Post on 04-Apr-2018
April 2010
Accounting Roundup.Edited by John Sarno and Tiffany Prudhomme, Deloitte & Touche LLP
ContentsCash Flows• EffectofASUs2009-16and2009-17onPresentationofTrade
ReceivableFinancingArrangementsintheStatementofCashFlows
Consolidations• CAQPublishesAlertonICFRRequirementsforEntitiesNewly
ConsolidatedUnderStatement167(CodifiedinASC810)• CAQPublishesAlertonStatement167(CodifiedinASC810)Practice
Issues
Distinguishing Liabilities From Equity• AnUpdateontheFASB'sandIASB'sJointProjectonFinancial
InstrumentsWithCharacteristicsofEquity
Fair Value Measurements and Disclosures • ValuationResourceGroupDiscussesFourTopicsatApril12Meeting• FinancialReportingConsiderationsRelatedtoImplementationofFair
ValueMeasurementDisclosuresRequiredbyASU2010-06
Income Taxes• SECStaffAnnouncementonAccountingfortheDifferentEnactment
DatesoftheHealthCareReformBillandReconciliationMeasure• SignificantChangestoStatuteofLimitationsUndertheHIREAct
Receivables• FASBIssuesASUontheEffectofaLoanModificationWhentheLoan
IsPartofaPoolThatIsAccountedforasaSingleAsset
Retirement Benefits• IASBIssuesExposureDraftonImprovementstoDefinedBenefit
Accounting• HealthCareLegislation—ImpactonEmployeeBenefitsAccounting
Revenue Recognition• FASBIssuesASUonMilestoneMethodofRevenueRecognition
Stock Compensation• FASBIssuesASUontheEffectofDenominatingtheExercisePriceofa
Share-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityPrimarilyTrades
Transfers and Servicing• FASBChairmanSendsLettertoHouseFinancialServicesCommittee
ExplainingAccountingGuidanceRelevanttoLehmanAccountingPractices
Industry Accounting• FASBIssuesASUonAccrualsforCasinoBaseJackpotLiabilities• FASBIssuesASUonHowInvestmentsHeldThroughSeparateAccounts
AffectanInsurer’sConsolidationAnalysisofThoseInvestments• FASBIssuesASUtoAmendSECContentWithinOilandGasGuidance• FASBIssuesExposureDraftonMeasuringCharityCareforDisclosure• FASBIssuesExposureDraftonPresentationofInsuranceClaimsand
RelatedInsuranceRecoveries• IASBPublishesDiscussionPaperonExtractiveActivities
Other Accounting• ASummaryoftheFinancialReportingandDisclosureImplicationsof
theHealthCareReformLegislation• FAF/FASBandXBRLUSLabsAnnounceResearchInitiative• FAFNamesLouisMatherneasFASBChiefofTaxonomyDevelopment
Other SEC Matters• SECIssuesProposedRuleonLargeTraderReportingSystem
Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EDT)unlessotherwisenoted):• Wednesday,May5:CorporateCulture:TheFoundationStartsatthe
Top.
• Thursday,May6:FromEnterpriseProductivitytoCollectiveIntelligence—Web3.0,SocialMedia,Mashups,andRichInternetApps.
• Monday,May10:TaxAccrualWorkpapersandtheIRSTransparencyInitiative(Ann.2010-9):NoHoldsBarred?
• Tuesday,May11,3:00p.m.(EDT):InternationalFinancialReportingStandards:KeyStepsCompaniesShouldConsiderTakingNow.
• Wednesday,May12:AMLandFCPA:TheIntersectionofMoneyLaunderingandInternationalCorruption.
• Thursday,May27:BenefitsofEffectiveScenarioPlanning:AreYouReadyforAnything?
Don’tmissout—registerforthesewebcaststoday.
• SECIssuesProposedRuleonAccesstoListedOptionsExchanges• SECIssuesProposedRuleonAsset-BackedSecurities• SECPublishesFinalRuleonAdoptionofUpdatedEdgarFilerManual• SECRegulationsCommitteeReleasesHighlightsofSeptember2009
Meeting
Other Auditing• ASummaryoftheApril7–8MeetingofthePCAOB’sStanding
AdvisoryGroup• PCAOBIssuesStaffAuditPracticeAlertonSignificantUnusual
Transactions• PCAOBIssuesProposedAuditingStandardonCommunicationsWith
AuditCommittees• AICPAIssuesStandardforReportingonControlsataService
Organization
FASAB Matters• FASABIssuesStandardonFinancialReportingforSocialInsurance
Programs• FASABIssuesStandardonAccountingforFederalOilandGas
Resources
Other International• IASCFoundationReleasesIFRSTaxonomy2010• PaulPacterAppointedtotheIASB• IASBandFASBIssueQuarterlyProgressReportonCommitmenttothe
MemorandumofUnderstanding
Appendix A: Significant Adoption Dates and Deadlines
Appendix B: Recent Meetings
Appendix C: Glossary of Standards
Appendix D: Abbreviations
2
Cash Flows
Effect of ASUs 2009-16 and 2009-17 on Presentation of Trade Receivable Financing Arrangements in the Statement of Cash Flows
Affects: Entitiesinvolvedintradereceivablefinancingarrangements.
Summary: ASUs2009-16and2009-17amendedtheguidanceinASC860andASC810,respectively.TheamendmentsinASUs2009-16and2009-17maysignificantlyaffectthepresentationoftradereceivablefinancingarrangementsinthetransferringentity'sstatementofcashflows.
Other Resources:Deloitte’sApril30,2010,FinancialReportingAlert.• Consolidations
CAQ Publishes Alert on ICFR Requirements for Entities Newly Consolidated Under Statement 167 (Codified in ASC 810)
Affects:SECregistrantswithnewlyconsolidatedentities.
