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January 2010
Accounting Roundup.Edited by John Sarno and Tiffany Prudhomme, Deloitte & Touche LLP
Contents
Business Combinations• FASBIssuesASUonNot-for-ProfitMergersandAcquisitions
Consolidation• FASBVotestoFinalizeDeferralofStatement167forCertain
InvestmentFunds• FASBClarifiesScopeofDecrease-in-OwnershipProvisionsin
ASC810-10• FASBIssuesASUonVariableInterestEntities
Contingencies• IASBReexposesProposalsfortheMeasurementofLiabilitiesin
IAS37
Earnings per Share • FASBIssuesGuidanceonAccountingforDistributionsto
ShareholdersWithComponentsofStockandCash
Fair Value Measurements and Disclosures • FASBIssuesASUonImprovingDisclosuresAboutFairValue
Measurements• AICPAPublishesDraftIssuesPaperonFairValueMeasurements
andDisclosuresAboutCertainIssuesPertainingtoNot-for-ProfitEntities
Financial Instruments• FASBDeliberatesApproachtoAccountingforCreditImpairment
andInterestIncome
Income Taxes• FrenchBusinessTaxLawChange
Stock Compensation• FASBIssuesASUonEscrowedShareArrangementsandthe
PresumptionofCompensation
Transfers and Servicing• FASBIssuesASUonAccountingforTransfersofFinancialAssets
Industry Accounting• FASBUpdatesOilandGasReserveEstimationandDisclosure
Requirements
Other Accounting• FinancialReportingConsiderationsRelatedtoVenezuela’s
CurrencyExchangeControlsandHighlyInflationaryStatus• FASBProposesAmendmentstoSubsequent-EventsDisclosure
Requirements• FASBPublishesRevisedNoticetoConstituentsAboutthe
Codification• FASBIssuesTechnicalCorrectionstoSECContent• AICPAIssuesTechnicalPracticeAids
SEC Matters• SECApprovesInterpretiveGuidanceon"Climate-Change"
Disclosures
Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EST)unlessotherwisenoted):• Wednesday,February3:TakingStock:WhatDoesSocietyThinkof
Boards.
• Monday,February8:Offense,Defense,CommonSense:PreparingforaNewAgeofWhiteCollarInvestigationsandLitigation.
• Wednesday,February17,3:00p.m.(EST):DecipheringYourGrowthCode:WhatCFOsShouldKnow.
• Monday,February22:TaxAccountingforDistressedCompanies:AreYouintheZone?
• Thursday,February25:ReducingFinancialStatementFraudRisks:TenThingsYouNeedtoKnow.
Don’tmissout—registerforthesewebcaststoday.
• SECApprovesPCAOBAuditingStandard7• SECIssuesComplianceandDisclosureInterpretationson
Non-GAAPMeasures• SECIssuesFinalSay-on-PayRulesforTARPCompanies• SECIssuesComplianceandDisclosureInterpretationsonProxy
DisclosureEnhancements
Other Auditing• PCAOBIssuesStaffGuidance• ASBProposesVariousStatementsonAuditingStandards• AICPAIssuesGuidanceonCompilationandReviewEngagements• AICPA’sGAQCIssuesStatementonComplianceAudits
GASB Matters• GASBIssuesFinalStatementonOPEBMeasurements• GASBIssuesFinalStatementonChapter9Bankruptcies
Other International• FCAGIssuesLettertoG-20onIASBandFASBProgress• IASBIssuesLimitedExemptionAmendmenttoIFRS1
Appendix A: Significant Adoption Dates and Deadlines
Appendix B: Recent Meetings
Appendix C: Glossary of Standards
Appendix D: Abbreviations
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Business Combinations
FASB Issues ASU on Not-for-Profit Mergers and Acquisitions
Affects:Not-for-profitentities.
Summary:OnJanuary28,2010,theFASBissuedASU2010-07,whichcodifiesStatement164.Statement164providesguidanceon"howanot-for-profitentity:
• Determineswhetheracombinationisamergeroranacquisition
• Appliesthecarryovermethodinaccountingforamerger
• Appliestheacquisitionmethodinaccountingforanacquisition,includingdeterminingwhichofthecombiningentitiesistheacquirer;and
• Determineswhatinformationtodisclosetoenableusersoffinancialstatementstoevaluatethenatureandfinancialeffectsofamergeroranacquisition."
Next Steps:ASU2010-07iseffectiveprospectivelyformergersthatoccuratorafterthebeginningofaninitialreportingperiodthatbeginsonorafterDecember15,2009,andacquisitionsthatoccuratorafterthebeginningofthefirstannualreportingperiodthatbeginsonorafterDecember15,2009.Earlyapplicationisprohibited.
Other Resources:Deloitte’sJune2,2009,HeadsUp.• Consolidation
FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds
Affects: Moneymarketmutualfundsandinterestsinmutualfunds,hedgefunds,privateequityfunds,andventurecapitalfunds.
Summary: OnJanuary27,2010,theFASBvotedtofinalizeitsASUAmendmentstoStatement167forCertainInvestmentFunds.TheASUwilldefertheapplicationofStatement167forareportingenterprise’sinterestincertainentitiesandforcertainmoneymarketmutualfundsifallofthefollowingconditionsaremet:
• Theentityeitherhasalloftheattributesspecifiedinparagraphs15-2(a)–(d)ofASC946-10orisanentityforwhichitisindustrypracticetoapplyguidancethatisconsistentwiththemeasurementprinciplesinASC946forfinancialreportingpurposes.
Deloitte Publications
Publication Title Affects
January 27, 2010, Heads Up FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds
Money market mutual funds and interests in mutual funds, hedge funds, private equity funds, and venture capital funds.
January 22, 2010, Heads Up FASB Finalizes ASU on Improving Disclosures About Fair Value Measurements
All entities.
January 20, 2010, Heads Up SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures
SEC registrants.
January 20, 2010, Heads Up FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income
All entities.
January 19, 2010, Financial Reporting Alert 10-1 Venezuela’s Currency Exchange Controls and Highly Inflationary Status
Entities with operations in Venezuela.
January 8, 2010, Heads Up FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10
All entities.
January 7, 2010, Heads Up FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements
Entities in the oil and gas industry.
January 5, 2010, Heads Up FASB Proposes Amendments to Subsequent-Events Disclosure Requirements
All entities.
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• Thereportingenterprisedoesnothaveanobligationtofundlossesoftheentitythatcouldpotentiallybesignificanttotheentity.Inevaluatingthiscondition,anentityshouldconsiderimplicitorexplicitguaranteesprovidedbythereportingenterpriseanditsrelatedparties,ifany.
• Theentityisnotasecuritizationentity,anasset-backedfinancingentity,oranentitythatwasformerlyconsideredaqualifyingspecial-purposeentity.
TheASUaddressesconcernsthatthejointconsolidationmodelunderdevelopmentbytheFASBandtheIASBmayresultinadifferentconsolidationconclusionforassetmanagersandthatanassetmanagerconsolidatingcertainfundswouldnotprovideusefulinformationtoinvestors.TheASUwillalsoamendcertainprovisionsofparagraphB22ofInterpretation46(R),asamendedbyStatement167,tochangehowadecisionmakerorserviceproviderdetermineswhetheritsfeeisavariableinterest.
Next Steps:TheFASBindicatedthatitwillattempttoissuethefinalASUinmid-February.TheASUwillbeeffectiveasofthebeginningofthefirstannualperiodthatbeginsafterNovember15,2009,andforinterimperiodswithinthefirstannualperiod.TheeffectivedatecoincideswiththeeffectivedateofStatement167.Earlyapplicationisnotpermitted.
Other Resources:Deloitte’sJanuary27,2010,HeadsUp.•
FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10
Affects: Allentities.
Summary: OnJanuary6,2010,theFASBissuedASU2010-02inresponsetopracticeissuesentitieshadencounteredinapplyingthedecrease-in-ownershipprovisionsinStatement160(codifiedinASC810-10).TheASUclarifiesthatthedecrease-in-ownershipprovisionsofASC810-10andrelatedguidanceapplyto:
• A"subsidiaryorgroupofassetsthatisabusinessornonprofitactivity."
• Asubsidiaryorgroupofassets"thatisabusinessornonprofitactivitythatistransferredtoanequitymethodinvesteeorjointventure."
• An"exchangeofagroupofassetsthatconstitutesabusinessornonprofitactivityforanoncontrollinginterestinanentity(includinganequitymethodinvesteeorjointventure)."
Inaddition,theASUclarifiesthatthedecrease-in-ownershipguidancedoesnotapplytothesalesofin-substancerealestateorconveyancesofoilandgasmineralrights,evenifthesetransactionsinvolvebusinesses.Finally,theASUexpandsthedisclosuresrequiredupondeconsolidationofasubsidiary.
Next Steps:TheASU’samendmentsareeffectiveinthebeginningoftheperiodinwhichanentityadoptsStatement160.IfanentityhasalreadyadoptedStatement160,theamendmentsareeffectivebeginninginthefirstinterimorannualreportingperiodendingonorafterDecember15,2009;anentityshouldalsoapplytheamendmentsretrospectivelytothefirstperiodinwhichtheentityadoptedStatement160.
Other Resources:Deloitte’sJanuary8,2010,HeadsUp.•
FASB Issues ASU on Variable Interest Entities
Affects: Allentities.
