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Accounting Research Manager(TM)
Weekly Summary of Developments
May 3-7, 2010
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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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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

Fair Value Measurements -- Minutes of Valuation Resource Group Meeting
Revenue Recognition -- FASB Discusses Revenue Recognition and Other Matters
Consolidation -- FASB and IASB Discuss Consolidation and Other Matters

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ACCOUNTING AND SEC HEADLINES:
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Fair Value Measurements -- Minutes of Valuation Resource Group Meeting
For detail, please contact info@zy-cpa.com

We have added minutes of the April 12, 2010 meeting of the Valuation Resource Group (VRG). The FASB established the VRG to provide the FASB with input on potential clarifying guidance regarding issues relating to the application of the principles of FASB Accounting Standards Codification^TM Topic 820, Fair Value Measurements and Disclosures, formerly referred to as FASB Statement No. 157, Fair Value Measurements. This input may also include alternative views and practical solutions to such issues.

At this meeting, the VRG discussed the following topics:

-FASB/IASB’s joint project on fair value measurement and disclosure;
-Fair value measurement of leased investment properties;
-Measurement of reacquired rights in a business combination; and
-Fair value measurement of accounts receivable, accounts payable and other accrued liabilities.

Refer to our minutes for complete details.

Revenue Recognition -- FASB Discusses Revenue Recognition and Other Matters
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As reported in its "Summary of Board Decisions" publication, the FASB met on May 5, 2010, and discussed the following topics:

-Revenue recognition; and
-Insurance contracts.

While no formal decisions were reached at this meeting regarding its project on revenue recognition, the FASB discussed the potential effects of the proposed revenue recognition model on the accounting for real estate transactions.

Regarding its project on insurance contracts, the FASB discussed contract boundaries. The FASB decided that the boundary of an insurance contract is the point at which the insurer either is no longer required to provide coverage or has the right to reassess the risk of the particular policyholder and, as a result, can set a price that fully reflects that risk.

Consolidation -- FASB and IASB Discuss Consolidation and Other Matters
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As reported in its "Summary of Board Decisions" publication, the FASB and IASB (the Boards) held a joint meeting on May 4, 2010, and discussed the following topics:

-Consolidation;
-Statement of comprehensive income; and
-Conceptual framework: measurement.

Regarding their project on consolidation, the Boards discussed the overall disclosure principles and specific disclosures for: (a) consolidated subsidiaries; (b) unconsolidated structured entities; and (c) investment companies. The Boards reached a number of decisions regarding these topics, including the following:

-Clarified that for disclosure purposes a reporting entity has an involvement with a structured entity when the reporting entity is exposed to variability of returns from its involvement with the structured entity;
-An investment company should disclose the following: (a) whether it has provided any financial or other support to any of its controlled investees that it was not previously contractually required to provide; and (b) the nature and extent of any significant restrictions on the ability of its controlled investees to transfer funds to the investment company; and
-An investment company should not be required to present summarized financial information for controlled investments.

The Boards also discussed their conceptual framework project. Specifically, the Boards discussed a staff paper that proposed working toward a neutral Discussion Paper (DP) as the first due process document for the measurement phase of the conceptual framework project. The Boards decided not to produce a neutral DP, but rather to continue to attempt to develop preliminary views using the questions and views in the staff paper as an aid.

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