Summary:OnApril19,2010,theCAQpublishedAlert2010-21,whichoutlinestheSECstaff’sviewsonICFRrequirementsforanentitynewlyconsolidatedunderStatement167(codifiedinASC810).Thatis,thealertsummarizestheSECstaff’sviewthatvariableinterestentitiesconsolidateduponadoptionofStatement167shouldbeincludedinmanagement’sreportsonICFR.ThealertalsodiscussestheapplicabilityofQuestions1and3oftheSECstaff'sFAQsonmanagement’sreportonICFRafteranentity’sadoptionofStatement167.•
CAQ Publishes Alert on Statement 167 (Codified in ASC 810) Practice Issues
Affects:SECregistrants.
Summary:OnApril9,2010,theCAQpublishedAlert2010-20,whichoutlinestheSECstaff’sviewsoncertainStatement167(codifiedinASC810)practiceissues.Topicsdiscussedinthealertinclude(1)filingregistrationstatementsafteradoptionofStatement167;(2)applyingthetransitionprovisionsofStatement167;(3)proformarequirements;and(4)considerationsunderRule3-05,Rule3-14,andForm8-KregardingtheadoptionofStatement167.•
Deloitte Publications
Publication Title Affects
April 30, 2010, Financial Reporting Alert Effect of ASUs 2009-16 and 2009-17 on Presentation of Trade Receivable Financing Arrangements
Entities with trade receivable financing arrangements.
April 26, 2010, Heads Up A Summary of the April 7–8 Meeting of the PCAOB’s Standing Advisory Group
Registered public accounting firms.
April 20, 2010, Financial Reporting Alert Health Care Legislation — Impact on Employee Benefits Accounting
Entities that provide health benefits to their employees or retirees.
April 19, 2010, Heads Up Valuation Resource Group Discusses Four Topics at April 12 Meeting
All entities.
April 19, 2010, Heads Up PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees
Registered public accounting firms.
April 15, 2010, Heads Up An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity
All entities.
April 9, 2010, Heads Up A Summary of the Financial Reporting and Disclosure Implications of the Health Care Reform Legislation
All entities.
April 9, 2010, Financial Reporting Alert Financial Reporting Considerations Related to Implementation of Fair Value Measurement Disclosures Required by ASU 2010-06
SEC registrants.
3
Distinguishing Liabilities From Equity
An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity
Affects: Allentities.
Summary: TheFASBandIASBhavedevelopedanewapproachtoclassifyingfinancialinstrumentsasliabilitiesorequityintheirjointprojectonfinancialinstrumentswithcharacteristicsofequity.Theclassificationapproachcontemplatedbythetwoboardswould,iffinalized,significantlyaffectthemannerinwhichentitiesdeterminewhethertoclassifymanyfinancialinstrumentsasliabilitiesorequityandaccountforexercisesofoptionsandconversionsofdebtintoequityinstruments.Entitiesarewell-advisedtobeginassessingtheimplicationsof,andplanningfor,thesechangesandtheireffectondebtandequity,interestcoverage,andotherfinancialratios;earnings;andcompliancewithdebtcovenants.
Next Steps:ThenewapproachisexpectedtobeexposedforpubliccommentinJune2010.Theboardshaveagreedthattheexposuredraftwillhavea120-daycommentperiodandhopetopublishafinalstandardinthefirsthalfof2011;theeffectivedateisyettobedetermined.
Other Resources:Deloitte’sApril15,2010,HeadsUp.• Fair Value Measurements and Disclosures
Valuation Resource Group Discusses Four Topics at April 12 Meeting
Affects:Allentities.
Summary:OnApril12,2010,theValuationResourceGroupmetwiththeFASBtodiscussthefollowingfourtopics:(1)theFASB’sandIASB’sjointprojectonfairvaluemeasurementanddisclosure;(2)thefairvaluemeasurementofleasedinvestmentproperties;(3)themeasurementofreacquiredrightsinabusinesscombination;and(4)thefairvaluemeasurementofaccountsreceivable,accountspayable,andotheraccruedliabilities.
Other Resources:Deloitte’sApril19,2010,HeadsUp.•
Financial Reporting Considerations Related to Implementation of Fair Value Measurement Disclosures Required by ASU 2010-06
Affects:Allentities.
Summary:Recently,severalimplementationquestionshavearisenaboutASU2010-06,whichamendsASC820(formerlyStatement157).TheASUwasissuedinJanuary2010inresponsetorequestsfromfinancialstatementusersforadditionalinformationaboutfairvaluemeasurements.CertainprovisionsofASU2010-06areeffectivefortheinterimperiodendingMarch31,2010,forcalendar-year-endentitiessubjecttoquarterlyreportingrequirements.UndertheASU:
• Areportingentityisnowrequiredtodiscloseseparatelytheamountsof,andreasonsfor,significanttransfers(1)betweenLevel1andLevel2ofthefairvaluehierarchyand(2)intoandoutofLevel3ofthefairvaluehierarchyforthereconciliationofLevel3measurements.
• AreportingentityisnolongerpermittedtoadoptapolicyofrecognizingtransfersintoLevel3asofthebeginningofthereportingperiodandtransfersoutofLevel3asoftheendofthereportingperiod.Rather,anentitymustdiscloseandfollowaconsistentpolicyfordeterminingwhentransfersbetweenlevelsarerecognized.
• ThelevelofdisaggregationfordisclosuresaboutderivativecontractsunderASC820,asamendedbyASU2010-06,maydifferfromthatfordisclosuresunderASC815(formerlyStatement133).
• Areportingentityisnotrequiredtodisclosequantitativeinformationaboutinputs.
Other Resources:Deloitte’sApril9,2010,FinancialReportingAlert.•
4
Income Taxes
SEC Staff Announcement on Accounting for the Different Enactment Dates of the Health Care Reform Bill and Reconciliation Measure
Affects: SECregistrantswithaperiod-endbetweenMarch23,2010,andMarch30,2010.
