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Accounting Research Manager®
Weekly Summary of Developments
November 7-11, 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

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ACCOUNTING AND SEC HEADLINES:
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Comprehensive Income -- FASB Proposes to Defer Presentation of Reclassification Adjustments
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The FASB has issued for public comment a proposed Accounting Standards Update (ASU), Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. The amendments in this proposed ASU would supersede certain pending paragraphs in ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, to defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments. The proposed amendments would be temporary to allow the FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. While the FASB is considering the operational concerns about the presentation requirements for reclassification adjustments, entities would continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before the effective date of ASU 2011-05.

All other requirements in ASU 2011-05 would not be affected by these proposed amendments, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply the requirements in ASU 2011-05 for fiscal years, and interim periods within those years, beginning after December 15, 2011. Nonpublic entities should begin applying these requirements for fiscal years ending after December 15, 2012, and interim and annual periods thereafter.

Comments on this proposed ASU are due by November 23, 2011.

Leases -- IASB and FASB Discuss Leases
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As reported in its "IASB Update" publication, the IASB and FASB met on November 1, 2011, and discussed their project on the accounting for leases. Among the topics discussed regarding this project were:

-Lessor disclosure;
-Sale and leaseback transition; and
-Other transition considerations.

Financial Instruments -- IASB Discusses Effective Date of IFRS 9
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As reported in its "IASB Update" publication, the IASB met on November 7, 2011, and discussed the mandatory effective date of IFRS 9, Financial Instruments. At this meeting, the IASB tentatively decided:

-That IFRS 9 should be amended to require application for annual periods beginning on or after January 1, 2015, rather than January 1, 2013;
-Not to require the restatement of comparative-period financial statements for the initial application of the classification and measurement requirements of IFRS 9, but instead to require modified disclosures on transition from the classification and measurement requirements of IAS 39, Financial Instruments: Recognition and Measurement, to those of IFRS 9;
-The above modified disclosure would be required even if an entity chose to restate its comparatives for the effect of applying IFRS 9; and
-Early application of IFRS 9 would continue to be permitted.

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Auditor Specialists -- Clarified SAS Discussed
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We have added a GAAS Update Service that provides discussion and analysis of a clarified Statement on Auditing Standards (SAS), Using the Work of an Auditor’s Specialist, which was finalized as part of the AICPA's Clarity Project and subsequently designated as AU-C Section 620, Using the Work of an Auditor’s Specialist, by SAS 122, Statements on Auditing Standards: Clarification and Recodification. AU-C Section 620 will supersede SAS 73 (AU Section 336), Using the Work of a Specialist, and addresses the auditor’s responsibility when using the work of an individual or organization possessing expertise in a field other than accounting or auditing for purposes of obtaining sufficient appropriate audit evidence in an audit.

AU-C Section 620 will be 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."

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GOVERNMENT HEADLINES:
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Contingencies -- Accounting for Contingencies Discussed
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We have added a Governmental GAAP Update Service that discusses contingencies that can be commonly found in the notes to the basic financial statements and provides a review of contingency standards in GAAP. In addition, this update also reviews some previously unrecognized contingencies that may need to be disclosed for some governments as a result of changes in the economy.

GASB Report Issued -- Technical Corrections Proposal and Other Matters Discussed
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The October 2011 edition of the "GASB Report" has been issued and includes the following discussion items:

-GASB calendar;
-Michael Belsky resigns from GASB;
-GASB issues exposure draft addressing technical corrections;
-Summary of recent GASB meetings; and
-GASB holds public hearings and user forums on pension exposure drafts and concepts preliminary views.

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