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Accounting Research Manager(TM)
Weekly Summary of Developments
March 23-27, 2009
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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 Assets and Liabilities -- Updated Interpretations of Statement 140 Published
Securities Exchange Act -- SEC Publishes Updated Compliance and Disclosure Interpretations

Auditing and Internal Controls Headlines

Employee Benefit Plans -- New Edition of Knowledge-Based Audits of Employee Benefit Plans Published
Service Organizations -- AICPA Proposed Standard Regarding Reporting on Controls at a Service Organization Discussed

Government Headlines

Fund Balance Reporting -- GASB Publishes Plain-Language Article
Termination Benefits -- GASB Guidance on Accounting and Financial Reporting for Employee Termination Benefits Discussed

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ACCOUNTING AND SEC HEADLINES:
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Financial Assets and Liabilities -- Updated Interpretations of Statement 140 Published
For detail, please contact info@zy-cpa.com

We have updated our publication, Financial Assets and Liabilities - Sales, Transfers, and Extinguishments: Interpretations of FASB Statement 140. We have updated this publication to reflect the following accounting standards or guidance:

-FASB Staff Position (FSP) FAS 140-4 and FIN 46R-8, Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities;
-FSP EITF 99-20-1, Amendments to the Impairment Guidance of EITF Issue No. 99-20; and
-SEC staff views on “managed basis” measures.

See our Literature Update for complete details.

Securities Exchange Act -- SEC Publishes Updated Compliance and Disclosure Interpretations
For detail, please contact info@zy-cpa.com

The SEC has published updated Compliance and Disclosure Interpretations (C&DIs), Exchange Act Rules. These C&DIs include the Division of Corporation Finance's interpretations, in a question and answer (Q&A) format, of the rules promulgated under the registration and reporting provisions of Sections 12, 13 and 15 of the Securities Exchange Act of 1934 (Exchange Act). Updated Q&As in these C&DIs cover the following topics:

-Manipulative and deceptive devices and contrivances, including guidance on trading plans as defined in Rule 10b5-1(c);
-The definitions and conditions for "accelerated filer" and "large accelerated filer" status; and
-Automatic suspension of a company's obligation to file periodic reports based on the number of record holders.

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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Employee Benefit Plans -- New Edition of Knowledge-Based Audits of Employee Benefit Plans Published
For detail, please contact info@zy-cpa.com

We have published the 2009 edition of Knowledge-Based Audits of Employee Benefit Plans. This publication is designed to help the auditor efficiently and effectively perform financial statement audits of employee benefit plans in accordance with auditing standards generally accepted in the United States of America. This edition of the publication includes revisions and updates to reflect current accounting authoritative literature and, among other things, auditing pronouncements through AICPA Statement on Auditing Standards No. 114, The Auditor's Communication with Those Charged with Governance, and Statement on Quality Control Standards No. 7, A Firm's System of Quality Control.

See our Literature Update for complete details.

Service Organizations -- AICPA Proposed Standard Regarding Reporting on Controls at a Service Organization Discussed
For detail, please contact info@zy-cpa.com

We have added a GAAS Update Service that discusses the AICPA's Proposed Statement on Standards for Attestation Engagements (SSAE), Reporting on Controls at a Service Organization. This proposed SSAE would supersede the requirements and guidance for auditors reporting on controls at service organizations currently included in AU Section 324, Service Organizations, and provides guidance for auditors auditing the financial statements of entities that use a service organization (“user auditors”) and for auditors reporting on controls at a service organization (“service auditors”). This Update includes discussion on the following topics:

-Acceptance and continuance of engagements to report on controls at a service organization;
-Assessing the suitability of the criteria;
-Using the work of an internal audit function;
-Using the work of a service auditor's specialist;
-Requisite understanding and evidence to report on controls at a service organization;
-Obtaining written representations from management;
-Documentation; and
-The service auditor's report.

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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Fund Balance Reporting -- GASB Publishes Plain-Language Article
For detail, please contact info@zy-cpa.com

The GASB has published a Plain-Language Article, GASB Statement Brings Greater Clarity and Consistency to Fund Balance Reporting. This article discusses GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. GASB 54 is intended to improve the usefulness of information provided to financial report users about fund balance by providing clearer, more structured fund balance classifications, and by clarifying the definitions of existing governmental fund types. GASB 54 establishes a hierarchy of fund balance classifications based primarily on the extent to which a government is bound to observe spending constraints imposed upon how resources reported in governmental funds may be used. GASB 54 is effective for financial statements for periods beginning after June 15, 2010. Early implementation is encouraged.

This article includes discussion on the following questions or topics related to GASB 54:

-How will fund balance be reported?;
-How have the fund type definitions been clarified?;
-What other note disclosures will be required?;
-“Rainy-Day’’ funds;
-How did the GASB incorporate constituent feedback?; and
-When does the standard take effect?

Termination Benefits -- GASB Guidance on Accounting and Financial Reporting for Employee Termination Benefits Discussed
For detail, please contact info@zy-cpa.com

We have published a Governmental GAAP Update Service that, considering the current economic environment, revisits the guidance provided by the GASB on accounting and financial reporting for employee termination benefits in GASB Statement No. 47, Accounting for Termination Benefits. Specifically, this Update reviews the measurement, recognition, and disclosure requirements in GASB 47 for voluntary and involuntary termination benefits provided by state and local governments.

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