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Accounting Research Manager®
Weekly Summary of Developments
September 12-16, 2011
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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
If you do not have immediate
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of this week's Weekly Summary.
Accounting and SEC
Headlines
Goodwill -- FASB Publishes Guidance on
Testing Goodwill for Impairment
Small and Emerging
Companies -- SEC
Forms Advisory Committee on Small and Emerging Companies
IASB Standards -- IASB Publishes Effect Analysis
Documents
Auditing and Internal
Controls Headlines
Financial Institutions -- New Edition of Knowledge-Based
Audits of Financial Institutions Published
Government Headlines
GASB Report Issued -- Deferred Resources Proposal and
Other Matters Discussed
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ACCOUNTING AND SEC HEADLINES:
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Goodwill -- FASB Publishes
Guidance on Testing Goodwill for Impairment
For detail, please contact info@hkcmcpa.us
The FASB has issued Accounting
Standards Update (ASU) No. 2011-08, Intangibles-Goodwill and Other (Topic
350): Testing Goodwill for Impairment. ASU 2011-08 is intended to simplify
how entities, both public and nonpublic, test goodwill for impairment. ASU
2011-08 permits an entity to first assess qualitative factors to determine
whether it is "more likely than not" that the fair value of a
reporting unit is less than its carrying amount as a basis for determining
whether it is necessary to perform the two-step goodwill impairment test
described in Topic 350, Intangibles-Goodwill and Other. The
more-likely-than-not threshold is defined as having a likelihood of more than
50%.
ASU 2011-08 is effective for
annual and interim goodwill impairment tests performed for fiscal years
beginning after December 15, 2011. Early adoption is permitted, including for
annual and interim goodwill impairment tests performed as of a date before
September 15, 2011, if an entity’s financial statements for the most recent
annual or interim period have not yet been issued or, for nonpublic entities,
have not yet been made available for issuance.
Small and Emerging
Companies -- SEC Forms Advisory Committee on Small and Emerging Companies
For detail, please contact info@hkcmcpa.us
The SEC announced the
formation of the Advisory Committee on Small and Emerging Companies (the
Committee) to focus on interests and priorities of small businesses and smaller
public companies. According to the SEC, the Committee is intended to provide a
formal mechanism through which the SEC can receive advice and recommendations
specifically related to privately held small businesses and publicly traded
companies with less than $250 million in public market capitalization. The
Committee will advise and consult with the SEC on such issues as:
-Capital raising through
private placements and public securities offerings;
-Trading in the securities of
small and emerging and small publicly traded companies; and
-Public reporting requirements
of such companies.
IASB Standards -- IASB
Publishes Effect Analysis Documents
The IASB has published the following
“effect analysis” documents:
-IFRS 10 Consolidated
Financial Statements and IFRS 12 Disclosure of Interests in Other Entities For
detail, please contact info@hkcmcpa.us; and
-IFRS 11 Joint Arrangements
and disclosures for joint arrangements included in IFRS 12 Disclosure of
Interests in Other Entities
For detail, please contact info@hkcmcpa.us
The IASB believes that these
publications provide detailed insights into the potential impacts of the new
requirements using case studies and other quantitative and qualitative
material, as appropriate. IFRS 10, 11, and 12 were published by the IASB in May
2011 and are effective for annual periods beginning on or after January 1,
2013, with early 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@hkcmcpa.us
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AUDITING AND INTERNAL CONTROLS
HEADLINES:
=======================================
Financial Institutions --
New Edition of Knowledge-Based Audits of Financial Institutions Published
For detail, please contact info@hkcmcpa.us
We have published the 2012
edition of Knowledge-Based Audits of Financial Institutions. This guide
is designed to help the auditor efficiently and effectively perform financial
statement audits of many financial institutions in accordance with auditing
standards generally accepted in the
See our Literature Update for
complete details.
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
======================
GOVERNMENT HEADLINES:
======================
GASB Report Issued --
Deferred Resources Proposal and Other Matters Discussed
For detail, please contact info@hkcmcpa.us
The August 2011 edition of the
"GASB Report" has been issued and includes the following discussion
items:
-GASB calendar;
-GASB remembers charter board
member;
-GASB issues exposure draft
identifying specific deferred outflows and inflows of resources;
-Summary of recent GASB
meetings;
-GASB awards 2011 Gil Crain
Memorial Research Grant; and
-Technical inquiry
activities-service efforts and accomplishments report for first half of 2011.
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