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Accounting Research Manager(TM)
Weekly Summary of Developments
November 10-14, 2008
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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@zy-cpa.com

If you do not have immediate Internet access to the Accounting Research Manager database, below is the text of this week's Weekly Summary.

Accounting and SEC Headlines

Financial Statement Disclosures -- FASB Approves Enhanced Disclosure Requirements Applicable in 2008 for Public Entities
EITF Meeting Results -- EITF Decisions Reached
Revenue Recognition -- 2009 Edition of Revenue Recognition Guide Added
EITF Materials -- FASB Issues Additional Meeting Materials for November 13, 2008 EITF Meeting
Shareholder Proposals -- SEC Staff Issues Guidance on Shareholder Proposals
International Financial Reporting -- IASB Issues Agenda for November 18-21, 2008 Meeting
IFRIC Update -- Customer Contributions and Other Matters Discussed

Auditing and Internal Controls Headlines

Using the Work of a Specialist -- Additional Interpretive Guidance Discussed

Government Headlines

Single Audits -- New Required Electronic Submission Process for the Single Audit Data Collection Form Discussed

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ACCOUNTING AND SEC HEADLINES:
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Financial Statement Disclosures -- FASB Approves Enhanced Disclosure Requirements Applicable in 2008 for Public Entities
For detail, please contact info@zy-cpa.com

We have added a Hot Topic discussing the FASB's decision to finalize the disclosure requirements (with certain modifications) in proposed FASB staff position (FSP) FAS 140-e and FIN 46(R)-e, Disclosures about Transfers of Financial Assets and Interests in Variable Interest Entities. The FASB decided that it will require enhanced disclosure requirements regarding transfers of financial assets and additional disclosure regarding an entity that is involved with a variable interest entity. Such disclosures will be required of public entities effective for periods ending after December 15, 2008. As a result, calendar year-end public entities will be required to provide the additional disclosures in their December 31, 2008 financial statements. Public entities that do not have a calendar year-end will be required to provide the disclosures in their first interim reporting period ending after December 15, 2008, and each annual reporting period thereafter.

See our Hot Topic for complete details.

EITF Meeting Results -- EITF Decisions Reached
For detail, please contact info@zy-cpa.com

As described in our "EITF Flash Report," the EITF discussed the following issues at its November 13, 2008 meeting:

-EITF Issue No. 08-1, "Revenue Arrangements with Multiple Deliverables";
-EITF Issue No. 08-6, "Equity Method Investment Accounting Considerations";
-EITF Issue No. 08-7, "Accounting for Defensive Intangible Assets";
-EITF Issue No. 08-8, "Accounting for an Instrument (or an Embedded Feature) with a Settlement Amount That Is Based on the Stock of an Entity's Consolidated Subsidiary";
-EITF Issue No. 08-9, "Milestone Method of Revenue Recognition"; and
-EITF Issue No. 08-10, "Selected Statement 160 Implementation Questions."

The EITF reached a final consensus on Issues 08-6, 08-7 and 08-8. The FASB must ratify these EITF decisions before they become GAAP. In addition, the EITF also reached a consensus-for-exposure on Issues 08-1 and 08-10 which also requires FASB ratification before they are exposed for comment. The FASB ratification process is scheduled for November 24, 2008.

See our EITF Flash Report for complete details.

Revenue Recognition -- 2009 Edition of Revenue Recognition Guide Added
For detail, please contact info@zy-cpa.com

We have published the 2009 edition of the Revenue Recognition Guide, which is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue. This publication provides guidance on revenue recognition and includes: (a) reference to appropriate accounting literature; (b) explanations of appropriate accounting treatment for revenue items; and (c) illustrates the application of the accounting treatment through numerical examples or disclosure examples.

The 2009 edition of the Guide has been updated to reflect discussion on:

-EITF Issue No. 08-1, "Revenue Recognition for a Single Unit of Accounting";
-EITF Issue No. 08-2, “Lessor Revenue Recognition for Maintenance Services”; and
-EITF Issue No. 08-3, “Accounting by Lessees for Nonrefundable Maintenance Deposits.”

The 2009 edition of the Guide also includes a discussion of current revenue-related projects currently on the standard-setters’ agendas.

See our Literature Update for complete details.