Summary: OnDecember23,2009,theFASBissuedASU2009-17,whichcodifiesStatement167andrevisestheformerguidanceunderInterpretation46(R).TheamendmentsinASU2009-17replacethequantitative-basedrisks-and-rewardscalculationfordeterminingwhichreportingentity,ifany,hasacontrollingfinancialinterestinavariableinterestentitywithanapproachfocusedonidentifyingwhichreportingentityhas(1)thepowertodirecttheactivitiesofavariableinterestentitythatmostsignificantlyaffecttheentity’seconomicperformanceand(2)theobligationtoabsorblossesof,ortherighttoreceivebenefitsfrom,theentity.TheASUalsorequiresadditionaldisclosuresaboutareportingentity’sinvolvementwithvariableinterestentitiesandaboutanysignificantchangesinriskexposureasaresultofthatinvolvement.
Next Steps:ASU2009-17iseffectiveatthestartofareportingentity’sfirstfiscalyearbeginningafterNovember15,2009.Earlyapplicationisnotpermitted.
Other Resources: Deloitte’sJune16,2009,HeadsUpandOctober20,2009,HeadsUp.•
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Contingencies
IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37
Affects: EntitiesreportingunderIFRSs.
Summary: OnJanuary5,2010,inlightoffeedbackithadreceivedonits2005exposuredraftonIAS37,theIASBpublishedforpubliccommentproposedamendmentstotheliabilitymeasurementsectionofthestandard.Theproposedamendmentsclarifythemeasurementobjective,emphasizethatliabilitiesshouldnotbemeasuredathypotheticaltransferorcancellationprices,addguidanceonapplyingexpectedvaluetechniques,andspecifyhowtoidentifyandmeasurerelevantfutureoutflows.
Next Steps:TheIASBaimstocompletethereplacementofIAS37,includingfinalguidanceresultingfromthereexposedsection,in2010.CommentsontheexposuredraftareduebyApril12,2010.
Other Resources: Formoreinformation,seethepressreleaseontheIASB’sWebsiteaswellasDeloitte’sJanuary2010IASPlusUpdate.•
Earnings per Share
FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash
Affects: Entitiesthatprovidedistributionstoshareholdersintheformofstockandcash.
Summary: OnJanuary5,2010,theFASBissuedASU2010-01,whichcodifiestheconsensusreachedinEITFIssue09-E.TheASUprovidesguidanceonaccountingfordistributionstoshareholderswithcomponentsofstockandcash,clarifyingthatincalculatingEPS,anentityshouldaccountfortheshareportionofthedistributionasastockissuanceandnotasastockdividend,inaccordancewithASC505andASC260.Inotherwords,theentitywillincludethesharesissuedorissuableaspartofadistributionthatisreflectedinbasicEPSprospectively.
Next Steps:TheASUiseffectiveforinterimandannualperiodsendingonorafterDecember15,2009,andshouldbeappliedretrospectivelytoallpriorperiods.
Other Resources:Deloitte’sNovember2009EITFSnapshot.• Fair Value Measurements and Disclosures
FASB Issues ASU on Improving Disclosures About Fair Value Measurements
Affects:Allentities.
Summary:OnJanuary21,2010,theFASBissuedASU2010-06,whichamendsASC820toaddnewrequirementsfordisclosuresabouttransfersintoandoutofLevels1and2andseparatedisclosuresaboutpurchases,sales,issuances,andsettlementsrelatingtoLevel3measurements.TheASUalsoclarifiesexistingfairvaluedisclosuresaboutthelevelofdisaggregationandaboutinputsandvaluationtechniquesusedtomeasurefairvalue.Further,theASUamendsguidanceonemployers’disclosuresaboutpostretirementbenefitplanassetsunderASC715torequirethatdisclosuresbeprovidedbyclassesofassetsinsteadofbymajorcategoriesofassets.
However,unliketheproposedASU,thefinalASUdoesnotrequireentitiestoprovidesensitivitydisclosures.TheFASBwillconsiderwhethertorequiresensitivitydisclosuresjointlywiththeIASBaspartofanewconvergenceprojectonfairvaluemeasurementanddisclosures.
Next Steps: TheASUiseffectiveforthefirstreportingperiod(includinginterimperiods)beginningafterDecember15,2009,exceptfortherequirementtoprovidetheLevel3activityofpurchases,sales,issuances,andsettlementsonagrossbasis,whichwillbeeffectiveforfiscalyearsbeginningafterDecember15,2010,andforinterimperiodswithinthosefiscalyears.Earlyadoptionispermitted.
Other Resources: Deloitte’sJanuary22,2010,HeadsUp.•
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AICPA Publishes Draft Issues Paper on Fair Value Measurements and Disclosures About Certain Issues Pertaining to Not-for-Profit Entities
Affects:Not-for-profitentities.
Summary:TheAcSECoftheAICPAhaspublishedadraftissuespaperthatdiscusses"fairvaluemeasurementforcertainissuespertainingtonot-for-profitentities."Specifically,thedraftissuespaperdiscussesASC820’sprovisionsonthefollowingtopics:
• Unconditionalpromisestogivecash.
• Beneficialinterestsinperpetualtrusts.
• Splitinterestagreements.
Next Steps:CommentsonthedraftissuespaperareduebyMarch17,2010.• Financial Instruments
FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income
Affects:Allentities.
Summary: AtitsJanuary13,2010,Boardmeeting,theFASBreachedatentativedecisiononhowentitiesshouldrecognizeandmeasurecreditimpairmentsandinterestincomeundertheBoard'sproposednewmodelforaccountingforfinancialinstruments.Theproposednewmodelwouldaffecttheaccountingforcreditlossesforassetsclassifiedinthefairvaluethroughothercomprehensiveincomecategory,includingloansanddebtsecurities.TheFASB'sdeliberationsarepartofitsjointeffortswiththeIASBtosimplifyandimprovetheaccountingforfinancialinstruments.
Next Steps:TheFASBplanstoexposeitsproposednewmodelforcommentsbytheendofthefirstquarter.TheFASBandIASBhaveagreedtojointlyconsiderthecommentlettersontheirrespectiveproposals.Theobjectiveofthetwostandardsettersistoconvergetheirapproachestoimpairmentbeforeissuingfinalguidanceonaccountingforfinancialinstrumentslaterthisyear.
Other Resources: Deloitte’sJanuary20,2010,HeadsUp.• Income Taxes
French Business Tax Law Change
Affects:EntitieswithFrenchsubsidiariesoroperationsinFrance.
Summary:OnDecember31,2009,theFrenchgovernmentpublishedchangestoitsbusinesstaxlaw,knownastaxeprofessionnelle.Thebusinesstaxisbeingreplacedwithtwonewtaxes:
• Contributionfoncièredesentreprises(CFE).
• Cotisationsurlavaleurajoutéedesentreprises(CVAE).
Thebusinesstaxhadhistoricallybeentreatedasanonincometax;however,giventhechangeintaxlaw,theCVAEisnowgenerallyconsideredanincometaxandthereforeshouldbeaccountedforinaccordancewithASC740.Furthermore,onlycertainelementsofincomeandexpenseareincludedinthecalculationoftheCVAE;thus,notallbasisdifferenceswillnecessarilygiverisetoadeferredtaxassetorliability.TheCFEcontinuestobeaccountedforasanonincometax.UnderU.S.GAAP,thechangesareconsideredenactedonDecember31,2009.Therefore,anyimpactofthesechangesshouldberecordedintheperiodthatincludesthisdate.•
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Stock Compensation
FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation
Affects:Allentities.
Summary:InJanuary2010,theFASBissuedASU2010-05,whichupdatesASC718toreflecttheSECstaff'sviews,documentedinEITFTopicD-110,onovercomingthepresumptionthatescrowedsharearrangementsrepresentcompensationforcertainshareholders.•
Transfers and Servicing
FASB Issues ASU on Accounting for Transfers of Financial Assets
Affects:Allentities.
Summary:OnDecember23,2009,theFASBissuedASU2009-16,whichcodifiesStatement166andrevisestheformerguidanceunderStatement140.Amongotherthings,ASU2009-16:
• Eliminatestheconceptofa"qualifyingspecial-purposeentity."
• Changestherequirementsforderecognizingfinancialassets.
• Enhancesinformationreportedtofinancialstatementusersbyincreasingthetransparencyofdisclosuresabouttransfersoffinancialassetsandanentity’scontinuinginvolvementwithtransferredfinancialassets.
Next Steps: ASU2009-16iseffectiveatthestartofareportingentity'sfirstfiscalyearbeginningafterNovember15,2009.Earlyapplicationisnotpermitted.
Other Resources: Deloitte’sJune16,2009,HeadsUp.• Industry Accounting
FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements
Affects: Entitiesintheoilandgasindustry.
Summary:OnJanuary6,2010,theFASBissuedASU2010-03,whichalignsthecurrentreserveestimationanddisclosurerequirementsofASC932withtherequirementsinSECFinalRule33-8995,whichwasissuedinDecember2008.KeyrevisionstoASC932include:
• Expandingthedisclosuresrequiredforequitymethodinvestments.
• Revisingthedefinitionofoil-andgas-producingactivitiestoincludenontraditionalresourcesinreserves.
• Amendingthedefinitionofprovedoilandgasreservestochangethepricingusedinestimatingreserves.