Summary: OnApril14,2010,theFASBissuedASU2010-12,whichrevisestheCodification’sSECmaterialtoreflectanSECstaffannouncement.TheannouncementaddressesthepotentialimpactthatthedifferentenactmentdatesofthePatientProtectionandAffordableCareAct(the“Act”)andtheHealthCareandEducationReconciliationActof2010(the“reconciliationmeasure”)mayhaveoncertainSECregistrants.Inaddition,theannouncementhighlightsthatASC740requiresthatthemeasurementofcurrentanddeferredtaxesbe“basedontheprovisionsofenactedtaxlaw;theeffectsoffuturechangesintaxlawsarenotanticipated.”Therefore,thedifferentenactmentdatesoftheActandreconciliationmeasuremayaffectregistrantswithaperiod-endthatfallsbetweenMarch23,2010(enactmentdateoftheAct),andMarch30,2010(enactmentdateofthereconciliationmeasure).However,theannouncementstatesthattheSECwouldnotobjectifsuchregistrantsweretoaccountfortheenactmentofboththeActandthereconciliationmeasureinaperiodendingonorafterMarch23,2010,butnotesthattheSECstaff“doesnotbelievethatitwouldbeappropriateforregistrantstoanalogizetothisviewinanyotherfactpatterns.”
Other Resources:Deloitte’sMarch31,2010,FinancialReportingAlert.•Significant Changes to Statute of Limitations Under the HIRE Act
Affects: Allentities.
Summary: OnMarch18,2010,PresidentObamasignedtheHiringIncentivestoRestoreEmploymentActof2010(“HIREAct”)intolaw.TheHIREActmayhaveasignificanteffectonanentity’sassessmentregardingthestatuteoflimitationsforitstaxpositions.EntitiesthatareplanningtorecognizethebenefitofataxpositionbecauseoftheexpirationofthestatuteoflimitationsforthatpositionforanyquarterendingafterMarch18,2010,shouldconsidertheimpactoftheHIREAct.
Other Resources:Deloitte’sApril16,2010,U.S.TaxAlert.• Receivables
FASB Issues ASU on the Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset
Affects: EntitiesthatmodifyaloanthatiscurrentlyaccountedforunderASC310-30(formerlySOP03-3)aspartofapoolofloansthat,whenacquired,haddeterioratedincreditquality.
Summary: OnApril29,2010,theFASBissuedASU2010-18,whichestablishesthatentitiesshouldnotevaluatewhetheramodificationofloans(thatarepartofapoolaccountedforunderASC310-30)meetsthecriteriaforatroubleddebtrestructuringinASC310-40.Inaddition,modifiedloansshouldnotberemovedfromthepoolunlessanyofthecriteriainASC310-30-40-1aremet.Entitiesareallowedaone-timeelectiontochangetheunitofaccountingfromapoolbasistoanindividualloanbasis.Suchanelectionwouldbeappliedonapool-by-poolbasis.ThiswouldallowentitiesthathaveelectedtoapplytheguidanceinASC310-40ontroubleddebtrestructuringstofutureloanmodifications.
Next Steps:TheASUiseffectiveforanymodificationsofaloanorloansaccountedforwithinapoolinthefirstinterimorannualreportingperiodendingafterJuly15,2010,andwillbeappliedprospectively.Earlyapplicationispermitted.
Other Resources:Deloitte’sMarch2010EITFSnapshot.•
5
Retirement Benefits
IASB Issues Exposure Draft on Improvements to Defined Benefit Accounting
Affects:Entitieswithdefinedbenefitplans.
Summary:OnApril29,2010,theIASBissuedforpubliccommentanexposuredraftthatproposesamendmentstothedefinedbenefitaccountinginIAS19.TheupdateswouldreviseIAS19toincludeprovisionsthatrequireentities:
1. “toaccountimmediatelyforallestimatedchangesinthecostofproviding[long-termemployee]benefitsandallchangesinthevalueofplanassets(oftenreferredtoastheremovalofthe‘corridor’method);
2. touseanewpresentationapproachthatwouldclearlydistinguishbetweendifferentcomponentsofthecostsofthesebenefits;and
3. todiscloseclearerinformationabouttherisksarisingfromdefinedbenefitplans.”
OnMay6,2010,theIASBprojectteamwilldiscusstheexposuredraftduringalivewebcast.
Next Steps:CommentsontheexposuredraftareduebySeptember6,2010.•
Health Care Legislation — Impact on Employee Benefits Accounting
Affects:Entitiesthatprovidehealthbenefitstotheiremployeesorretirees.
Summary:ThePatientProtectionandAffordableCareActandtheHealthCareandEducationReconciliationActof2010(whichwereenactedonMarch23,2010,andMarch30,2010,respectively)affectthebenefitsemployersprovidetoemployeesandretirees.EntitiesshouldbeawareofcertainaccountingimplicationsrelatedtotheseActs,includingtheprovisionsregardingtheeliminationofannualandlifetimebenefitcapsandtheexcisetaxonhigh-costemployerhealthplans.
Next Steps:Deloitte’sApril20,2010,FinancialReportingAlert.• Revenue Recognition
FASB Issues ASU on Milestone Method of Revenue Recognition
Affects: Entitiesthatenterintoresearchordevelopmentarrangementsinvolvingdeliverablesorunitsofaccountinginwhichavendorsatisfiesitsperformanceobligationsovertimeandalloraportionofthearrangementconsiderationiscontingentupontheachievementofamilestone.
Summary: OnApril29,2010,theFASBissuedASU2010-17,whichestablishesarevenuerecognitionmodelforcontingentconsiderationthatispayableupontheachievementofanuncertainfutureevent,referredtoasamilestone.ThescopeoftheASUislimitedtoresearchordevelopmentarrangementsandrequiresanentitytorecordthemilestonepaymentinitsentiretyintheperiodreceivedifthemilestonemeetsallthenecessarycriteriatobeconsideredsubstantive.However,entitieswouldnotbeprecludedfrommakinganaccountingpolicyelectiontoapplyanotherappropriateaccountingpolicythatresultsinthedeferralofsomeportionofthearrangementconsideration.
Next Steps:TheASUiseffectiveforfiscalyears(andinterimperiodswithinthosefiscalyears)beginningonorafterJune15,2010.Earlyapplicationispermitted.Entitiescanapplythisguidanceprospectivelytomilestonesachievedafteradoption.However,retrospectiveapplicationtoallpriorperiodsisalsopermitted.
