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Accounting
Research Manager®
Weekly
Summary of Developments
April 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 March 31, 2012
For detail, please contact info@hkcmcpa.us
We have
updated the General U.S. GAAP Financial Statement Disclosures Checklist
through March 31, 2012. There were no changes made by the FASB to the FASB
Accounting Standards CodificationTM (Codification) since the
issuance of our checklists dated December 31, 2011, which was updated through
Accounting Standards Update (ASU) No. 2011-12. However, superseded material has
been removed from the checklists.
We have also
updated the General U.S. GAAP Interim Financial Statement Disclosures
Checklist, as well as our industry specific checklists, through March 31,
2012, to reflect the disclosure requirements as of that date.
See our
Literature Update for complete details.
Checklists
-- AutoCheck
For detail, please contact info@hkcmcpa.us
The AutoCheck U.S. GAAP Disclosures Checklist and
the AutoCheck U.S. GAAP Interim Disclosures
Checklist have been updated for the disclosure and presentation
requirements in effect as of March 31, 2012. There were no changes made by the
FASB to the Codification since the issuance of our checklists dated December
31, 2011, which was updated through ASU No. 2011-12. However, superseded
material has been removed from the checklists. The AutoCheck
checklists are organized by accounting topic, consistent with the
Codification's broad structure, and provide authoritative references. Once
completed, they can be printed and placed in annual or quarterly work papers,
as applicable, to provide support for review and compliance procedures.
Existing
users of these AutoCheck checklists must
update the software supporting the checklist as explained at the bottom of our
Literature Update.
SEC
Disclosure Checklists -- SEC Disclosure Checklists Updated through March 31,
2012
For detail, please contact info@hkcmcpa.us
We have
updated the following SEC disclosure-related checklists through March 31, 2012:
-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’s
Division of Corporation Finance (Corp Fin) provided in published slides that
were presented at the “Forums on Auditing in the Small Business Environment”
hosted by the PCAOB throughout 2011. 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. The slides are
accompanied by detailed notes that provide additional context.
In addition,
we have updated these checklists to reflect certain updates published in Corp
Fin’s Financial Reporting Manual. We also updated the above checklists
for the SEC staff views contained in CF Disclosure Guidance: Topic No. 4,
“European Sovereign Debt Exposures.” This guidance provides the views of the
Corp Fin staff regarding disclosure of registrants’ exposures to risks related
to holdings of the sovereign debt of certain European countries.
See our
Literature Update for complete details.
IFRS for SMEs -- IASB Issues IFRS for SMEs
Update
For detail, please contact info@hkcmcpa.us
The IASB
staff has issued its periodic "IFRS for SMEs
Update" publication which is a summary of news relating to the International
Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). This update includes discussion of the following
topics:
-Q&As about the IFRS for SMEs-status
report;
-News about
adoptions of the IFRS for SMEs-Samoa and Ecuador;
-IFRS for SMEs translations-status report;
-New
English-language training module-Section 22, Liabilities and Equity;
-IFRS for SMEs "train the trainers" workshop for Central Asian
republics;
-Upcoming
"train the trainers" workshops; and
-Where to
obtain IFRS for SMEs materials.
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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Assets
and Liabilities -- GASB 65 Issued
For detail, please contact info@hkcmcpa.us
The GASB has
issued GASB Statement No. 65, Items Previously Reported as Assets and
Liabilities. GASB 65 clarifies the appropriate reporting of deferred
outflows of resources and deferred inflows of resources to ensure consistency
in financial reporting. GASB Concepts Statement (CON) No. 4, Elements of
Financial Statements, specifies that recognition of deferred outflows and
deferred inflows should be limited to those instances specifically identified
in authoritative GASB pronouncements. Consequently, guidance was needed to
determine which balances being reported as assets and liabilities should
actually be reported as deferred outflows of resources or deferred inflows of
resources, according to the definitions in CON 4. Based on those definitions,
GASB 65 reclassifies certain items currently being reported as assets and
liabilities as deferred outflows of resources and deferred inflows of
resources. In addition, GASB 65 recognizes certain items currently being
reported as assets and liabilities as outflows of resources and inflows of
resources.
GASB 65 is
effective for periods beginning after December 15, 2012, and should be applied
on a prospective basis. Early adoption is encouraged.
Technical
Corrections -- GASB 66 Issued
For detail, please contact info@hkcmcpa.us
The GASB has
issued GASB Statement No. 66, Technical Corrections - 2012. GASB 66
enhances the usefulness of financial reports by resolving conflicting
accounting and financial reporting guidance that could diminish the consistency
of financial reporting. Specifically, GASB 66 amends GASB Statement No. 10, Accounting
and Financial Reporting for Risk Financing and Related Insurance Issues, by
removing the provision that limits fund-based reporting of a state or local
government’s risk financing activities to the general fund and the internal
service fund types. As a result, governments would base their decisions about
governmental fund type usage for risk financing activities on the definitions
in GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type
Definitions.
GASB 66 also
amends GASB Statement No. 62, Codification of Accounting and Financial
Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA
Pronouncements, by modifying the specific guidance on accounting for:
-Operating
lease payments that vary from a straight-line basis;
-The
difference between the initial investment (purchase price) and the principal
amount of a purchased loan or group of loans; and
-Servicing
fees related to mortgage loans that are sold when the stated service fee rate
differs significantly from a current (normal) servicing fee rate.
These
changes would eliminate any uncertainty regarding the application of GASB
Statement No. 13, Accounting for Operating Leases with Scheduled Rent
Increases, and result in guidance that is consistent with the requirements
in GASB Statement No. 48, Sales and Pledges of Receivables and Future
Revenues and Intra-Entity Transfers of Assets and Future Revenues.
GASB 66 is
effective for periods beginning after December 15, 2012, and should be applied
on a prospective basis. Early adoption is encouraged.
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