• Providingguidanceon"geographicarea"withrespecttodisclosureofinformationaboutsignificantreserves.
Next Steps:ASU2010-03iseffectiveforentitieswithannualreportingperiodsendingonorafterDecember31,2009,exceptforentitiesthatbecamesubjecttothedisclosurerequirementsofASC932solelyasaresultoftheASU'samendmenttothedefinitionofsignificantoil-andgas-producingactivities.ThoseentitiesmayadopttheASUforannualperiodsbeginningonorafterDecember31,2009.Earlyadoptionisnotpermitted.
Other Resources:Deloitte’sJanuary7,2010,HeadsUp.•
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Other Accounting
Financial Reporting Considerations Related to Venezuela's Currency Exchange Controls and Highly Inflationary Status
Affects:EntitieswithoperationsinVenezuela.
Summary: OnJanuary7,2010,Venezuela’sNationalConsumerPriceIndexforDecember2009wasreleased.Thecumulativethree-yearinflationratesforbothofVenezuela'sinflationindicesareover100percent.Therefore,inaccordancewithASC830-10-45-122,entitieswithayear-endorquarter-endasofDecember31,2009,thathavenotpreviouslyconsideredVenezuela’seconomytobehighlyinflationaryshouldconsiderVenezuela’seconomytobehighlyinflationaryasofJanuary1,2010,andthefinancialstatementsofVenezuelanentitieswillneedtoberemeasuredasifthefunctionalcurrencywerethereportingcurrencyasofJanuary1,2010.IssuesthathavearisenasaresultofVenezuela’sbecomingahighlyinflationaryeconomy,aswellastherecentdevaluationofVenezuela’slocalcurrency,couldaffectanentity’sconsolidatedfinancialstatementsasofDecember31,2009.
Other Resources:Deloitte’sJanuary19,2010,FinancialReportingAlert.• FASB Proposes Amendments to Subsequent-Events Disclosure Requirements
Affects:Allentities.
Summary:OnDecember29,2009,theFASBexposed,fora30-daycommentperiod,aproposedASUthataddressescertainimplementationissuesrelatedtoanentity’srequirementtoperformanddisclosesubsequent-eventsprocedures.Theproposalwould(1)exemptentitiesthatfiletheirfinancialstatementswith,orfurnishthemto,theSEC("SECfilers/furnishers")fromdisclosingthedatethroughwhichsubsequent-eventsprocedureshavebeenperformedand(2)clarifythecircumstancesinwhichanentity’sfinancialstatementswouldbeconsideredrestatedandinwhichtheentitywouldthereforeberequiredtoupdateitssubsequent-eventsevaluationsincetheoriginallyissuedoravailabletobeissuedfinancialstatements.Inaddition,theproposedASUwouldclarifythatnon-SECfilers/furnishersmustdisclosethedatethroughwhichtheseupdatedprocedureshavebeenperformed.
Next Steps:ThefinalASUwouldbeeffectiveimmediatelyuponissuance.TheFASBstaffhasindicatedthatitwillattempttofinalizetheguidanceforthiscalendar-year-endreportingseason(i.e.,intimeforentitiestotakethenewguidanceintoaccountwhenpreparingtheirfinancialstatementsfortheyearendedDecember31,2009).However,becausetheBoardneedstodeliberateanycommentsreceived,theFASBmayfinditchallengingtoissueafinalASUbeforecalendar-year-endSECfilers/furnishersmustfiletheirfinancialstatementswiththeSEC.CommentsontheproposedASUwereduebyJanuary28,2010.
Other Resources:Deloitte’sJanuary5,2010,HeadsUp.•FASB Publishes Revised Notice to Constituents About the Codification
Affects:Nongovernmentalentities.
Summary:TheFASBhaspublishedVersion4.0ofitsNoticetoConstituentsAbouttheCodification.Thepublication'sobjectiveistohelpconstituentsunderstandtheCodification’sstructure,content,style,andhistory.Inthisupdatedversion,theFASBhasaddedinformationtoclarifytheconceptof"pendingcontent"aswellasmaintenanceupdates.
Other Resources:FormoreinformationabouttheCodification,seetheFASB'sWebsite.•
FASB Issues Technical Corrections to SEC Content
Affects:Allentities.
Summary:OnJanuary18,2010,theFASBissuedASU2010-04.TheASUcontainsrevisionstovarious"S"sectionsintheCodification,whichreflectcertainrules,regulations,andinterpretivereleasesoftheSEC,andreplacespre-CodificationGAAPreferenceswiththeappropriateCodificationcitations.•
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AICPA Issues Technical Practice Aids
Affects:Variousentities.
Summary:Recently,theAICPAissuedthefollowingTPAs(nonauthoritativeAICPAstafftechnicalquestionsandanswers):
• "CertainFinancialReporting,Disclosure,Regulatory,andTaxConsiderationsWhenPreparingFinancialStatementsofInvestmentCompaniesInvolvedinaBusinessCombination"(TISSection6910).
• "EstimatingFairValueofInvestmentsinCertainEntitiesThatCalculateNAV"(TISSection2220).
• "TheAccountant'sResponsibilitiesforSubsequentEventsinCompilationandReviewEngagements"(TISSection9150).•
SEC Matters
SEC Approves Interpretive Guidance on "Climate-Change" Disclosures
Affects:SECregistrants.
Summary:AtitsJanuary27,2010,openmeeting,theSECvoted3to2toapproveaninterpretivereleaseonproviding"climate-change"disclosures.Theinterpretiveguidancewillnotcreatenewdisclosurerequirements;rather,itwillclarify"certainexistingdisclosurerulesthatmayrequireacompanytodisclosetheimpactthatbusinessorlegaldevelopmentsrelatedtoclimatechangemayhaveonitsbusiness."
Thereleaseaddressesfourclimate-change-relatedtopicsthatregistrantsshouldconsiderwhenassessingwhatinformationtoprovideunderexistingSECdisclosurerequirements:
• Theimpactofexistingandpotentiallitigationorregulation.
• Theeffectonthebusinessofinternationalaccordsandtreatiesrelatedtoclimatechangeandgoverninggreenhousegasemissions.
• Theactualandpotentialindirectconsequencesofclimate-change-relatedregulationsorbusinesstrends(thereleaseincludesexamplesofindirectconsequences).
• Theactualandpotentialimpactsofthephysicaleffectsofclimatechangeonthebusiness.
Next Steps:TheSEChasindicatedthattheinterpretivereleasewillbepostedonitsWebsiteassoonaspossible.
Other Resources:Formoreinformation,seethepressreleaseontheSEC'sWebsite.•
SEC Approves PCAOB Auditing Standard 7
Affects:Registeredpublicaccountingfirms.
Summary:OnJanuary15,2010,theSECissuedanorderapprovingPCAOBAuditingStandard7.ThisnewengagementqualityreviewstandardisconsistentwiththeversionthatthePCAOBadoptedonJuly28,2009.Thestandardprovidesaframeworkfortheengagementqualityreviewertoobjectivelyevaluatethesignificantjudgmentsmadeandconclusionsreachedbytheengagementteaminforminganoverallconclusionabouttheengagement.TheSECencouragedthePCAOBtoprovidefurtherimplementationguidanceonthedocumentationrequirement.
Next Steps:ThestandardiseffectiveforengagementqualityreviewsofauditsandinterimreviewsforfiscalyearsthatbeganonorafterDecember15,2009.Forcalendar-year-endpubliccompanies,thestandardappliestointerimreviewsbeginningwiththequarterendingMarch31,2010.
Other Resources: Formoreinformation,seethepressreleaseonthePCAOB’sWebsite.•
SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures
Affects:SECregistrants.
Summary:OnJanuary11and15,2010,theSEC'sDivisionofCorporationFinanceissuednewC&DIsontheuseofnon-GAAPfinancialmeasures.Thenewguidanceprovidesregistrantswithmoreflexibilitytodisclosenon-GAAPmeasuresinfilingswiththeSEC.TheC&DIsreplacetheinterpretiveguidanceintheSECstaff's
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"FrequentlyAskedQuestionsRegardingtheUseofNon-GAAPMeasures"(the"FAQs"),whichwasissuedinJune2003,buttherulesonnon-GAAPfinancialmeasures(RegulationGandItem10(e)ofRegulationS-K)werenotamended.
TheC&DIsincludesomenewandrevisedinterpretationsandexcludecertaintransitionissuesthathadbeencoveredintheFAQs.InlinewiththeSECstaff'sremarksatthe2009AICPANationalConferenceonCurrentSECandPCAOBDevelopments,thestaffmadesomekeychanges.Forexample,it(1)revisedtheguidanceonnonrecurring,infrequent,orunusualitemsinFAQs8and9andreplaceditwithC&DI102.03and(2)revisedtheguidanceonthemeaningoftheconcept"expresslypermitted"inFAQ28andreplaceditwithC&DI106.01.
TheSECalsoissuednewExchangeActForm8-KC&DIs.
Other Resources:Deloitte’sJanuary20,2010,HeadsUp.•
SEC Issues Final Say-on-Pay Rules for TARP Companies
Affects:SECregistrantsthatarerecipientsoffinancialassistanceundertheTARP.
Summary:OnJanuary12,2010,theSECissuedFinalRule34-61335,whichamendsproxyrulesundertheSecuritiesActof1934toprovideadditionalguidanceonhowthoserulesapplytotheprovisionintheEmergencyEconomicStabilizationActthatrequiresanonbindingshareholdervoteonexecutivecompensationforcompaniesthathaveTARPloansoutstanding.
