for countries not reporting data to the International Monetary Fund and published in the International Financial Statistics, the source for this Interpretation.

See our Literature Update for complete details.

Broker-Dealers -- SEC Seeks Comments on PCAOB Proposed Rules

The SEC has published for public comment the following documents:

-Public Company Accounting Oversight Board; Notice of Filing of Proposed Temporary Rule for an Interim Program of Inspection Related to Audits of Brokers and Dealers (Proposal 1); and
For detail, please contact info@hkcmcpa.us

-Public Company Accounting Oversight Board; Notice of Filing of Proposed Board Funding Final Rules for Allocation of the Board’s Accounting Support Fee Among Issuers, Brokers, and Dealers, and Other Amendments to the Board’s Funding Rules (Proposal 2).
For detail, please contact info@hkcmcpa.us

The SEC is seeking public comment on PCAOB rules to implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to audits of securities brokers and dealers. Proposal 1 includes a temporary rule to establish an interim inspection program for registered public accounting firms’ audits of brokers and dealers. If approved by the SEC, the temporary rule will allow the PCAOB to begin basic inspection work on selected audits of brokers and dealers.

Proposal 2 includes rules for assessing and collecting a portion of the PCAOB accounting support fee from brokers and dealers to fund oversight of audits of brokers-dealers, and includes certain amendments to existing funding rules for issuers. The funding rules, which are subject to approval by the SEC, would result in brokers and dealers with more than $5 million in tentative net capital being allocated an appropriate portion of the accounting support fee.

Comments on these proposals are due 21 days after they are published in the Federal Register.

Insurance Entities -- AICPA Issues Working Draft of Audit and Accounting Guide
For detail, please contact info@hkcmcpa.us

The Financial Reporting Executive Committee of the AICPA has issued for public comment a working draft of the accounting content of a proposed AICPA Audit and Accounting Guide (AAG), Property and Liability Insurance Entities. The proposed AAG addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically for property and liability insurance entities.

Comments on this draft AAG are due by August 26, 2011.

IFRS for SMEs -- Q&A Guidance and Other Matters Discussed
For detail, please contact info@hkcmcpa.us

The IASB staff has issued its periodic "IFRS for SMEs Update" publication which is a summary of news relating to the International Financial Reporting Standard for Small and Medium-Sized Entitie (IFRS for SMEs). This update includes discussion of the following topics:

-SME Implementation Group publishes its first Q&A guidance;
-Questions and answers about the IFRS for SMEs: status report;
-Arabic-language translation of the IFRS for SMEs training modules;
-Turkish-language translation of the IFRS for SMEs training modules;
-New website to assist transition to IFRS for SMEs in Sierra Leone;
-Upcoming "train the trainers" workshops; and
-Where to obtain IFRS for SMEs materials.

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

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Financial Institutions -- New Edition of Knowledge-Based Audits of Financial Institutions Published
For detail, please contact info@hkcmcpa.us

We have published the 2011 edition of Knowledge-Based Audits of Financial Institutions. This publication is designed to help the auditor efficiently and effectively perform financial statement audits of financial institutions in accordance with auditing standards generally accepted in the United States (GAAS). This edition of the publication includes revisions and updates to reflect current accounting authoritative literature and, among other things, auditing pronouncements through:

-AICPA Statement on Auditing Standards (SAS) No. 118, Other Information in Documents Containing Audited Financial Statements;
-SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole; and
-SAS No. 120, Required Supplementary Information.

See our Literature Update for complete details.

Fraud -- AICPA Publishes Handbook of Fraud and Commercial Crime Prevention
For detail, please contact info@hkcmcpa.us

We have added The CPA’s Handbook of Fraud and Commercial Crime Prevention - 2011, published by the AICPA with a focus on fraud prevention. This publication provides CPAs with practical information, checklists, and examples to help identify and respond to fraud in the workplace. The publication discusses a number of topics on fraud and commercial crime prevention, including:

-Managing the risk of fraud;
-Promoting an ethical environment;
-Insurance against fraud;
-Computer security and system recovery; and
-Asset misappropriation.

Accounting Estimates -- 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 SAS, Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures, which was finalized as part of the AICPA's Clarity Project. The clarified SAS will supersede SAS 57 (AU Section 342), Auditing Accounting Estimates, and SAS 101 (AU Section 328), Auditing Fair Value Measurements and Disclosures.

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

Broker-Dealers -- SEC Seeks Comments on PCAOB Proposed Rules

As discussed above in our Accounting and SEC Summaries, the SEC has published for public comment the following documents:

-Public Company Accounting Oversight Board; Notice of Filing of Proposed Temporary Rule for an Interim Program of Inspection Related to Audits of Brokers and Dealers (Proposal 1); and
For detail, please contact info@hkcmcpa.us

As discussed above in our Accounting and SEC Summaries, the Financial Reporting Executive Committee of the AICPA has issued for public comment a working draft of the accounting content of a proposed AICPA Audit and Accounting Guide (AAG), Property and Liability Insurance Entities. The proposed AAG addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically for property and liability insurance entities.

Comments on this draft AAG are due by August 26, 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@hkcmcpa.us

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GOVERNMENT HEADLINES:
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Auditing Standards -- A-133 Compliance Supplement for 2011 Discussed
For detail, please contact info@hkcmcpa.us

We have added a Governmental GAAP Update Service that discusses the release, by the White House Office of Management and Budget, of the Circular A-133 Audits of States, Local Governments and Non-Profit Organizations Compliance Supplement for 2011 (the Supplement). Contained within the Supplement are a number of important changes for both audited entities and auditors. This update discusses on the changes included in the Supplement that preparers and auditors should understand. Topics discussed in this update are:

-What award recipients, sub-recipients, and auditors need to know;
-Summary of changes in 2011 contained within "Appendix V" of the Supplement;
-Programs not included in the Supplement; and
-Programs not subject to audit per the Supplement.

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