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Accounting
Research Manager®
Weekly
Summary of Developments
March 26-30,
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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SEC
Filings -- SEC Issues 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
final rule includes revisions to the SEC's Electronic Data Gathering, Analysis,
and Retrieval System (EDGAR) Filer Manual to reflect changes to the EDGAR
system. Specifically, the revisions included in this update are being made to:
-Support the
upgrade to the “2012 US GAAP and 2012 Mutual Fund Risk/Return Summary
Taxonomies”;
-Support
period field validation updates for the submission of Form N-PX (proxy voting
record of registered management investment companies);
-Remove the
expiration date from Forms D, 3, 4, and 5; and
-Include
additional filer support fax numbers on various “EDGAR Filer Management Website”
screens.
This updated
filer manual is effective March 30, 2012.
Insurance
Contracts -- IASB and FASB Discuss Insurance Contracts
For detail, please contact info@hkcmcpa.us
As reported
in its "IASB Update" publication, the IASB and FASB met on March
20-24, 2012, and discussed insurance contracts. The IASB also held separate
sessions and discussed the following topics:
-Effective
dates and transition methods;
-Insurance
contracts-education session;
-Macro hedge
accounting;
-Post-implementation
review of IFRS 8, Operating Segments;
-Review of
efficiency and effectiveness of the IFRS Interpretations Committee (IFRIC); and
-Work plan.
Liabilities
and Equity -- New IFRS for SMEs Training Module
Published
For detail, please contact info@hkcmcpa.us
The IFRS
Foundation Education Initiative has released Module 22, Liabilities and
Equity, of its training material on the “International Financial Reporting
Standard for Small and Medium-Sized Entities” (IFRS for SMEs).
Module 22 is designed to support those training others to apply Section 22, Liabilities
and Equity, of the IFRS for SMEs. Section 22
establishes requirements for classifying financial instruments issued by an
entity as either liabilities or equity. It also addresses accounting for equity
instruments issued to individuals or other parties acting in their capacity as
investors in equity instruments (i.e., in their capacity as owners).
Levies
Charged -- IFRS Interpretations Committee Discusses Levies Charged and Other
Matters
For detail, please contact info@hkcmcpa.us
As reported
in its "IFRIC Update" publication, the IFRIC met on March 13-14,
2012, and discussed the following topics:
-Current
agenda (levies charged for participation in a specific market, service
concession arrangements, and equity method application when an associate's
equity changes outside comprehensive income);
-IFRIC
agenda decisions;
-Issues
considered for the Annual Improvements Project;
-Work in
progress; and
-Trustees'
review of the efficiency and effectiveness of IFRIC.
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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Financial
Statement Frameworks -- SAS 124 Discussed
For detail, please contact info@hkcmcpa.us
We have
added a GAAS Update Service that provides discussion and analysis of SAS No.
124, Financial Statements Prepared in Accordance with a Financial Reporting
Framework Generally Accepted in Another Country. SAS 124 supersedes SAS 51
(AU Section 534), Reporting on Financial Statements Prepared for Use in
Other Countries. SAS 124 requires an auditor to obtain an understanding of
a relevant financial reporting framework generally accepted in another country
and of relevant auditing standards other than U.S. GAAS. It also eliminates the
concept of limited use and, in instances when a report that is to be used in
the United States was prepared in accordance with a financial reporting
framework generally accepted in another country, SAS 124 requires the auditor
to include an emphasis-of-matter paragraph to highlight the foreign financial
reporting framework but permits the auditor to express an unmodified opinion.
SAS 124 is
effective for audits of financial statements for periods ending on or after
December 15, 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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GOVERNMENT
HEADLINES:
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Fair
Value Measurement -- GASB's Fair Value Measurement
and Application Project Discussed
For detail, please contact info@hkcmcpa.us
We have
published a Governmental GAAP Update Service that discusses the GASB's project on fair value measurement and application.
The GASB is expected to issue proposed guidance by January 2013, with a final
standard expected to be issued by December 2013. Topics discussed in this
update include an analysis of the definition of fair value and a discussion of
certain aspects of the GASB's fair value measurement
and application project.
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