Next Steps:ThefinalrulewillbecomeeffectiveonFebruary18,2010.
Other Resources:Formoreinformationaboutthefinalrule,includingadditionalinsightintocorporategovernancereformdevelopments,seeDeloitte'sCenterforCorporateGovernanceWebsite.•
SEC Issues Compliance and Disclosure Interpretations on Proxy Disclosure Enhancements
Affects:SECregistrants.
Summary:OnJanuary20,2010,theSEC'sDivisionofCorporationFinanceissuednewC&DIsonexecutivecompensationdisclosurestoaddressvariousimplementationandtransitionquestionsthatmayariseasaresultoftheamendmentsinSECFinalRule33-9089.TheC&DIscoverthefollowingItemsofRegulationS-K:
• Item401,"Directors,ExecutiveOfficers,Promoters,andControlPersons."
• Item402(a),"ExecutiveCompensation—General."
• Item402(c),"ExecutiveCompensation—SummaryCompensationTable."
• Item402(s),"ExecutiveCompensation—NarrativeDisclosureoftheRegistrant'sCompensationPoliciesandPracticesasTheyRelatetotheRegistrant'sRiskManagement."
• Item407,"CorporateGovernance."
TheSECalsoissuednewproxydisclosureenhancementtransitionC&DIs.•
Other Auditing
PCAOB Issues Staff Guidance
Affects:Registeredpublicaccountingfirms.
Summary:OnJanuary12,2010,thePCAOBpublishedthefollowingstaffQ&As:
• SpecialReportingonForm3—TheseQ&AsdiscusstherequirementsforreportingcertaineventstothePCAOBinspecialreportsonForm3within30daysaftertheevent.
• SuccessiontoRegistrationStatus—Form4—TheseQ&Asdiscusstheprocessthroughwhich,incertaincircumstances,afirmcansucceedtoapredecessorfirm’sregistrationstatus.
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• RegistrationofBroker-DealerAuditors—TheseQ&Asprovideupdatedguidancetoassistauditorsofnonpublicbroker-dealersconsideringregistrationwiththePCAOB.
ThePCAOBrulesonspecialreportingandsuccessionbecameeffectiveonDecember31,2009.
Other Resources:Formoreinformation,seethepressreleaseonthePCAOB’sWebsite.•
ASB Proposes Various Statements on Auditing Standards
Affects:Auditors.
Summary:TheASBissuedthefollowingproposedSASs:
• AuditEvidence—SpecificConsiderationsforSelectedItems.
• UsingtheWorkofanAuditor’sSpecialist.
• CommunicatingInternalControlRelatedMattersIdentifiedinanAudit(Redrafted).
TheproposedSASsarepartofboththeASB’sClarityProjectanditseffortstoconvergewithISAs.
Next Steps:TheproposedSASswouldbeeffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.CommentsontheproposedSASsareduebyApril30,2010.•
AICPA Issues Guidance on Compilation and Review Engagements
Affects:Accountantsthatprovidecompilationandreviewservices.
Summary:OnDecember30,2009,theAICPAissuedSSARS19,whichestablishesaframeworkfortheperformanceandreportingofcompilationandreviewengagements.Amongotherthings,thestandardincludesadiscussionofmaterialityinthecontextofareviewengagementandestablishesenhanceddocumentationrequirementsforcompilationandreviewengagements.
Next Steps:SSARS19iseffectiveforfinancialstatementsforperiodsendingonorafterDecember15,2010.Earlyimplementationofcertainrequirementsandguidancerelatedtocompilationsperformedbyaccountantswhoarenotindependentispermitted.•
AICPA’s GAQC Issues Statement on Compliance Audits
Affects:Auditorsofgovernmentalentities.
Summary:InDecember2009,theAICPA’sGAQCissuedSAS117,whichsupersedesSAS74.SAS117"establishesstandardsandprovidesguidanceonperformingandreportingonanauditofanentity’scompliancewiththeapplicablecompliancerequirementsofagovernmentalauditrequirement."ExamplesofengagementstowhichtheSASappliesincludesingleauditsandauditsperformedundertheU.S.DepartmentofHUDConsolidatedAuditGuideforAuditsofHUDPrograms.SAS117alsoupdatesSAS74"toreflectchangesinthecomplianceauditenvironmentandincorporatestheriskassessmentstandards."
Next Steps:SAS117iseffectiveforcomplianceauditsforfiscalperiodsendingonorafterJune15,2010.Earlyapplicationispermitted.
Other Resources:Formoreinformation,seethesummaryofSAS117ontheGAQC’sWebsite.• GASB Matters
GASB Issues Final Statement on OPEB Measurements
Affects:Governmentalentities.
Summary: OnDecember31,2009,theGASBissuedStatement57.ThisStatement(1)"[e]nablescertainagentemployerstousethealternativemeasurementmethod[asan]alternativetoafullactuarialvaluation,"(2)"[a]djuststherequirementthatadefinedbenefitOPEBplanobtainanactuarialvaluation,"and(3)"[c]larifiesthatthesamefrequencyandtimingofdeterminingOPEBmeasuresarerequiredforbothagentmultiple-employerplansandtheirparticipatingemployers."
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Next Steps:TheprovisionsofStatement57relatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.TheprovisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.
Other Resources:Formoreinformation,seethepressreleaseontheGASB’sWebsite.•
GASB Issues Final Statement on Chapter 9 Bankruptcies
Affects:Governmentalentities.
Summary:OnDecember31,2009,theGASBissuedStatement58.Statement58"providesguidanceforgovernmentsthathavepetitionedforprotectionfromcreditorsbyfilingforbankruptcyunderChapter9oftheUnitedStatesBankruptcyCode."Thestandardprovidesguidanceon"recognizingandmeasuringtheeffectsofthebankruptcyprocessonassetsandliabilities,andforclassifyingchangesinthoseitemsandrelatedcosts."
Next Steps:Statement58iseffectiveforreportingperiodsbeginningafterJune15,2009,andretroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.
Other Resources:Formoreinformation,seethepressreleaseontheGASBWebsite.• Other International
FCAG Issues Letter to G-20 on IASB and FASB Progress
Affects:Allentities.
Summary:OnJanuary4,2010,theFCAG,anindependentadvisorybodytotheIASBandFASB,sentalettertoG-20participantsupdatingthemontheIASB’sandFASB’sprogresstowardasinglesetofhigh-qualityglobalfinancialreportingstandards.
Theletterindicatesthat"[a]lthoughconditionsmayhaveimprovedsomewhatinvariousmarketsaroundtheglobe,theFCAGbelievesitremainscriticallyimportanttoachieveasinglesetofhighquality,globallyconvergedfinancialreportingstandardsthatprovideconsistent,unbiased,transparentandrelevantinformationacrossgeographicalboundaries.WeareencouragedbytheBoards'progresstodateindevelopingsuchstandards."
Next Steps:TheFCAGplanstomeetagaininthefourthquarterof2010todiscusstheboards'furtherprogressaswellasanyrelevantexternaldevelopments.•
IASB Issues Limited Exemption Amendment to IFRS 1
Affects:EntitiesthatapplyIFRSs.
Summary:OnJanuary28,2010,theIASBissuedaminoramendmenttoIFRS1toexemptfirst-timeadoptersofIFRSsfromprovidingtheadditionaldisclosuresundertheMarch2009amendmentstoIFRS7.Theamendment"ensuresthatfirst-timeadoptersbenefitfromthesametransitionprovisionsthatAmendmentstoIFRS7providestocurrentIFRSpreparers."
Next Steps:TheamendmenttoIFRS1willbecomeeffectiveonJuly1,2010.Earlyapplicationispermitted.
Other Resources:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•
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Appendix A: Significant Adoption Dates and DeadlinesThechartbelowillustratessignificantadoptiondatesanddeadlinedatesfortheFASB,EITF,AICPA/AcSEC,SEC,PCAOB,GASB/GAO,FASAB,andIASB/IFRIC.Contentrecentlyaddedorrevisedishighlightedingreen.
FASB Affects Status
Significant Adoption Dates
ASU2010-07,Not-for-ProfitEntities:MergersandAcquisitions
Not-for-profitentities. EffectiveprospectivelyformergersthatoccuratorafterthebeginningofaninitialreportingperiodthatbeginsonorafterDecember15,2009,andacquisitionsthatoccuratorafterthebeginningofthefirstannualreportingperiodthatbeginsonorafterDecember15,2009.Earlyapplicationisprohibited.
ASU2010-06,ImprovingDisclosuresAboutFairValueMeasurements
Allentities. ThenewdisclosuresandclarificationsofexistingdisclosuresareeffectiveforinterimandannualreportingperiodsbeginningafterDecember15,2009,exceptforthedisclosuresaboutpurchases,sales,issuances,andsettlementsintherollforwardofactivityinLevel3fairvaluemeasurements.ThosedisclosuresareeffectiveforfiscalyearsbeginningafterDecember15,2010,andforinterimperiodswithinthosefiscalyears.
ASU2010-05,EscrowedShareArrangementsandthePresumptionofCompensation
Allentities. ThisASUdoesnotcontainaneffectivedate.
ASU2010-04,AccountingforVariousTopics—TechnicalCorrectionstoSECParagraphs
Allentities. ThisASUdoesnotcontainaneffectivedate.