Other Resources:Deloitte’sMarch2010EITFSnapshot.•
6
Stock Compensation
FASB Issues ASU on the Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades
Affects: Entitiesthatissueshare-basedpaymentawardswithexercisepricesincurrenciesthataredifferentfromtheentity’sfunctionalcurrencyandthepayrollcurrencyoftheemployees.
Summary: OnApril16,2010,theFASBissuedASU2010-13,whichamendsASC718toclarifythatashare-basedpaymentawardwithanexercisepricedenominatedinthecurrencyofamarketinwhichasubstantialportionoftheentity’sequitysecuritiestradesmustnotbeconsideredtocontainamarket,performance,orservicecondition.Therefore,anentityshouldnotclassifysuchanawardasaliabilityifitotherwisequalifiesforclassificationinequity.
Next Steps: ThisASUiseffectiveforinterimandannualperiodsbeginningonorafterDecember15,2010,andwillbeappliedprospectively.Affectedentitieswillberequiredtorecordacumulativecatch-upadjustmenttotheopeningbalanceofretainedearningsforallawardsoutstandingasofthebeginningoftheannualperiodinwhichtheASUisadopted.Earlierapplicationispermitted.
Other Resources: Deloitte’sMarch2010EITFSnapshot.• Transfers and Servicing
FASB Chairman Sends Letter to House Financial Services Committee Explaining Accounting Guidance Relevant to Lehman Accounting Practices
Affects: Entitieswithrepurchaseagreementsandspecial-purposeentities.
Summary: OnApril19,2010,FASBChairmanRobertH.HerzsentalettertotheHouseFinancialServicesCommittee(the“Committee”)explainingthefinancialaccountingstandardsfor,andrelevantguidanceon,repurchaseagreementsandconsolidationofspecial-purposeentities.TheletterwasinresponsetoaccountingmattersidentifiedintheLehmanBankruptcyExaminerreportandwasprovidedasaresourcetomembersoftheCommitteeastheywerepreparingtodeliberatethepublicpolicyissuesrelatedtotheLehmanbankruptcyinahearingheldonApril20,2010.•
Industry Accounting
FASB Issues ASU on Accruals for Casino Base Jackpot Liabilities
Affects: EntitiesthathavegamingoperationswithinthescopeofASC924(formerlyAICPAAuditandAccountingGuide,Casinos).
Summary: OnApril26,2010,theFASBissuedASU2010-16,whichaddressesdiversityinpracticeintheaccountingforbasejackpotsongamingmachines(e.g.,slotmachines).TheASUclarifiesthatacasinoentityshouldnotaccrueabasejackpotiffuturepaymentofthatjackpotcanbeavoided(e.g.,byremovalofthemachinefromthecasinofloor).Thejackpotshouldbeaccruedandchargedtorevenuewhentheentityhasanobligationtopaythejackpot.
Next Steps: TheASUiseffectiveforinterimandannualreportingperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.Acumulativecatch-upadjustmentwillberecordedinretainedearningsasofthebeginningoftheperiodinwhichtheASUisadopted.
Other Resources: Deloitte’sMarch2010EITFSnapshot.•
7
FASB Issues ASU on How Investments Held Through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments
Affects: Insurancecompaniesthathaveamajorityinterestinaninvestmentfundthroughinterestsheldbytheseparateaccountsorthroughacombinationofinterestsheldbythegeneralandseparateaccounts.
Summary: OnApril21,2010,theFASBissuedASU2010-15,whichprovidesguidanceonhowinvestmentsthroughseparateaccountsaffectaninsurer’sconsolidationanalysisofthoseinvestments.UndertheASU:
[A]ninsuranceentityshouldnotconsideranyseparateaccountinterestsheldforthebenefitofpolicyholdersinaninvestmenttobetheinsurer'sinterestsandshouldnotcombinethoseinterestswithitsgeneralaccountinterestinthesameinvestmentwhenassessingtheinvestmentforconsolidation,unlesstheseparateaccountinterestsareheldforthebenefitofarelatedpartypolicyholderasdefinedintheVariableInterestEntitiesSubsectionsofSubtopic810-10andthoseSubsectionsrequiretheconsiderationofrelatedparties.
TheASUalsostatesthatitamendsASC944-80toclarifythefollowing:
[F]orthepurposeofevaluatingwhethertheretentionofspecializedaccountingforinvestmentsinconsolidationisappropriate,aseparateaccountarrangementshouldbeconsideredasubsidiary.Additionally,theamendmentsdonotrequireaninsurertoconsolidateaninvestmentinwhichaseparateaccountholdsacontrollingfinancialinterestiftheinvestmentisnotorwouldnotbeconsolidatedinthestandalonefinancialstatementsoftheseparateaccount.Theamendments[intheASU]alsoprovideguidanceonhowaninsurershouldconsolidateaninvestmentfundinsituationsinwhichtheinsurerconcludesthatconsolidationisrequired.
Next Steps: TheASUiseffectiveforinterimandannualperiodsbeginningafterDecember15,2010,andmustbeappliedretrospectivelytoallpriorperiods.Earlyapplicationispermitted.
Other Resources: Deloitte’sMarch2010EITFSnapshot.•
FASB Issues ASU to Amend SEC Content Within Oil and Gas Guidance
Affects:Entitiesintheoilandgasindustry.
Summary:OnApril20,2010,theFASBissuedASU2010-14,whichamendstheguidanceonoilandgasreportinginASC932-10-S99-1byaddingtotheCodificationSECRegulationS-X,Rule4-10(asamendedbySECFinalRule33-8995,whichbecameeffectiveonJanuary1,2010).•
FASB Issues Exposure Draft on Measuring Charity Care for Disclosure
Affects:Entitiesinthehealthcareindustrythatprovidecharitycare.
