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Accounting Research Manager®
Weekly Summary of Developments
August 1-5, 2011
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Accounting Research Manager subscriber,

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Accounting and SEC Headlines

SEC Reporting -- SEC Publishes Updated EDGAR Filer Manual
EITF Matters -- EITF Agenda Committee Report Issued
Offsetting -- IASB Discusses Asset and Liability Offsetting and Other Matters

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ACCOUNTING AND SEC HEADLINES:
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SEC Reporting -- SEC Publishes Updated EDGAR Filer Manual
For detail, please contact info@hkcmcpa.us

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. Among the revisions made is the retirement of the offline EDGARLink tool and the associated templates. Filers must now use the EDGARLink Online Application, an on-line version of the tool that filers use to create their submission documents to be filed with the SEC.

This final rule is effective August 5, 2011.

EITF Matters -- EITF Agenda Committee Report Issued
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The EITF has released its “Agenda Report” from the July 27, 2011, Agenda Committee meeting. The EITF considered adding two items to its agenda, but the FASB chairman recommended that only one item be added, “Parent's Accounting for the Cumulative Translation Adjustment (CTA) upon the Sale or Transfer of a Group of Assets within a Foreign Subsidiary That Meets the Definition of a Business.” This issue addresses the situation when a foreign subsidiary disposes of a group of assets that meets the definition of a business. When this happens there is a question as to whether a parent should apply the guidance in Subtopic 810-10 and recognize a portion of the CTA associated with the disposed group of assets in earnings or apply the guidance in paragraph 830-30-40-1, and only recognize the CTA in earnings if the sale or transfer of the group of assets constitutes a complete or substantially complete liquidation of the foreign entity.

In addition, the September 1, 2011, EITF meeting was canceled because there are now only two active items on the agenda, one of which is an exposure document, Property, Plant, and Equipment (Topic 360), Derecognition of in Substance Real Estate-a Scope Clarification, that has a comment period that ends on October 3, 2011.

Offsetting -- IASB Discusses Asset and Liability Offsetting and Other Matters
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As reported in its "IASB Update" publication, the IASB met on July 28, 2011, and discussed the following topics:

-Asset and liability offsetting;
-Hedge accounting under IFRS 9, Financial instruments;
-Effective date of IFRS 9-sweep issues; and
-Revenue recognition

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