ASU2010-03,OilandGasReserveEstimationandDisclosures
Entitiesintheoilandgasindustry. EffectiveforannualreportingperiodsendingonorafterDecember31,2009.Anentityshouldapplytheadoptionoftheamendmentsasachangeinaccountingprincipleinseparablefromachangeinestimate.TheamendmentstoTopic932specifytherequireddisclosuresfortheeffectofadoption.Earlyapplicationisnotpermitted.AnentitythatbecamesubjecttothedisclosurerequirementsofTopic932asaresultofthechangetothedefinitionofsignificantoil-andgas-producingactivitiesispermittedtoapplythedisclosureprovisionsofTopic932inannualperiodsbeginningafterDecember31,2009.
ASU2010-02,AccountingandReportingforDecreasesinOwnershipofaSubsidiary—aScopeClarification
Allentities. EffectivebeginningintheperiodinwhichanentityadoptsStatement160(codifiedinSubtopic810-10).IfanentityhaspreviouslyadoptedStatement160asofthedateonwhichtheamendmentsinthisASUareincludedintheAccountingStandardsCodification,theamendmentsinthisASUareeffectivebeginninginthefirstinterimorannualreportingperiodendingonorafterDecember15,2009.TheamendmentsinthisASUshouldbeappliedretrospectivelytothefirstperiodinwhichanentityadoptedStatement160.
ASU2010-01,AccountingforDistributionstoShareholderswithComponentsofStockandCash—aconsensusoftheFASBEmergingIssuesTaskForce
Entitiesthatprovidedistributionstoshareholdersintheformofstockandcash.
EffectiveforinterimandannualperiodsendingonorafterDecember15,2009.
ASU2009-17,ImprovementstoFinancialReportingbyEnterprisesInvolvedWithVariableInterestEntities
Allentities. Effectiveasofthebeginningofeachreportingentity’sfirstannualreportingperiodthatbeginsafterNovember15,2009,andforbothofthefollowing:(1)interimperiodswithinthatfirstannualreportingperiodand(2)interimandannualreportingperiodsthereafter.Earlierapplicationisprohibited.
ASU2009-16,AccountingforTransfersofFinancialAssets
Allentities. Effectiveasofthebeginningofeachreportingentity’sfirstannualreportingperiodthatbeginsafterNovember15,2009,andforbothofthefollowing:(1)interimperiodswithinthatfirstannualreportingperiodand(2)interimandannualreportingperiodsthereafter.Earlierapplicationisprohibited.
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ASU2009-15,AccountingforOwn-ShareLendingArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing—aconsensusoftheFASBEmergingIssuesTaskForce
Allentities. EffectiveforfiscalyearsbeginningonorafterDecember15,2009,andinterimperiodswithinthosefiscalyearsforarrangementsoutstandingasofthebeginningofthosefiscalyears.
ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements—aconsensusoftheFASBEmergingIssuesTaskForce
Allentities. EffectiveprospectivelyforrevenuearrangementsenteredintoormateriallymodifiedinfiscalyearsbeginningonorafterJune15,2010.Earlierapplicationispermitted.
ASU2009-13,Multiple-DeliverableRevenueArrangements—aconsensusoftheFASBEmergingIssuesTaskForce
Allentities. EffectiveprospectivelyforrevenuearrangementsenteredintoormateriallymodifiedinfiscalyearsbeginningonorafterJune15,2010.Earlierapplicationispermitted.
ASU2009-12,Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
Allentities. EffectiveforfinancialstatementsissuedforinterimandannualperiodsendingafterDecember15,2009.Earlierapplicationispermitted.
ASU2009-11,Extractive Activities — Oil and Gas—amendmenttoSection932-10-S99(SECUpdate)
Allentities. TheASUdoesnotcontainaneffectivedate.
ASU2009-10,Financial Services — Broker and Dealers: Investments — Other —amendmenttoSubtopic940-325(SECUpdate)
Allentities. TheASUdoesnotcontainaneffectivedate.
ASU2009-09,Accounting for Investments — Equity Method and Joint Ventures and Accounting for Equity-Based Payments to Non-Employees —amendmentstoSections323-10-S99and505-50-S99(SECUpdate)
Allentities. TheASUdoesnotcontainaneffectivedate.
ASU2009-08,Earnings per Share — amendmentstoSection260-10-S99(SECUpdate)
Allentities. TheASUdoesnotcontainaneffectivedate.
ASU2009-07,Accounting for Various Topics —technicalcorrectionstoSECparagraphs(SECUpdate)
Allentities. TheASUdoesnotcontainaneffectivedate.
ASU2009-06,Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities
Allentities. EffectiveforfinancialstatementsissuedforinterimandannualperiodsendingafterSeptember15,2009.
ASU2009-05,MeasuringLiabilitiesatFairValue Allentities. EffectiveforthefirstinterimorannualreportingperiodbeginningafterAugust28,2009.
ASC105(Statement168,TheFASBAccountingStandardsCodificationandtheHierarchyofGenerallyAcceptedAccountingPrinciples—areplacementofFASBStatementNo.162)
Allentities. EffectiveforfinancialstatementsissuedforinterimandannualperiodsendingafterSeptember15,2009.
ASC855(Statement165,Subsequent Events) Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009.
ASC820(transitional:820-10-65-4)(FSPFAS157-4,"DeterminingFairValueWhentheVolumeandLevelofActivityfortheAssetorLiabilityHaveSignificantlyDecreasedandIdentifyingTransactionsThatAreNotOrderly")
Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.
ASC715-10-50(FSPFAS132(R)-1,"Employers’DisclosuresAboutPostretirementBenefitPlanAssets")
Entitieswithpostretirementbenefitplanassets.
EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2009.ThetechnicalamendmentbecameeffectiveonDecember30,2008.
ASC320(FSPFAS115-2andFAS124-2,"RecognitionandPresentationofOther-Than-TemporaryImpairments")
Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.
ASC820-10-50(FSPFAS107-1andAPB28-1,"InterimDisclosuresAboutFairValueofFinancialInstruments")
Allpublicentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.
Projects in Request-for-Comment Stage
ProposedASU,Compensation—StockCompensation(Topic718):EffectofDenominatingtheExercisePriceofaShare-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityTrades
Entitiesthatissueshare-basedpaymentawardswithexercisepricesincurrenciesthataredifferentfromtheentity’sfunctionalcurrencyandthepayrollcurrencyoftheemployees.
CommentsdueFebruary12,2010.
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ProposedASU,Receivables(Topic310):EffectofaLoanModificationWhentheLoanIsPartofaPoolThatIsAccountedforasaSingleAsset
EntitiesthatmodifyaloanthatiscurrentlyaccountedforunderASC310-30aspartofapoolofloansthat,whenacquired,haddeterioratedincreditquality.
CommentsdueFebruary12,2010.
ProposedASU,FinancialServices—Insurance(Topic944):AccountingforCostsAssociatedwithAcquiringorRenewingInsuranceContracts
InsuranceentitiesthatarewithinthescopeofASC944.
CommentsdueFebruary12,2010.
ProposedASU,Entertainment—Casinos(Topic924):CasinoBaseJackpotLiabilities
EntitiesthatoperateascasinosandthatarewithinthescopeofASC924.
CommentsdueFebruary12,2010.
AICPA/AcSEC Affects Status
Significant Adoption Dates
SAS117,ComplianceAudits Auditorsofgovernmentalentities. EffectiveforcomplianceauditsforfiscalperiodsendingonorafterJune15,2010.Earlyapplicationispermitted.
SAS116,InterimFinancialInformation Auditors. EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.
SAS115,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2009.Earlyapplicationispermitted.
SAS,TheAuditor'sCommunicationWithThoseChargedWithGovernance(Redrafted)
Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.
SOP09-1,PerformingAgreed-UponProceduresEngagementsThatAddresstheCompleteness,Accuracy,orConsistencyofXBRL-TaggedData
Auditors. EffectiveApril28,2009.
SSARS19,CompilationandReviewEngagements Accountantsthatprovidecompilationorreviewservices.
EffectiveforcompilationsandreviewsoffinancialstatementsforperiodsendingonorafterDecember15,2010.Earlyimplementationofcertainrequirementsandguidancerelatedtocompilationsperformedbyaccountantswhoarenotindependentispermitted.
SSARS18,ApplicabilityofStatementsonStandardsforAccountingandReviewServices
Accountantsthatprovidecompilationorreviewservices.
EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.
Projects in Request-for-Comment Stage
ProposedSAS,ReportsonApplicationofRequirementsofanApplicableFinancialReportingFramework
Auditors. CommentsdueMay17,2010.
ProposedSAS,AnalyticalProcedures(Redrafted) Auditors. CommentsdueMay3,2010.
ProposedSAS,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit(Redrafted)
Auditors. CommentsdueApril30,2010.
ProposedSAS,UsingtheWorkofanAuditor’sSpecialist
Auditors. CommentsdueApril30,2010.
ProposedSAS,AuditEvidence—SpecificConsiderationsforSelectedItems
Auditors. CommentsdueApril30,2010.
SEC Affects Status
Significant Adoption Dates
SAB113(revisesorrescindsportionsoftheinterpretiveguidanceinSABTopic12,“OilandGasProducingActivities”)
SECregistrants. EffectiveNovember4,2009.
