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Accounting
Research Manager®
Weekly
Summary of Developments
February
13-17, 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:
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ACCOUNTING
AND SEC HEADLINES:
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EITF
Materials -- FASB Issues Materials for March 15, 2012 EITF Meeting
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The FASB has
issued the following materials for the March 15, 2012 EITF meeting:
-Proposed
agenda;
-EITF Agenda
Report; and
-Comments
letters on Issue 11-A.
The proposed
agenda for the EITF meeting includes the following issues:
-EITF Issue
No. 11-A, “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”;
-EITF Issue
No. 12-A, “Not-for-Profit Entities: Classification of Gifts of Securities
Immediately Sold In the Statement of Cash Flows”;
-EITF Issue
No. 12-B, “Not-for-Profit Entities: Contributed Services from an Affiliate”;
-EITF Issue
No. 12-C, “Subsequent Accounting for an Indemnification Asset Recognized as a
Result of a Government-Assisted Acquisition of a Lending Institution”;
-EITF Issue
No. 12-D, “Accounting for Joint and Several Liability for Which the Total
Amount of the Obligation is Fixed”; and
-EITF Issue
No. 12-E, “Accounting for Fair Value Information That Arises Subsequent to the
Measurement Date and Its Inclusion in the Impairment Analysis of Unamortized
Film Costs.”
Liquidation
Basis of Accounting -- FASB Discusses Liquidation Basis of Accounting
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As reported
in its "Summary of Board Decisions" publication, the FASB met on
February 15, 2012, and affirmed its previous tentative decisions about when and
how an entity should apply the liquidation basis of accounting. In addition,
the FASB affirmed that under the liquidation basis of accounting, an entity should
prepare, at a minimum, a statement of net assets in liquidation and a statement
of changes in net assets in liquidation. Under the liquidation basis of
accounting, an entity should also disclose all measurement bases and
significant assumptions.
The FASB
directed its staff to draft proposed guidance for vote by written ballot and
decided that the comment period for the proposed guidance would be 90 days.
SEC
Reporting -- SEC Staff Publishes Presentation Slides on Issues Facing Smaller
Issuers
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The staff in
the SEC’s Division of Corporation Finance (Corp Fin) has recently published
slides that were presented at the “Forums on Auditing in the Small Business
Environment” hosted by the PCAOB throughout 2011. Participants at these forums
were auditors from smaller registered public accounting firms. According to the
SEC staff, these slides are intended to provide a sampling of issues that the
Corp Fin staff frequently encounters when reviewing filings for smaller public
companies as well as an overview of developments within Corp Fin. The slides
are accompanied by detailed notes that provide additional context.
Exchange
Act Rules -- SEC Staff Updates Interpretation
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The Corp Fin
staff has updated its Compliance and Disclosure Interpretation (C&DI), Exchange
Act Rules. This C&DI provides interpretations by Corp Fin, in a
question and answer format, of the rules promulgated under the registration and
reporting provisions of Sections 12, 13 and 15 of the Securities Exchange Act
of 1934. This updated C&DI adds Question 169.07 which provides guidance on
how a company should describe the advisory vote to approve executive
compensation that is required by Exchange Act Rule 14a-21 on its proxy card and
voting instruction card. Rule 14a-21 was adopted by the SEC to implement the
shareholder approval of executive compensation provisions of the Dodd-Frank
Act.
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AUDITING AND
INTERNAL CONTROLS HEADLINES:
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Engagement
Standards -- Revisions and Additions to Engagement Standards Published
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We have
revised and updated Engagement Standards. This resource tool helps a
user quickly locate guidance and resolve practice issues relating to: (a)
audit engagements; (b) attestation and nontraditional engagements; and (c)
compilation and review engagements, conducted in accordance with
-Discussion
of several final clarified AICPA Statement on Auditing Standards (SAS)s and
proposed SASs resulting from the Auditing Standards
Board’s Clarity Project;
-Coverage/discussion
of SAS No. 121, Revised Applicability of Statement on Auditing Standards No.
100, "Interim Financial Information”;
-Coverage/discussion
of AICPA Statement on Standards for Attestation Engagements No. 17, Reporting
on Compiled Prospective Financial Statements When the Practitioner’s Independence
Is Impaired; and
-Enhanced
coverage of changes resulting from the provisions of AICPA Accounting and
Review Services Standards No. 19, Compilation and Review Engagements.
See our
Literature Update for complete details.
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=======================================
GOVERNMENT
HEADLINES:
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GASB
Report Issued -- GASB Calendar and Other Matters Discussed
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The January
2012 edition of the "GASB Report" has been issued and includes the
following discussion items:
-GASB
calendar;
-FAF
Trustees appoint William W. Fish and James E. Brown to the GASB;
-Summary of
recent GASB meeting; and
-Who's who
at the GASB.
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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