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Accounting
Research Manager®
Weekly
Summary of Developments
February
6-10, 2012
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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
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ACCOUNTING
AND SEC HEADLINES:
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Financial
Assets and Liabilities -- Interpretation Updated
For detail, please contact info@hkcmcpa.us
We have
revised our publication, Financial Assets and Liabilities - Sales,
Transfers, and Extinguishments: Interpretations of U.S. GAAP, to reflect
amendments of the FASB Accounting Standards CodificationTM through FASB Accounting
Standards Update No. 2011-12, Comprehensive Income (Topic 220): Deferral of
the Effective Date for Amendments to the Presentation of Reclassifications of
Items Out of Accumulated Other Comprehensive Income in Accounting Standards
Update No. 2011-05, and FASB Editorial and Maintenance Update 2012-03.
Among the new interpretations included in this edition of the publication are:
-Interpretation
860-10-15-4.G, “Nonmonetary Exchange of Cost Method
Investments,” which explains that Topic 860, Transfers and Servicing,
does not apply to a nonmonetary exchange of cost
method investments in equity securities accounted for in accordance with
Section 325-20-30.
-Interpretation
860-10-15-4.H, “Transfer of a Previously Derecognized Financial Asset,” which
states that a transfer of a previously derecognized financial asset should be
accounted for as a secured borrowing (i.e., a borrowing secured by the
derecognized financial asset) in accordance with paragraph 860-10-55-73.
-Interpretation
860-10-15-4.I, “Transfer of an Amount Receivable as a Contribution to Equity,”
which notes that a transfer of an amount receivable as a contribution to equity
that is presented in the equity section is not within the scope of Topic 860.
See our
Literature Update for complete details.
SEC Staff
Views -- SEC Staff Speeches and Presentations Indexes Updated
For detail, please contact info@hkcmcpa.us
We have
updated the following indexes organizing speeches and presentations made by the
SEC staff:
-“SEC Staff
Speeches and Presentations Topical Index (January 1, 2005 to February 1,
2012)”; and
-“Index of
SEC Staff Presentations.”
We have
incorporated into these indexes views recently expressed by the SEC staff
during 2011, primarily those made at the 2011 AICPA National Conference on
Current SEC and PCAOB Developments held on December 5-7, 2011, in
See our Literature Update for complete details.
Financial
Instruments -- FASB and IASB Discuss Financial Instruments and Other Matters
For detail, please contact info@hkcmcpa.us
As reported
in its "IASB Update" publication, the FASB and IASB met on January
25, 2012, and discussed the following topics regarding financial instruments: (a)
classification and measurement; and (b) impairment. The IASB held
separate sessions on January 26-27, 2012, to discuss the following topics:
-Agenda
consultation-comment letter summary;
-Effective
dates of IFRS 10, 11 and 12;
-IFRS 1, First-Time
Adoption of International Financial Reporting Standards, comment letter
analysis;
-Insurance
contracts-education session;
-Macro hedge
accounting;
-Matters to
report to the IASB from the IFRS Interpretations Committee; and
-Work plan.
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:
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AUDITING AND
INTERNAL CONTROLS HEADLINES:
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Contractual
Agreements and Regulatory Requirements -- AICPA Standard Discussed
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We have
added a GAAS Update Service that provides discussion and analysis of a
clarified AICPA Statement on Auditing Standards (SAS), Reporting on
Compliance with Aspects of Contractual Agreements or Regulatory Requirements in
Connection with Audited Financial Statements, which was finalized as part
of the AICPA's Clarity Project and subsequently
designated as AU-C Section 806 by SAS 122, Statements on Auditing Standards:
Clarification and Recodification. AU-C Section
806 will supersede paragraphs 19-21 of SAS 62 (AU Section 623), Special
Reports.
AU-C Section
806 will be effective for reports on compliance issued in connection with
audits of financial statements for periods ending on or after December 15,
2012.
The AICPA’s Clarity Project is intended to make existing U.S.
generally accepted auditing standards (GAAS) easier to understand, apply, and
move toward converging U.S. GAAS with International Standards on Auditing
issued by the International Auditing and Assurance Standards Board. For further
information on the AICPA's Clarity Project, see our
previously published discussion and analysis in our publication "A Closer
Look."
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:
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=======================================
GOVERNMENT
HEADLINES:
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GASB
Activities -- GASB Approval of Technical Plan Discussed
For detail, please contact info@hkcmcpa.us
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:
-Governmental
combinations;
-Technical
corrections;
-Reporting
items previously recognized as assets and liabilities;
-Postemployment benefit accounting;
-Updates to
the "User Guide" series; and
-Annual
update to the "Comprehensive Implementation Guide."
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