FinalRule,ShareholderApprovalofExecutiveCompensationofTARPRecipients(34-61335)
SECregistrantsthatarerecipientsoffinancialassistanceundertheTARP.
EffectiveFebruary18,2010.
FinalRule,AmendmentstoRulesforNationallyRecognizedStatisticalRatingOrganizations(34-59342)
Nationallyrecognizedstatisticalratingorganizations.
EffectiveApril10,2009.
FinalRule,AmendmenttoMunicipalSecuritiesDisclosure(34-59062)
Brokers,dealers,andmunicipalsecuritiesdealers.
EffectiveJuly1,2009.
FinalRule,ProxyDisclosureEnhancements(33-9089)
SECregistrants. EffectiveFebruary10,2010.
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FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9077)
Allregistrants. EffectiveOctober30,2009.
FinalRule,InternalControlOverFinancialReportinginExchangeActPeriodicReportsofNon-AcceleratedFilers(33-9072)
Nonacceleratedfilers. EffectiveDecember18,2009,fornonacceleratedfilers.Auditor’sattestationreportoninternalcontroloverfinancialreportingmustbeincludedwithannualreportsforfiscalyearsendingonorafterJune15,2010.
FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9027)
Allregistrants. EffectiveApril23,2009.
FinalRule,TechnicalAmendmentstoRules,Forms,SchedulesandCodificationofFinancialReportingPolicies(33-9026)
Allregistrants. EffectiveApril23,2009.
FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9022)
Allregistrants. EffectiveApril16,2009.
FinalRule,AttachingAuthenticatingDocumentstoOnlineFormIDApplications(33-9013)
PublicentitiesthatfileFormID. EffectiveMarch16,2009.
FinalRule,AdjustmentstoCivilMonetaryPenaltyAmounts(33-9009)
Allregistrants. EffectiveMarch3,2009.
FinalRule,InteractiveDataforMutualFundRisk/ReturnSummary(33-9006)
Mutualfunds. Effectiveforinitialregistrationstatementsandpost-effectiveamendmentsthatareannualupdatestopost-effectiveregistrationstatementsthatbecomeeffectiveafterJanuary1,2011.
FinalRule,InteractiveDatatoImproveFinancialReporting(33-9002)
Allregistrants(otherthaninvestmentcompanies).
EffectivefordomesticandforeignregistrantsusingU.S.GAAPthathaveaworldwidepublicfloatofmorethan$5billionforperiodsendingonorafterJune15,2009.EffectiveforallotherdomesticandforeignlargeacceleratedfilersusingU.S.GAAPforperiodsendingonorafterJune15,2010.EffectiveforallremainingregistrantsusingU.S.GAAPandforeignprivateissuersusingIFRSsasissuedbytheIASBforperiodsendingonorafterJune15,2011.
FinalRule,EnhancedDisclosureandNewProspectusDeliveryOptionforRegisteredOpen-EndManagementInvestmentCompanies(33-8998)
Registeredopen-endmanagementinvestmentcompanies.
InitialregistrationstatementsonFormN-1A(andanyannualupdates)filedonorafterJanuary1,2010,willneedtocomplywiththenewrule.AlleffectiveregistrationstatementsonFormN-1AmustbeamendedbyJanuary1,2011;however,afundmaychoosetocomplywiththenewrequirementsanytimeafterMarch31,2009.
FinalRule,IndexedAnnuitiesandCertainOtherInsuranceContracts(33-8996)
Insurancecompaniesandentitieswithannuities.
Rule151AshouldbeappliedtoindexedannuitiesissuedonorafterJanuary12,2011.Rule12h-7willbecomeeffectiveonMay1,2009.
FinalRule,ModernizationofOilandGasReporting(33-8995)
Publicoilandgascompanies. EffectiveforregistrationstatementsfiledonorafterJanuary1,2010,andforannualreportsonForms10-Kand20-FforfiscalyearsendingonorafterDecember31,2009.
FinalRule,AmendmentstoRulesRegardingManagement’sReportonInternalControlOverFinancialReporting(33-8809)
Allregistrants. EffectiveAugust27,2007,excepttheamendmenttoSection210.2-02T,whichiseffectivefromAugust27,2007,untilJune30,2009.
FinalRule,CustodyofFundsorSecuritiesofClientsbyInvestmentAdvisers(IA-2968)
Registeredinvestmentadvisers. EffectiveMarch12,2010.
PCAOB Affects Status
Significant Adoption Dates
PCAOBRuleRelease2009-004,EngagementQualityReviewandConformingAmendmenttotheBoard’sInterimQualityControlStandards
Registeredpublicaccountingfirms. RuleapprovedbytheSEConJanuary15,2010.EffectiveforauditsandinterimreviewsforfiscalyearsthatbeginonorafterDecember15,2009.
PCAOBRuleRelease34-60107,RulesonPeriodicReportingbyRegisteredPublicAccountingFirms
Registeredpublicaccountingfirms. RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval,andthefirstannualreportingrequirementswillbeduebyJune30,2009,forthe12-monthperiodendingMarch31,2009.
PCAOBRuleRelease34-60108,RulesonSucceedingtoRegistrationStatusofPredecessorFirm
Registeredpublicaccountingfirmsinvolvedinmergersorchangestotheregisteredfirm’slegalform.
RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval.
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Project in Request-for-Comment Stage
ProposedAuditingStandard,TheAuditor'sAssessmentofandResponsetoRisk
Registeredpublicaccountingfirms. CommentsdueMarch2,2010.
GASB/GAO Affects Status
Significant Adoption Dates
Statement58,AccountingandFinancialReportingforChapter9Bankruptcies
Governmentalentities. EffectiveforperiodsbeginningafterJune15,2009;retroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.
Statement57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans
Governmentalentities. Provisionsrelatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.ProvisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.EarlierapplicationofthisStatementisencouraged.
Statement56,CodificationofAccountingandFinancialReportingGuidanceContainedintheAICPAStatementsonAuditingStandards
Governmentalentities. EffectiveApril16,2009.
Statement55,TheHierarchyofGenerallyAcceptedAccountingPrinciplesforStateandLocalGovernments
Governmentalentities. EffectiveApril2,2009.
Statement54,FundBalanceReportingandGovernmentalFundTypeDefinitions
Governmentalentities. EffectiveforfinancialstatementsforperiodsbeginningafterJune15,2010.Earlyadoptionisencouraged.
Statement53,AccountingandFinancialReportingforDerivativeInstruments
Governmentalentitieswithderivativeinstruments.
EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.
Statement51,AccountingandFinancialReportingforIntangibleAssets
Governmentalentitieswithintangibleassets.
EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.
GAOInterimGuidance,ReportingDeficienciesinInternalControlforGAGASFinancialAuditsandAttestationEngagements
Auditorsofgovernmentagencies. Effectiveconcurrentlywithanauditor’sadoptionofSAS115,SSAE15,orboth.ThisguidancemaychangeuponfinaldeliberationsbytheComptrollerGeneral’sAdvisoryCouncilonGovernmentAuditingStandards.
FASAB Affects Status
Significant Adoption Dates
Statement36,ReportingComprehensiveLong-TermFiscalProjectionsfortheU.S.Government
U.S.federalgovernmententities. ThisStatementprovidesforaphased-inimplementation,butearlierimplementationisencouraged.Allinformationwillbereportedasrequiredsupplementaryinformationforthefirstthreeyearsofimplementation(fiscalyears2010,2011,and2012).Beginninginfiscalyear2013,therequiredinformationwillbepresentedasabasicfinancialstatement,disclosures,andrequiredsupplementaryinformationasdesignatedwithinthestandard.
Statement35,EstimatingtheHistoricalCostofGeneralProperty,Plant,andEquipment—AmendingStatementsofFederalFinancialAccountingStandards6and23
U.S.federalgovernmententities. Therequirementsinthisstandardwereeffectiveuponissuance.
Statement34,TheHierarchyofGenerallyAcceptedAccountingPrinciples,IncludingtheApplicationofStandardsIssuedbytheFinancialAccountingStandardsBoard
U.S.federalgovernmententities. Therequirementsinthisstandardwereeffectiveuponissuance.
Statement33,Pensions,OtherRetirementBenefits,andOtherPostemploymentBenefits:ReportingtheGainsandLossesFromChangesinAssumptionsandSelectingDiscountRatesandValuationDates
U.S.federalgovernmententities. EffectiveforfiscalyearsbeginningafterSeptember30,2009.
TechnicalBulletin2006-1,RecognitionandMeasurementofAsbestos-RelatedCleanupCosts
U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2009.Earlyadoptionisencouraged.
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International Standards Affects Status
Significant Adoption Dates
IFRS9,FinancialInstruments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlierapplicationispermitted.
IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.
EffectiveasofJuly9,2009.
ImprovementstoIFRSs—acollectionofamendmentstoInternationalFinancialReportingStandards
EntitiesthatapplyIFRSs. MostimprovementsareeffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.Theamendmentsshouldbeappliedretrospectively.
Improvements to IFRSs—acollectionofamendmentstotwelveInternationalFinancialReportingStandards
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010.Earlyapplicationispermitted.
IFRS8,OperatingSegments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.
IFRS3(revised),BusinessCombinations EntitiesthatapplyIFRSs. EffectiveforbusinesscombinationsinannualfinancialstatementsbeginningonorafterJuly1,2009.EarlyadoptionispermittedprovidedthatthestandardisappliedwithIAS27(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyadoptionisdisclosed.
