===================================================
Accounting Research
Manager(TM)
Weekly Summary of
Developments
June 7-11, 2010
===================================================
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
SEC Reporting -- SEC Staff Publishes Updated
Interpretations
Credit Quality Disclosures -- FASB Discusses Credit Quality
Disclosures and Other Matters
Consolidation -- IASB and FASB Discuss Consolidation
and Other Matters
International Accounting -- IASB Publishes Agenda for June 15-17,
2010 Meeting
Auditing and Internal
Controls Headlines
Independence -- AICPA Issues Proposal for Reporting on
Compiled Prospective Financial Statements
Not-for-Profit Entities -- New Edition of Knowledge-Based Audits
Published
Supplementary Information -- SAS 120 Discussed
Government Headlines
GASB Activities -- GASB Approval of Technical Plan
Discussed
=============================
ACCOUNTING AND SEC HEADLINES:
=============================
SEC Reporting -- SEC Staff
Publishes Updated Interpretations
For detail, please contact info@zy-cpa.com
The staff in the Division of
Corporation Finance (Corp Fin) of the SEC has issued updates to several of its
Compliance and Disclosure Interpretations (C&DIs).
These C&DIs provide interpretations by Corp Fin,
in a question and answer format, of various SEC rules and regulations. The C&DIs updated by Corp Fin are as follows:
-Securities Act Sections;
-Securities Act Rules;
-Securities Act Forms;
-Regulation S-K;
-Regulation FD;
-Exchange Act Form 8-K;
and
-Exchange Act Rules.
Topics updated in these C&DIs include reporting voting results on a matter
submitted to security holders and the application of Regulation FD to private
discussions between company directors and shareholders.
See our Literature Update for
complete details.
Credit Quality Disclosures
-- FASB Discusses Credit Quality Disclosures and Other Matters
For detail, please contact info@zy-cpa.com
As reported in its
"Summary of Board Decisions" publication, the FASB met on June 9,
2010, and discussed the following topics:
-Disclosures about credit
quality and the allowance for loan losses;
-Insurance contracts; and
-Leases.
The FASB discussed a proposal
on disclosures about the credit quality of financing receivables and the
allowance for credit losses. The FASB reached a number of decisions on this
proposal, including the following:
-Affirmed that an entity
should provide disclosures about credit quality indicators for purchased credit
impaired loans;
-Affirmed that for each
portfolio segment, the end-of-period balance of the allowance for credit losses
and the related receivables should be disaggregated into: (a) loans
collectively evaluated for impairment; (b) loans individually evaluated
for impairment; and (c) purchased credit impaired loans;
-Disclosures about
modifications should be provided for modifications that involve a concession
related to credit quality; and
-A public entity would be
required to provide the following disclosures for interim or annual periods
beginning on or after December 15, 2011: (a) the rollforward
of the allowance for credit losses; and (b) disclosures about
modifications of financing receivables.
Consolidation -- IASB and
FASB Discuss Consolidation and Other Matters
For detail, please contact info@zy-cpa.com
As reported in its "IASB
Update" publication, the IASB and FASB met on June 1, 2010, and discussed
the following topics:
-Consolidation;
-Insurance contracts; and
-Leases.
International Accounting
-- IASB Publishes Agenda for June 15-17, 2010 Meeting
For detail, please contact info@zy-cpa.com
The IASB has issued an agenda
for its June 15-17, 2010 meeting. Topics expected to be discussed at this
meeting include the following:
-Leases;
-Liabilities (amendments to
IAS 37, Provisions, Contingent Liabilities and Contingent Assets);
-Insurance contracts;
-Balance sheet offsetting;
and
-An education session on the FASB's proposal on accounting for financial instruments.
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
=======================================
AUDITING AND INTERNAL
CONTROLS HEADLINES:
=======================================
For detail, please contact info@zy-cpa.com
The Accounting and Review
Services Committee of the AICPA has issued a proposed Statement on Standards
for Attestation Engagements (SSAE), Reporting on Compiled Prospective
Financial Statements When the Practitioner's Independence Is Impaired. The
proposal would amend current guidance to permit, but not require, an accountant
to disclose the reasons for an independence impairment
in a report on compiled prospective financial information. Current guidance
prohibits the practitioner from disclosing the reasons for an
independence impairment in his or her compilation report on compiled
prospective financial statements.
As proposed, the guidance in
this SSAE would be effective for compilations of prospective financial
statements for periods ending on or after December 15, 2010, with early
implementation permitted.
Comments on this proposal are
due September 10, 2010.
Not-for-Profit Entities --
New Edition of Knowledge-Based Audits Published
For detail, please contact info@zy-cpa.com
We have published the 2010
edition of Knowledge-Based Audits of Not-for-Profit Entities. This
publication is designed to help the auditor efficiently and effectively perform
financial statement audits of not-for-profit entities, in accordance with
auditing standards generally accepted in the U.S., and when applicable,
Generally Accepted Government Auditing Standards (also know as the "Yellow
Book "), issued by the U.S. Government Accountability Office. This edition
includes revisions and updates to reflect current accounting authoritative
literature and, among other things, auditing pronouncements through AICPA
Statement on Auditing Standards (SAS) No. 115, Communicating Internal
Control Related Matters Identified in an Audit.
See our Literature Update for
complete details.
Supplementary Information
-- SAS 120 Discussed
For detail, please contact info@zy-cpa.com
We have added a GAAS Update
Service that provides discussion and analysis of SAS No. 120, Required
Supplementary Information. SAS 120 supersedes AU Section 558 of the same
name. The most significant change that SAS 120 introduces to previous standards
is the requirement that auditors place an explanatory paragraph in their
independent auditors’ reports on the entity’s basic financial statements in all
cases in which required supplementary information is presented. Under previous
standards, an explanatory paragraph was required only when departures from
standards were present.
SAS 120 is effective for
audits of financial statements for periods beginning on or after December 15,
2010, with earlier application permitted.
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
======================
GOVERNMENT HEADLINES:
======================
GASB Activities -- GASB
Approval of Technical Plan Discussed
For detail, please contact info@zy-cpa.com
We have added a Governmental
GAAP Update Service that discusses the GASB's
approval of its updated technical plan. The GASB’s
technical plan includes a number of projects, including those on:
-Conceptual framework;
-Economic condition
reporting;
-Postemployment
benefit accounting;
-Service concession
arrangements; and
-Service efforts and
accomplishments reporting.
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