Summary:OnApril16,2010,theFASBissuedforpubliccommentaproposedASU(anEITFconsensus)thatwouldamendASC954to“reducethediversityinpracticeaboutthedisclosureofameasureofcharitycare.”Undertheproposal,themeasurementofcharitycarefordisclosurepurposeswouldbe“basedonthedirectandindirectcostsofprovidingthecharitycare.”
Next Steps:CommentsontheproposedASUareduebyMay17,2010.
Other Resources:Deloitte’sMarch2010EITFSnapshot.•
FASB Issues Exposure Draft on Presentation of Insurance Claims and Related Insurance Recoveries
Affects:Entitiesinthehealthcareindustry.
Summary: OnApril16,2010,theFASBissuedforpubliccommentaproposedASU(anEITFconsensus)thatwouldamendASC954toaddress“diversityintheaccountingformedicalmalpracticeandsimilarliabilitiesandtheirrelatedanticipatedinsurancerecoveriesbyhealthcareentities.”Undertheproposal,“ahealthcareentityshouldnotnetinsurancerecoveriesagainstarelatedclaimliability”andthe“amountoftheclaimliabilitywouldbedeterminedwithoutconsiderationofinsurancerecoveries.”
Next Steps:CommentsontheproposedASUareduebyMay17,2010.
Other Resources:Deloitte’sMarch2010EITFSnapshot.•
8
IASB Publishes Discussion Paper on Extractive Activities
Affects:Entitiesthatengageinextractiveactivities.
Summary:OnApril6,2010,theIASBissuedadiscussionpaperthatseekscommentsontheresultsofaproject(researchedbyateamofAustralian,Canadian,Norwegian,andSouthAfricanstandardsetters)exploringtheaccountingforextractiveactivities.Onthebasisofthesecomments,theIASBwilldeterminewhethertoaddthisprojecttoitsagendaand,inturn,whethertoissueanexposuredraftofanIFRSonextractiveactivities.
OnMay7,2010,theIASBextractiveactivitiesprojectteamwillpresentthediscussionpaperinalivewebcast.
Next Steps:CommentsonthediscussionpaperareduebyJuly30,2010.
Other Resources:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•
Other Accounting
A Summary of Financial Reporting and Disclosure Implications of the Health Care Reform Legislation
Affects:Allentities.
Summary:ThePatientProtectionandAffordableCareActandtherelatedHealthCareandEducationReconciliationAct(collectively,the"Act")mayaffectapublicentity'sdisclosuresinitsfinancialstatementsandMD&Ainperiodicreports(suchasForm10-Kand10-Qfilings)andregistrationstatements.KeyprovisionsoftheActcouldaffectentitiesfromvariousindustriesbesidesthehealthcareindustry.
Other Resources:Deloitte’sApril9,2010,HeadsUp.• FAF/FASB and XBRL US Labs Announce Research Initiative
Affects:SECregistrants.
Summary:OnApril23,2010,XBRLUSLabsandtheFAFannouncedathree-yearagreementtocooperateonXBRLtaxonomyresearch.Thetwoorganizationswillworktogethertoensurethe“continuedhighqualityandeffectivenessoftheUSGAAPtaxonomy”andto“promoteinteroperabilityandconsistencybetweenfutureversionsofthattaxonomydevelopedbyFAFwithotherfinancialreportingtaxonomies”thatXBRLUSwilldevelop.
Other Resources:Formoreinformation,seethepressreleaseontheFASB’sWebsite.•
FAF Names Louis Matherne as FASB Chief of Taxonomy Development
Affects:SECregistrants.
Summary:OnApril16,2010,theFAFannouncedtheappointmentofLouisMatherneaschiefoftaxonomydevelopmentfortheFASB.Mr.MathernewillleadtheFASBteamthatmaintainstheU.S.GAAPFinancialReportingTaxonomy.Theteamisworkingtowardanearly2011releaseofthenexttaxonomyupdate.
Other Resources: Formoreinformation,seethepressreleaseontheFASB’sWebsite.• Other SEC Matters
SEC Issues Proposed Rule on Large Trader Reporting System
Affects: SECregistrants.
Summary:OnApril14,2010,theSECissuedforpubliccommentaproposedrulethatwouldestablishanewlargetraderreportingsystem.Theproposaldefinestheterm"largetrader"andrequiresthatlargetradersidentifythemselvesandmakecertaindisclosurestotheSEC.Registeredbroker-dealerswouldberequiredtomaintaintransactionrecordsforeachlargetraderandtoreportthatinformationtotheSECuponrequest.
Other Resources:CommentsontheproposedruleareduebyJune22,2010.•
9
SEC Issues Proposed Rule on Access to Listed Options Exchanges
Affects:SECregistrants.
Summary:OnApril14,2010,theSECissuedforpubliccommentaproposedrulethatwouldprohibitanoptionsexchangefromunfairlyimpedingaccesstoquotationsitdisplaysandwouldlimitthefeesthatanoptionsexchangecanchargeinvestorsandotherswishingtoaccessaquoteonanexchange.Thesetwomeasureswouldmaketherequirementsforaccesstooptionsmarketscomparabletocurrentlyexistingrulesinstockmarkets.
Next Steps:CommentsontheproposedruleareduebyJune21,2010.•
SEC Issues Proposed Rule on Asset-Backed Securities
Affects:SECregistrants.
Summary:OnApril7,2010,theSECissuedforpubliccommentaproposedruleonasset-backedsecurities(ABS)thatwouldsignificantlyreviseRegulationAB(whichgovernsABSofferings)andotherrulesregardingtheofferingprocess,disclosure,andreportingforABS.AccordingtoChairmanMarySchapiro,theproposedruleswould"fundamentallyrevisetheregulatoryregimeforasset-backedsecurities."
Someoftheprovisionsoftheproposedruleinclude:
• RevisionstothefilingdeadlinesforABSofferingstoallowinvestorsmoretimetomakeinvestmentdecisions.
• EliminationofcurrentcreditratingreferencesinshelfeligibilitycriteriaandestablishmentofnewshelfeligibilitycriteriaforABS.
