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Accounting Research Manager®
Weekly Summary of Developments
November 21-23, 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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Business Combinations -- Interpretation Updated
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We have updated our publication, Accounting for Business Combinations, Goodwill, and Other Intangible Assets - Interpretations of U.S. and International Accounting Standards, primarily to reflect the issuance of FASB Accounting Standards Update (ASU) No. 2011-08, Intangibles - Goodwill and Other (Topic 350): Testing Goodwill for Impairment. ASU 2011-08 is intended to simplify how entities, both public and nonpublic, test goodwill for impairment.

See our Literature Update for complete details.

Fair Value Measurement -- FASB Adds Project on Nonpublic Entity Fair Value Measurement Disclosures
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As reported in its "Summary of Board Decisions" publication, the FASB met on November 22, 2011, and discussed adding a project to the FASB's agenda on nonpublic entity fair value measurement disclosures. Based on nonpublic entity stakeholder input, the FASB chairman decided to add a project to the FASB agenda to evaluate the need to reduce existing disclosure requirements for nonpublic entities about fair value measurements falling within Level 3 of the fair value hierarchy. Level 3 of the fair value hierarchy refers to fair value measurements determined using significant unobservable inputs.

SEC Reporting -- SEC Publishes Updated EDGAR Filer Manual
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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. The revisions are being made primarily to support updates to submission form types for Asset-Backed Securities and other upgrades to the EDGAR system scheduled for November 21, 2011.

This final rule is effective when published in the Federal Register.

Financial Instruments -- IASB and FASB Discuss Financial Instruments and Other Matters
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As reported in its "IASB Update" publication, the IASB and FASB (the Boards) met on November 15-16, 2011, and discussed the following topics:

-Financial instruments-classification and measurement;
-Insurance contracts;
-Insurance contracts (education session on residual margins);
-Leases;
-Macro hedge accounting;
-Offsetting-additional feedback on effective dates; and
-Work plan.

In addition, the IASB held separate sessions on the following topics:

-Annual Improvements project;
-Transitional requirements of IFRS 10, Consolidated Financial Statements; and
-Put options written on noncontrolling interests.

Financial Instruments -- Draft Q&As on IFRS for SMEs Published
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The SME Implementation Group has published for public comment the following draft Questions & Answers (Q&As) on the IFRS for Small and Medium Sized Entities (SMEs):

-Draft Implementation Guidance - IFRS for SMEs: Section 30, Issue 1 - Recycling of Cumulative Exchange differences on Disposal of a Subsidiary; and
-Draft Implementation Guidance - IFRS for SMEs: Section 11, Issue 1 - Fallback to IFRS 9 Financial Instruments.

This draft guidance was issued in a question and answer format and was prepared by the SME Implementation Group that is responsible for assisting the IASB on matters related to the implementation of IFRS for Small and Medium-sized Entities (SMEs). It is intended to provide nonmandatory and timely guidance on specific accounting questions that are being raised with the SME Implementation Group by users implementing the IFRS for SMEs.

Comments on these draft Q&As are due January 31, 2012.

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:
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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Clarity Project -- New SASs Discussed
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We have added a GAAS Update Service that provides discussion and analysis of the following AICPA Statements on Auditing Standards (SASs):

-SAS No. 122, Statements on Auditing Standards: Clarification and Recodification;
-SAS No. 123, Omnibus Statement on Auditing Standards - 2011; and
-SAS No. 124, Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country.

These new SASs, part of the AICPA's Clarity Project, will be effective for audits of financial statements for periods ending on or after December 15, 2012, and will supersede most current guidance.

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."

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:
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GOVERNMENT HEADLINES:
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Fund Balances -- Q&As on GASB 54 Discussed
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We have published a Governmental GAAP Update Service that discusses Q&As in relation to GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, that have been added to the latest version of the Comprehensive Implementation Guide. This update includes discussion of the following topics:

-Aspects of nonspendable fund balance and inventory;
-Encumbrances;
-Gains and losses on permanent fund investments;
-Unassigned fund balances and blended component units;
-Committed and assigned fund balances; and
-Long-term construction projects and committed balances.

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