AmendmentstoIFRS2,GroupCash-settledShare-basedPaymentTransactions
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010;theamendmentsmustbeappliedretrospectively.Earlyapplicationispermitted.
AmendmentstoIFRS2,Share-basedPayment:VestingConditionsandCancellations
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.
IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.
AmendmentstoIAS39,FinancialInstruments:MeasurementandRecognition—EligibleHedgedItems
EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.
AmendmentstoIFRIC9andIAS39,EmbeddedDerivatives
EntitiesthatapplyIFRSs. EffectiveforannualperiodsendingonorafterJune30,2009.Theamendmentsshouldbeappliedretrospectively.
AmendmentstoIAS32,FinancialInstruments:Presentation—ClassificationofRightsIssues
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterFebruary2,2010.Earlyapplicationispermitted.
AmendmentstoIAS32,FinancialInstruments:Presentation,andIAS1,PresentationofFinancialStatements—PuttableFinancialInstrumentsArisingonLiquidationandObligations
EntitieswithfinancialinstrumentsthatmeetthedefinitionofafinancialliabilitybutrepresenttheresidualinterestinthenetassetsoftheentityandthatapplyIFRSs.
EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.
IAS27(revised),ConsolidatedandSeparateFinancialStatements
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.EarlyapplicationispermittedprovidedthatthestandardisappliedwithIFRS3(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyapplicationisdisclosed.
IAS24,RelatedPartyDisclosures EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2011.Earlierapplicationispermitted.
AmendmenttoIAS23,BorrowingCosts EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.
IFRICInterpretation19,ExtinguishingFinancialLiabilitiesWithEquityInstruments
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2010.Earlierapplicationispermitted.IfanentityappliesthisInterpretationforaperiodbeginningbeforeJuly1,2010,itshoulddisclosethatfact.AnentityshouldapplyachangeinaccountingpolicyinaccordancewithIAS8fromthebeginningoftheearliestcomparativeperiodpresented.
IFRICInterpretation18,TransfersofAssetsFromCustomers
EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.
IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners
EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.
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IFRICInterpretation15,AgreementsfortheConstructionofRealEstate
EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJanuary1,2009.
ISA810(Revised/Redrafted),Engagements to Report on Summary Financial Statements
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA805(Revised/Redrafted),Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA800(Revised/Redrafted),Special Considerations — Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA710(Redrafted),ComparativeInformation—CorrespondingFiguresandComparativeFinancialStatements
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA706(Revised/Redrafted),EmphasisofMatterParagraphsandOtherParagraphsintheIndependentAuditor’sReport
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA705(Revised/Redrafted),ModificationstotheOpinionintheIndependentAuditor’sReport
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA700(Redrafted),Forming an Opinion and Reporting on Financial Statements
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA620(Revised/Redrafted),UsingtheWorkofanAuditor’sExpert
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA610(Redrafted),UsingtheWorkofInternalAuditors
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA580(Revised/Redrafted),WrittenRepresentations
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA570(Redrafted),GoingConcern AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA560(Redrafted),SubsequentEvents AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA550(Revised/Redrafted),RelatedParties AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA540(Revised/Redrafted),AuditingAccountingEstimates,IncludingFairValueAccountingEstimates,andRelatedDisclosures.
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA530(Redrafted),AuditSampling AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA520(Redrafted),AnalyticalProcedures AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA510(Redrafted),InitialAuditEngagements—OpeningBalances
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA505(Revised/Redrafted),ExternalConfirmations
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA501(Redrafted),AuditEvidence—SpecificConsiderationsforSelectedItems
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
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ISA500(Redrafted),AuditEvidence AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA450(Revised/Redrafted),EvaluationofMisstatementsIdentifiedDuringtheAudit
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA402(RevisedandRedrafted),Audit Considerations Relating to an Entity Using a Service Organization
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA320(Revised/Redrafted),MaterialityinPlanningandPerforminganAudit
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA265,CommunicatingDeficienciesinInternalControltoThoseChargedWithGovernanceandManagement
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA250(Redrafted),ConsiderationofLawsandRegulationsinanAuditofFinancialStatements
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA220(Redrafted),QualityControlforanAuditofFinancialStatements
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA210(Redrafted),Agreeing the Terms of Audit Engagements
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISA200(Revised/Redrafted),OverallObjectivesoftheIndependentAuditorandtheConductofanAuditinAccordanceWithInternationalStandardsonAuditing
AuditorssubjecttoInternationalStandardsonAuditing.
EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.
ISQC1(Redrafted),QualityControlforFirmsThatPerformAuditsandReviewsofFinancialStatements,andOtherAssuranceandRelatedServicesEngagements
AuditorssubjecttoInternationalStandardsonAuditing.
SystemsofqualitycontrolincompliancewiththisISQCmustbeestablishedbyDecember15,2009.
Projects in Request-for-Comment Stage
ExposureDraft,ManagementCommentary EntitiesthatapplyIFRSs. CommentsdueMarch1,2010.
ExposureDraft,MeasurementofLiabilitiesinIAS37
EntitiesthatapplyIFRSs. CommentdueApril12,2010.
ExposureDraft,FinancialInstruments:AmortisedCostandImpairment
EntitiesthatapplyIFRSs. CommentsdueJune30,2010.
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Appendix B: Recent Meetings
Recent FASB Meetings
TojumptotheminutesofaFASBmeeting,clickalinkbelow.
January 5, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• InsuranceContracts.
January 13, 2010
TheBoarddiscussedthefollowingtopics:
• AccountingforFinancialInstruments.
• GoingConcern.
January 18, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• FairValueMeasurement.
• RevenueRecognition.
• FinancialInstrumentsWithCharacteristicsofEquity.
January 19, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• InsuranceContracts.
• Consolidation.
• FinancialStatementPresentation.
• AccountingforFinancialInstruments:HedgeAccounting.
January 20, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• AccountingforFinancialInstruments:ClassificationandMeasurement.
• FairValueMeasurement.
January 27, 2010
TheBoarddiscussedthefollowingtopics:
• FinancialStatementPresentation.
• Statement167Implementation.
• InsuranceContracts.
FASB Project Summaries and Meeting Minutes
Projectsummaries,handoutsdistributedateachmeeting,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.
Recent EITF Meetings
NoEITFmeetingswereheldinJanuary2010.ThenextmeetingisscheduledforMarch17–18,2010.
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Recent ASB Meetings
January 11–14, 2010
TheASBdiscussedthefollowingtopics:
• Auditor’sReports.
• SpecialReports.
• AuditSampling.
• SubsequentEvents.
• GroupAudits.
• QualityControl.
• Estimates/FairValues.
TheagendaisavailableontheAICPA’sWebsite.
Recent AcSEC Meetings
January 12, 2010
TheAcSECdiscussedthefollowingtopics:
• EmployeeBenefitPlans:HealthandWelfareandInvestments.
• ImpairmentsPracticeAid:EquityVersusEnterpriseValueinGoodwillTest.
• ProfitandLossInsuranceGuide:ReinsuranceandLossReserves
• OilandGasGuide.
• CasinosGuide.
• Chair’sReport.
TheagendaisavailableontheAICPA’sWebsite.
Recent FASAB Meetings
NoFASABmeetingswereheldinJanuary2010.ThenextmeetingisscheduledforFebruary24–25,2010.
Recent GASB Meetings
January 5–7, 2010
TheGASBdiscussedthefollowingtopics:
• CodificationofFASBandAICPAPronouncementsIssuedBeforeNovember30,1989.
• ServiceEffortsandAccomplishments.
• ReexaminationofStatement14.
• PensionAccountingandFinancialReporting.
• ServiceConcessionArrangements.
January 26, 2010
TheGASBdiscussedthefollowingtopics:
• CodificationofFASBandAICPAPronouncementsIssuedBeforeNovember30,1989.
• ReexaminationofStatement14.
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Recent IASB Meetings
January 5, 2010
ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• InsuranceContracts.
TheagendaisavailableontheIASB’sWebsite.
January 18, 2010
ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:
• FairValueMeasurement.
• RevenueRecognition.
• FinancialInstrumentsWithCharacteristicsofEquity.
TheagendaisavailableontheIASB’sWebsite.
January 19, 2010
ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:
• InsuranceContracts.
• Consolidation.
• FinancialStatementPresentation.
• AccountingforFinancialInstruments:HedgeAccounting.
TheagendaisavailableontheIASB’sWebsite.
January 20, 2010
ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• AccountingforFinancialInstruments:ClassificationandMeasurement.
• FinancialStatementPresentation.
• Derecognition.
TheagendaisavailableontheIASB’sWebsite.
January 21, 2010
TheIASBdiscussedthefollowingtopics:
• IFRICUpdate.
• AmendmenttoIFRS1.
• HedgeAccounting.
• DiscontinuedOperations.
• PostemploymentBenefits.
TheagendaisavailableontheIASB’sWebsite.
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Recent IFRIC Meetings
January 7–8, 2010
TheIFRICdiscussedthefollowingtopics:
• Property,Plant,andEquipment.
• Share-basedPayment.
• IntangibleAssets.
• ConsolidatedandSeparateFinancialStatements.
• Revenue.
• InsuranceContracts.
• FinancialInstruments:Presentation.
• AnnualImprovements.
• OperatingSegmentsandImpairmentofAssets.