• RequirementthatprospectusesforpublicofferingsofABSandongoingperiodicreportscontainspecifiedasset-levelinformationabouteachoftheassetsinthepoolinataggeddataformatusingeXtensibleMarkupLanguage,withsomelimitedexceptions.
• NewinformationrequirementsforthesafeharborsforexemptofferingsandresalesofABS.
Next Steps:CommentsontheproposedruleareduebyAugust2,2010.•
SEC Publishes Final Rule on Adoption of Updated Edgar Filer Manual
Affects:SECregistrants.
Summary:OnApril1,2010,theSECpublishedFinalRule33-9115,whichrevisestheEDGARFilerManualtoreflectupdatestotheEDGARsystem.Therevisionsareprimarilybeingmadeto:
• SupporttheupgradeoftheMutualFundRisk/ReturnSummaryTaxonomy.
• Extendtheinteractivedata/XBRLvalidationrequirementstoallExhibit101attachments.
• MakeminorupdatestovalidationandprocessingofFormDandamendmentsto13F-HRand13F-NTsubmissiontypes.
TherulebecameeffectiveonApril8,2010.•
SEC Regulations Committee Releases Highlights of September 2009 Meeting
Affects:SECregistrants.
Summary:InApril2010,theSECRegulationsCommitteereleasedhighlightsofitsSeptember22,2009,meeting.Thesehighlightsincludediscussionofthefollowing:
• Considerationofcurrentfinancialreportingmatters.
• ImplementationandinterpretationofrecentSECreleases.
• Discussionofneworpendingaccountingstandardsandpronouncements.
• Currentpracticeissues.
10
SincetheSeptembermeeting,theSECstaffhastakenactiononanumberoftheissuesthatwerediscussedbyupdatingtheFinancialReportingManual,issuingC&DIs,andmakingseveralannouncements.•
Other Auditing
A Summary of the April 7–8 Meeting of the PCAOB’s Standing Advisory Group
Affects:Registeredpublicaccountingfirms.
Summary:AtitsApril7–8,2010,meeting,thePCAOB’sStandingAdvisoryGroup(SAG)discussedtwomainissues:responsibilitiesoftheprincipalauditorandtheauditor’sreportingmodel.Inaddition,theSAGreceivedreportsonstandard-settingactivities,includingasummaryofcommentsreceivedonthePCAOB’sreproposedriskassessmentstandards,emergingissues,anupdateonthePCAOB’sstandard-settingagenda,andprogressmadeinrespondingtotherecommendationsoftheU.S.DepartmentoftheTreasury’sAdvisoryCommitteeontheAuditingProfession.
Other Resources:Deloitte’sApril26,2010,HeadsUp.•
PCAOB Issues Staff Audit Practice Alert on Significant Unusual Transactions
Affects:Registeredpublicaccountingfirms.
Summary:OnApril7,2010,thePCAOBissuedStaffAuditPracticeAlert5.Thealertremindspublic-companyauditorsabouttheir“responsibilitiestoassessandrespondtotheriskofmaterialmisstatementofthefinancialstatementsduetoerrororfraudposedbysignificantunusualtransactions.”ThealertalsosummarizesrelevantrequirementsfromexistingPCAOBauditingstandardsregardingsignificantunusualtransactionsthatauditorsshouldconsiderintheirreviewsofinterimfinancialinformationandauditsoffinancialstatements.•
PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees
Affects:Registeredpublicaccountingfirms.
Summary:OnMarch29,2010,thePCAOBissuedaproposedauditingstandardoncommunicationswithauditcommittees,whichwouldsupersedePCAOBAUSections380and310.ThePCAOB’sprimaryobjectivesinproposingthenewstandardareto(1)enhancetherelevanceandeffectivenessofthecommunicationsbetweentheauditorandtheauditcommitteeand(2)emphasizetheimportanceofeffective,two-waycommunicationsbetweentheauditorandtheauditcommitteetobetterachievetheobjectivesoftheaudit.
Next Steps:CommentsontheproposedauditingstandardareduebyMay28,2010.
Other Resources:Deloitte’sApril19,2010,HeadsUp.•
AICPA Issues Standard for Reporting on Controls at a Service Organization
Affects:Serviceauditors.
Summary:InApril2010,theAICPAissuedSSAE16,whichprovidesserviceauditorswithguidanceonreportingonaserviceorganization’scontrolsandsupersedestheguidancefromSAS70.AspartoftheASBprojecttoconvergeaudit,attest,andquality-controlstandardswiththoseoftheIAASB,itwasdeterminedthattheguidanceforserviceauditorsshouldbemovedtotheSSAEsandthattheguidanceforuserauditorswouldberetainedintheSASs.
Next Steps:SSAE16iseffectiveforserviceauditors’reportsforperiodsendingonorafterJune15,2011.Earlierapplicationispermitted.•
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FASAB Matters
FASAB Issues Standard on Financial Reporting for Social Insurance Programs
Affects:U.S.federalgovernmententities.
Summary: OnApril13,2010,theFASABissuedStatement37,whichrequires“additionaldiscussionandanalysisofsocialinsuranceprograms,enhancesthestatementofsocialinsurance,andcreatesanewfinancialstatementpresentingthecausesofchangeinthenetpresentvalueofthe75-yearopengroupsocialinsurancemeasure.”Thepurposeoftherevisedreportingrequirementsistosignificantlyimprovefinancialstatementusers’understandingofthestatusandresultsofoperationsofthegovernment’ssocialinsuranceprograms.
Next Steps:FASABStatement37iseffectivebeginninginfiscalyear2011.•
FASAB Issues Standard on Accounting for Federal Oil and Gas Resources
Affects:U.S.federalgovernmententitites.
Summary: OnApril13,2010,theFASABissuedStatement38,whichrequiresmorerobustaccountingforoilandgasresourcesthatareavailabletothefederalgovernment.Thestandardrequires“thevalueofthefederalgovernment’sestimatedpetroleumroyaltiesfromtheproductionoffederaloilandgasprovedreservestobereportedinascheduleofestimatedfederaloilandgaspetroleumroyalties.”Further,thestandardrequiresthe“valueofestimatedpetroleumroyaltyrevenuedesignatedforotherstobereportedinascheduleofestimatedfederaloilandgaspetroleumroyaltiestobedistributedtoothers.”
