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Accounting Research Manager®
Weekly Summary of Developments
January 2-6, 2012
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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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Disclosure Checklists -- GAAP Disclosure Checklists Updated through December 31, 2011
For detail, please contact info@hkcmcpa.us

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

ASU No. 2011-11, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities; and
ASU No. 2011-12, 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.

We have also updated the General U.S. GAAP Interim Financial Statement Disclosures Checklist, as well as our industry specific checklists, through December 31, 2011, to reflect the disclosure requirements as of that date.

See our Literature Update for complete details.

SEC Disclosure Checklists -- SEC Disclosure Checklists Updated through December 31, 2011
For detail, please contact info@hkcmcpa.us

We have updated the following SEC disclosure-related checklists through December 31, 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 document views of the SEC staff expressed during the AICPA National Conference on Current SEC and PCAOB Developments held in December 2011. In addition, we have updated the above checklists, where appropriate, to reflect the issuance of a final SEC rule, Mine Safety Disclosure. This final rule requires issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine to disclose in their periodic reports filed with the SEC, information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities.

See our Literature Update for complete details.

Revenue Recognition Proposal -- New Edition of "A Closer Look" Published
For detail, please contact info@hkcmcpa.us

We have prepared and published another edition of “A Closer Look.” In this edition, we provide a discussion and analysis of the potential accounting and financial reporting changes that could result from the FASB's proposed ASU, Revenue Recognition (Topic 605): Revenue from Contracts with Customers. In June 2010, the FASB and the IASB each issued an exposure draft. In November 2011, after redeliberations and extensive stakeholder feedback, the FASB and IASB issued revised exposure drafts. In addition to explaining the latest proposal, we also summarize the changes made from the original June 2010 proposal.

See our Literature Update for complete details.

Revenue Recognition -- FASB Issues Proposed Codification Amendments Resulting from Pending Revenue Recognition Proposal
For detail, please contact info@hkcmcpa.us

The FASB has issued a proposed ASU, Revenue Recognition (Topic 605): Revenue from Contracts with Customers - Proposed Amendments to the FASB Accounting Standards Codification™. This is a companion document to the proposed ASU, Revenue Recognition (Topic 605): Revenue from Contracts with Customers (proposed ASU on revenue recognition), which was issued on November 14, 2011. This companion document codifies the guidance in the proposed ASU on revenue recognition and the proposed amendments to Subtopics that will be consequentially affected by that proposed ASU. The proposed consequential amendments reflect changes to the Codification as of the issuance of ASU No. 2011-07, Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities. These proposed amendments would not supersede the proposed amendments to Subtopics 946-605 and 973-605 from the following proposed ASUs:

-Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements; and
-Real Estate-Investment Property Entities (Topic 973).

Comments on this proposal are due March 13, 2012.

International Accounting -- New Edition of International Accounting/Financial Reporting Standards Guide Published
For detail, please contact info@hkcmcpa.us

We have published the 2012 edition of the International Accounting/Financial Reporting Standards Guide. The primary objective of this publication is to provide a resource for those who need to understand or interpret financial statements prepared following accounting principles issued by the IASB. This edition of the publication has been updated to incorporate new and revised international accounting and reporting requirements through early August 2011, including IFRS 13, Fair Value Measurement.

See our Literature Update for complete details.

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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Revenue Recognition Proposal -- New Edition of "A Closer Look" Published
For detail, please contact info@hkcmcpa.us

As discussed above in our Accounting and SEC Summaries, we have prepared and published another edition of “A Closer Look.” In this edition, we provide a discussion and analysis of the potential accounting and financial reporting changes that could result from the FASB's proposed ASU, Revenue Recognition (Topic 605): Revenue from Contracts with Customers. In June 2010, the FASB and the IASB each issued an exposure draft. In November 2011, after redeliberations and extensive stakeholder feedback, the FASB and IASB issued revised exposure drafts. In addition to explaining the latest proposal, we also summarize the changes made from the original June 2010 proposal.

See our Literature Update for complete details.

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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Governmental GAAP -- New Edition of Governmental GAAP Practice Manual Published
For detail, please contact info@hkcmcpa.us

We have published the 2012 edition of the Governmental GAAP Practice Manual. Financial professionals who work with state and local governments must stay current with emerging governmental standards, understand how accounting transactions should be reported, and prepare accurate and complete financial statements in order to avoid potentially adverse consequences. This edition of the publication has been updated throughout with the latest information on:

-GASB Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements;
-GASB Statement No. 61, The Financial Reporting Entity: Omnibus, an amendment of GASB Statements No. 14 and No. 34; and
-GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.

See our Literature Update for complete details.

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