EITF Materials -- FASB Issues Additional Meeting Materials for November 13, 2008 EITF Meeting
For detail, please contact info@zy-cpa.com

The FASB issued the following additional materials for the EITF meeting held on November 13, 2008:

-EITF Issue No. 08-1, "Revenue Arrangements with Multiple Deliverables" (addendum to Issue Summary No. 2, meeting handout, and comment letter).

See our EITF Flash Report discussed above for complete details on the November 13, 2008 EITF meeting.

Shareholder Proposals -- SEC Staff Issues Guidance on Shareholder Proposals
For detail, please contact info@zy-cpa.com

The staff of the SEC's Division of Corporation Finance issued, Staff Legal Bulletin No. 14D, Shareholder Proposals. This guidance provides information for companies and shareholders regarding Rule 14a-8 under the Securities Exchange Act of 1934. Specifically, this legal bulletin contains information regarding:

-Shareholder proposals that recommend, request, or require a board of directors to unilaterally amend the company’s articles or certificate of incorporation;
-A new e-mail address established for the receipt of Rule 14a-8 no-action requests and related correspondence;
-Whether a company must send a notice of defect if the company’s records indicate that the proponent has not owned the minimum amount of securities for the required period of time as set forth in Rule 14a-8(b); and
-The requirement that a proponent send copies of correspondence to the company and the manner in which the company and a proponent should provide additional correspondence to the SEC and to each other.

International Financial Reporting -- IASB Issues Agenda for November 18-21, 2008 Meeting
For detail, please contact info@zy-cpa.com

The IASB is scheduled to discuss the following agenda items at its November 18-21, 2008 meeting:

-Conceptual framework, both phases C and D;
-Consolidation;
-Derecognition;
-Fair value measurement;
-Financial instruments;
-Financial instruments with characteristics of equity;
-International Financial Reporting Interpretations Committee (IFRIC);
-IAS 24, Related Party Disclosures;
-IFRS for private entities;
-Leases; and
-Standards Advisory Committee update.

IFRIC Update -- Customer Contributions and Other Matters Discussed
For detail, please contact info@zy-cpa.com

As reported in the IASB's "IFRIC Update" publication, the IFRIC met on November 6, 2008, and discussed the following matters:

-IFRIC D24, Customer Contributions;
-Costs of compliance with the requirements of the European regulation concerning the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH);
-Customer-related intangible assets;
-Discussion of voluntary prepaid contributions under a minimum funding requirement per IFRIC 14, IAS 19, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction;
-Agenda decisions;
-Tentative agenda decisions; and
-Work in progress.

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@zy-cpa.com

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AUDITING AND INTERNAL CONTROLS HEADLINES:
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Using the Work of a Specialist -- Additional Interpretive Guidance Discussed
For detail, please contact info@zy-cpa.com

We have added a GAAS Update Service that focuses on practical issues relating to Statement on Auditing Standards (SAS) No. 73, Using the Work of a Specialist, by providing a question & answer (Q&A) format designed for practical discussion, advice, and specific implementation guidance. The Q&As address various issues including:

-Whether the auditor is prohibited from using a specialist who has a relationship with the client;
-Circumstances in which the specialist’s relationship to the client might impair the specialist’s objectivity;
-Whether the auditor can use the work of an attorney as a specialist in situations relating to matters other than litigation, claims, or assessments;
-Whether it is necessary or permissible for the auditor to refer to the specialist’s work in the auditor’s report;
-How the auditor or client can effectively use the work of an environmental specialist for estimating environmental remediation liabilities; and
-The type of procedures the auditor can perform to test the reliability of the source data used by the specialist when such data is significant to the accuracy of the specialist’s findings and the financial statements.

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@zy-cpa.com

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GOVERNMENT HEADLINES:
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Single Audits -- New Required Electronic Submission Process for the Single Audit Data Collection Form Discussed
For detail, please contact info@zy-cpa.com

We have added a Governmental GAAP Update Service that discusses the new 2008 through 2010 "Single Audit Data Collection Form" (DCF also referred to as Form SF-SAC) and reporting package submission process. DCF reporting allows federal agency inspectors and the public to monitor the use of funds under Federal programs. States, local governments, and nonprofit organizations that annually expend $500,000 or more in federal awards must obtain a single audit and complete the DCF for every fiscal year that they meet the audit threshold.

This Update covers the following topics:

-Changes to the DCF;
-Internet Data Entry System (IDES) table of contents;
-New online submission process; and
-2008 Single Audit submission questions and answers.

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@zy-cpa.com