• TheEffectsofChangesinForeignExchangeRates.
• First-timeAdoptionofInternationalFinancialReportingStandards.
• FinancialInstruments:RecognitionandMeasurement.
TheagendaisavailableontheIASB’sWebsite.
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Appendix C: Glossary of StandardsFASBAccountingStandardsUpdateNo.2010-07,Not-for-ProfitEntities:MergersandAcquisitions
FASBAccountingStandardsUpdateNo.2010-06,ImprovingDisclosuresAboutFairValueMeasurements
FASBAccountingStandardsUpdateNo.2010-05,EscrowedShareArrangementsandthePresumptionofCompensation
FASBAccountingStandardsUpdateNo.2010-04,AccountingforVariousTopics—TechnicalCorrectionstoSECParagraphs
FASBAccountingStandardsUpdateNo.2010-03,OilandGasReserveEstimationandDisclosures
FASBAccountingStandardsUpdateNo.2010-02,AccountingandReportingforDecreasesinOwnershipofaSubsidiary—aScopeClarification
FASBAccountingStandardsUpdateNo.2010-01,AccountingforDistributionstoShareholdersWithComponentsofStockandCash—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsUpdateNo.2009-17,ImprovementstoFinancialReportingbyEnterprisesInvolvedWithVariableInterestEntities
FASBAccountingStandardsUpdateNo.2009-16,AccountingforTransfersofFinancialAssets
FASBProposedAccountingStandardsUpdate,SubsequentEvents—AmendmentstoCertainRecognitionandDisclosureRequirements
FASBProposedAccountingStandardsUpdate,AmendmentstoStatement167forCertainInvestmentFunds
FASBAccountingStandardsCodificationTopic946,FinancialServices—InvestmentCompanies
FASBAccountingStandardsCodificationSubtopic946-10,FinancialServices—InvestmentCompanies—Overall
FASBAccountingStandardsCodificationTopic932,ExtractiveIndustries—OilandGas
FASBAccountingStandardsCodificationSection830-10-45,ForeignCurrencyMatters—Overall—OtherPresentation
FASBAccountingStandardsCodificationTopic820,FairValueMeasurementsandDisclosures
FASBAccountingStandardsCodificationSubtopic810-10,Consolidation—Overall
FASBAccountingStandardsCodificationTopic740,IncomeTaxes
FASBAccountingStandardsCodificationTopic718,StockCompensation
FASBAccountingStandardsCodificationTopic715,Compensation—RetirementBenefits
FASBAccountingStandardsCodificationTopic505,Equity
FASBAccountingStandardsCodificationTopic260,EarningsperShare
FASBStatementNo.167,AmendmentstoFASBInterpretationNo.46(R)
FASBStatementNo.166,AccountingforTransfersofFinancialAssets—anamendmentofFASBStatementNo.140
FASBStatementNo.164,Not-for-ProfitEntities:MergersandAcquisitions—includinganamendmentofFASBStatementNo.142
FASBStatementNo.160,NoncontrollingInterestsinConsolidatedFinancialStatements—anamendmentofARBNo.51
FASBStatementNo.140,AccountingforTransfersandServicingofFinancialAssetsandExtinguishmentsofLiabilities—areplacementofFASBStatementNo.125
FASBInterpretation46(R),ConsolidationofVariableInterestEntities(revisedDecember2003)—aninterpretationofARBNo.51
EITFIssueNo.09-E,"AccountingforStockDividends,IncludingDistributionstoShareholdersWithComponentsofStockandCash"
EITFTopicNo.D-110,"EscrowedShareArrangementsandthePresumptionofCompensation"
AICPAStatementonAuditingStandardsNo.117,ComplianceAudits
AICPAStatementonAuditingStandardsNo.74,ComplianceAuditingConsiderationsinAuditsofGovernmentalEntitiesandRecipientsofGovernmentalFinancialAssistance
AICPATechnicalPracticeAids,TISSection9150,"TheAccountant'sResponsibilitiesforSubsequentEventsinCompilationandReviewEngagements"
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AICPATechnicalPracticeAids,TISSection6910,"CertainFinancialReporting,Disclosure,Regulatory,andTaxConsiderationsWhenPreparingFinancialStatementsofInvestmentCompaniesInvolvedinaBusinessCombination"
AICPATechnicalPracticeAids,TISSection2220,"EstimatingFairValueofInvestmentsinCertainEntitiesThatCalculateNAV"
AICPAStatementonStandardsforAccountingandReviewServicesNo.19,CompilationandReviewEngagements
AICPAProposedStatementonAuditingStandards,AuditEvidence—SpecificConsiderationsforSelectedItems
AICPAProposedStatementonAuditingStandards,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit(Redrafted)
AICPAProposedStatementonAuditingStandards,UsingtheWorkofanAuditor’sSpecialist
AICPADraftIssuesPaper,FASBAccountingStandardsCodificationSection820,FairValueMeasurementsandDisclosures,forCertainIssuesPertainingtoNot-for-ProfitEntities
SECRegulationS-K,Item407,"CorporateGovernance"
SECRegulationS-K,Item402(s),"ExecutiveCompensation—NarrativeDisclosureoftheRegistrant'sCompensationPoliciesandPracticesasTheyRelatetotheRegistrant'sRiskManagement"
SECRegulationS-K,Item402(c),"ExecutiveCompensation—SummaryCompensationTable"
SECRegulationS-K,Item402(a),"ExecutiveCompensation—General"
SECRegulationS-K,Item401,"Directors,ExecutiveOfficers,PromotersandControlPersons"
SECRegulationS-K,Item10(e),"UseofNon-GAAPFinancialMeasuresinCommissionFilings"
SECFinalRuleReleaseNo.34-61335,ShareholderApprovalofExecutiveCompensationofTARPRecipients
SECFinalRuleReleaseNo.33-9089,ProxyDisclosureEnhancements
SECFinalRuleReleaseNo.33-8995,ModernizationofOilandGasReporting
SECPublicCompanyAccountingOversightBoardRulemakingRelease,OrderApprovingProposedRulesonAuditingStandardNo.7,EngagementQualityReview,andConformingAmendment
PCAOBAuditingStandardNo.7,EngagementQualityReview,andConformingAmendment
PCAOBStaffQuestionsandAnswers,SpecialReportingonForm3
PCAOBStaffQuestionsandAnswers,SuccessiontoRegistrationStatus—Form4
PCAOBStaffQuestionsandAnswers,RegistrationofBroker-DealerAuditors
GASBStatementNo.58,AccountingandFinancialReportingforChapter9Bankruptcies
GASBStatementNo.57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans
GASBStatementNo.14,FinancialReportingEntity
IFRS7,FinancialInstruments:Disclosures
IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards
AmendmentstoIFRS7,ImprovingDisclosuresAboutFinancialInstruments
IAS37,Provisions,ContingentLiabilitiesandContingentAssets
IASBExposureDraft,MeasurementofLiabilitiesinIAS37—ProposedAmendmentstoIAS37
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Appendix D: Abbreviations AcSEC AccountingStandardsExecutiveCommittee
AICPA AmericanInstituteofCertifiedPublicAccountants
ASB AuditingStandardsBoard
ASC FASBAccountingStandardsCodification
ASU FASBAccountingStandardsUpdate
C&DIs complianceanddisclosureinterpretations
CPE continuingprofessionaleducation
EITF EmergingIssuesTaskForce
EPS earningspershare
EST EasternStandardTime
FAS FinancialAccountingStandard
FASAB FederalAccountingStandardsAdvisoryBoard
FASB FinancialAccountingStandardsBoard
FCAG FinancialCrisisAdvisoryGroup
G-20 GroupofTwentyFinanceMinistersandBankGovernors
GAAP generallyacceptedaccountingprinciples
GAQC GovernmentalAuditQualityCenter
GASB GovernmentalAccountingStandardsBoard
HUD DepartmentofHousingandUrbanDevelopment
IASB InternationalAccountingStandardsBoard
IFRIC InternationalFinancialReportingInterpretationsCommittee
IFRS InternationalFinancialReportingStandard
ISA InternationalStandardonAuditing
OPEB otherpostemploymentbenefits
PCAOB PublicCompanyAccountingOversightBoard
Q&As questionsandanswers
SAS StatementonAuditingStandards
SEC SecuritiesandExchangeCommission
SSARS StatementonStandardsforAccountingandReviewServices
TARP TroubledAssetReliefProgram
TIS TechnicalInquiryService
TPA TechnicalPracticeAid
Page 27
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Technical Library: The Deloitte Accounting Research ToolDeloittemakesavailable,onasubscriptionbasis,accesstoitsonlinelibraryofaccountingandfinancialdisclosureliterature.CalledTechnicalLibrary:TheDeloitteAccountingResearchTool,thelibraryincludesmaterialfromtheFASB,theEITF,theAICPA,thePCAOB,theIASB,andtheSEC,inadditiontoDeloitte’sownaccountingandSECmanualsandotherinterpretiveaccountingandSECguidance.
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ConclusionsoftheFASB,GASB,IASB,andIFRICaresubjecttochangeatfuturemeetingsandgenerallydonotaffectcurrentaccountingrequirementsuntilanofficialposition(e.g.,Statement,Interpretation,StaffPosition,orIFRS)isissued.Officialpositionsaredeterminedonlyafterextensivedeliberationanddueprocess,includingaformalvote.
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