Next Steps:TheinformationrequiredbyFASABStatement38mustbereportedasrequiredsupplementaryinformationforperiodsbeginningafterSeptember30,2011.Earlierapplicationisencouraged.•
Other International
IASC Foundation Releases IFRS Taxonomy 2010
Affects:EntitiesthatapplyIFRSs.
Summary:OnApril30,2010,theIASCFoundationissuedtheIFRSTaxonomy2010,aconversionofIFRSsissuedasofJanuary1,2010,intoXBRL.The2010taxonomyisconsistentwithIFRSsandtheIFRSforSMEs.
Other Resources:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•
Paul Pacter Appointed to the IASB
Affects:EntitiesthatapplyIFRSs.
Summary:OnApril15,2010,thetrusteesoftheIASCFoundationannouncedtheappointmentofPaulPactertotheIASB.Mr.Pacterwillserveatwo-yeartermfromJuly1,2010,toJune30,2012.HewillcontinuetochairtheSMEImplementationGrouponbehalfoftheIASB.Mr.Pacterhaspreviouslyservedinstandard-settingrolesatboththeIASBandtheFASB.
Other Resources:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•
IASB and FASB Issue Quarterly Progress Report on Commitment to the Memorandum of Understanding
Affects:Allentities.
Summary:OnApril14,2010,theIASBandFASBpublishedaquarterlyreportoftheirprogresstowardconvergingIFRSsandU.S.GAAPthroughthefirstquarterof2010(i.e.,throughMarch31,2010).Thereportprovidesthestatusof,andmilestonesachievedfor,thefollowingconvergenceprojects:financialinstruments,consolidations,derecognition,fairvaluemeasurement,revenuerecognition,leases,financialinstrumentswithcharacteristicsofequity,andfinancialstatementpresentation.ThereportalsosummarizesexposuredraftsthattheIASBandtheFASBplantoissueinthesecondquarterof2010.ThetwoboardsareexpectedtopublishthenextprogressreportinJuly2010.•
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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
ASU2010-18,EffectofaLoanModificationWhentheLoanIsPartofaPoolThatIsAccountedforasaSingleAsset
EntitiesthatmodifyaloanthatiscurrentlyaccountedforunderASC310-30(formerlySOP03-3)aspartofapoolofloansthat,whenacquired,haddeterioratedincreditquality.
TheASUiseffectiveforanymodificationsofaloanorloansaccountedforwithinapoolinthefirstinterimorannualreportingperiodendingafterJuly15,2010,andwillbeappliedprospectively.Earlyapplicationispermitted.
ASU2010-17,MilestoneMethodofRevenueRecognition
Entitiesthatenterintoresearchanddevelopmentarrangementsinvolvingdeliverablesorunitsofaccountinginwhichavendorsatisfiesitsperformanceobligationsovertimeandalloraportionofthearrangementconsiderationiscontingentupontheachievementofamilestone.
TheASUiseffectiveforfiscalyears(andinterimperiodswithinthosefiscalyears)beginningonorafterJune15,2010.Earlyapplicationispermitted.Entitiescanapplythisguidanceprospectivelytomilestonesachievedafteradoption.However,retrospectiveapplicationtoallpriorperiodsisalsopermitted.
ASU2010-16,AccrualsforCasinoJackpotLiabilities
EntitiesthathavegamingoperationswithinthescopeofASC924(formerlyAICPAAuditandAccountingGuide,Casinos).
TheASUiseffectiveforinterimandannualreportingperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.Acumulativecatch-upadjustmentwillberecordedinretainedearningsasofthebeginningoftheperiodinwhichtheASUisadopted.
ASU2010-15,HowInvestmentsHeldThroughSeparateAccountsAffectanInsurer’sConsolidationAnalysisofThoseInvestments
Insurancecompaniesthathaveamajorityinterestinaninvestmentfundthroughinterestsheldbytheseparateaccountsorthroughacombinationofinterestsheldbythegeneralandseparateaccounts.
TheASUiseffectiveforinterimandannualperiodsbeginningafterDecember15,2010,andmustbeappliedretrospectivelytoallpriorperiods.Earlyapplicationispermitted.
ASU2010-14,AccountingforExtractiveActivities—Oil&Gas—amendmentstoparagraph932-10-S99-1
Entitiesintheoilandgasindustry. ThisASUdoesnotcontainaneffectivedate.
ASU2010-13,EffectofDenominatingtheExercisePriceofaShare-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityTrades
Entitiesthatissueshare-basedpaymentawardswithexercisepricesincurrenciesthataredifferentfromtheentity’sfunctionalcurrencyandthepayrollcurrencyoftheemployees.
ThisASUiseffectiveforinterimandannualperiodsbeginningonorafterDecember15,2010,andwillbeappliedprospectively.Affectedentitieswillberequiredtorecordacumulativecatch-upadjustmenttotheopeningbalanceofretainedearningsforallawardsoutstandingasofthebeginningoftheannualperiodinwhichtheASUisadopted.Earlierapplicationispermitted.
ASU2010-12,AccountingforCertainTaxEffectsofthe2010HealthCareReformActs
SECregistrantswithaperiod-endbetweenMarch23,2010,andMarch30,2010.
ThisASUdoesnotcontainaneffectivedate.
ASU2010-11,ScopeExceptionRelatedtoEmbeddedCreditDerivatives
Allentities. TheASUiseffectiveonthefirstdayofthefirstfiscalquarterbeginningafterJune15,2010.Therefore,foracalendar-year-endentity,theASUbecomeseffectiveonJuly1,2010.EarlyapplicationispermittedatthebeginningofanyfiscalquarterbeginningafterMarch5,2010.
ASU2010-10,AmendmentsforCertainInvestmentFunds
Moneymarketmutualfundsandinterestsinmutualfunds,hedgefunds,privateequityfunds,andventurecapitalfunds.
TheASUiseffectiveasofthebeginningofthefirstannualperiodthatbeginsafterNovember15,2009,andforinterimperiodswithinthatfirstannualperiod.Earlyapplicationisnotpermitted.
ASU2010-09,AmendmentstoCertainRecognitionandDisclosureRequirements
Allentities. Forallentities(exceptconduitdebtobligors),theASUiseffective immediatelyforfinancialstatementsthatare(1)issuedoravailabletobeissuedor(2)revised.Forconduitdebtobligors,theASUiseffectiveforinterimandannualperiodsendingafterJune15,2010.
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ASU2010-08,TechnicalCorrectionstoVariousTopics
Allentities. Theclarificationsoftheguidanceonembeddedderivativesandhedging(ASC815-15)areeffectiveforfiscalyearsbeginningafterDecember15,2009.Theamendmentstotheguidanceonaccountingforincometaxesinareorganization(ASC852-740)shouldbeappliedtoreorganizationswhosedateisonorafterthebeginningofthefirstannualreportingperiodbeginningonorafterDecember15,2008.AllotheramendmentsareeffectiveasofthefirstinterimorannualreportingperiodbeginningaftertheASU’sissuancedate(February2,2010).
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.TheamendmentstoASC932specifytherequireddisclosuresfortheeffectofadoption.Earlyapplicationisnotpermitted.AnentitythatbecamesubjecttothedisclosurerequirementsofASC932asaresultofthechangetothedefinitionofsignificantoil-andgas-producingactivitiesispermittedtoapplythedisclosureprovisionsofASC932inannualperiodsbeginningafterDecember31,2009.
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.
ASC715-20-65-2(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,MeasuringCharityCareforDisclosure
Entitiesinthehealthcareindustrythatprovidecharitycare.
CommentsdueMay17,2010.
ProposedASU,PresentationofInsuranceClaimsandRelatedInsuranceRecoveries
Entitiesinthehealthcareindustry. CommentsdueMay17,2010.
ProposedConceptsStatement,ConceptualFrameworkforFinancialReporting:TheReportingEntity
Allentities. CommentsdueJuly16,2010.
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AICPA/AcSEC Affects Status
Significant Adoption Dates
SAS120,RequiredSupplementaryInformation Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.
SAS119,SupplementaryInformationinRelationtotheFinancialStatementsasaWhole
Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.
SAS118,OtherInformationinDocumentsContainingAuditedFinancialStatements
Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.
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.
SAS,AuditDocumentation(Redrafted) Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.
SSARS19,CompilationandReviewEngagements Accountantsthatprovidecompilationorreviewservices.
EffectiveforcompilationsandreviewsoffinancialstatementsforperiodsendingonorafterDecember15,2010.Earlyimplementationofcertainrequirementsandguidancerelatedtocompilationsperformedbyaccountantswhoarenotindependentispermitted.
SSARS18,ApplicabilityofStatementsonStandardsforAccountingandReviewServices
Accountantsthatprovidecompilationorreviewservices.
EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.
SSAE16,ReportingonControlsataServiceOrganization
Serviceauditors. Effectiveforserviceauditors’reportsforperiodsendingonorafterJune15,2011.Earlierapplicationispermitted.
Projects in Request-for-Comment Stage
ProposedSAS,ConsiderationofOmittedProceduresAftertheReportReleaseDate
Auditors. CommentsdueMay31,2010.
ProposedSAS,ConsistencyofFinancialStatements
Auditors. CommentsdueMay19,2010.
ProposedSAS,ReportsonApplicationofRequirementsofanApplicableFinancialReportingFramework
Auditors. CommentsdueMay17,2010.
SEC Affects Status
Significant Adoption Dates
SAB113(revisesorrescindsportionsoftheinterpretiveguidanceinSABTopic12,“OilandGasProducingActivities”)
SECregistrants. EffectiveNovember4,2009.
FinalRule,ShareholderApprovalofExecutiveCompensationofTARPRecipients(34-61335)
SECregistrantsthatarerecipientsoffinancialassistanceundertheTARP.
EffectiveFebruary18,2010.
FinalRule,AmendmenttoMunicipalSecuritiesDisclosure(34-59062)
Brokers,dealers,andmunicipalsecuritiesdealers.
EffectiveJuly1,2009.
FinalRule,AdoptionofUpdatedEDGARFilerManual(33-9115)
SECregistrants. EffectiveApril8,2010.
FinalRule,AmendmentstoRulesRequiringInternetAvailabilityofProxyMaterials(33-9108)
SECregistrants. EffectiveMarch29,2010.
InterpretiveRelease,CommissionGuidanceRegardingDisclosuresRelatedtoClimateChange(33-9106)
SECregistrants. EffectiveFebruary8,2010.
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FinalRule,ProxyDisclosureEnhancements,Correction(33-9089A)
SECregistrants. EffectiveFebruary28,2010.
FinalRule,ProxyDisclosureEnhancements(33-9089)
SECregistrants. EffectiveFebruary28,2010.
FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9077)
SECregistrants. EffectiveOctober30,2009.
FinalRule,InternalControlOverFinancialReportinginExchangeActPeriodicReportsofNon-AcceleratedFilers(33-9072)
Nonacceleratedfilers. EffectiveDecember18,2009,fornonacceleratedfilers.Auditor’sattestationreportoninternalcontroloverfinancialreportingmustbeincludedwithannualreportsforfiscalyearsendingonorafterJune15,2010.
FinalRule,InteractiveDataforMutualFundRisk/ReturnSummary(33-9006)
Mutualfunds. Effectiveforinitialregistrationstatementsandpost-effectiveamendmentsthatareannualupdatestopost-effectiveregistrationstatementsthatbecomeeffectiveafterJanuary1,2011.
FinalRule,InteractiveDatatoImproveFinancialReporting(33-9002)
SECregistrants(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,CustodyofFundsorSecuritiesofClientsbyInvestmentAdvisers(IA-2968)
Registeredinvestmentadvisers. EffectiveMarch12,2010.
FinalRule,MoneyMarketFundReform(IC-29132)
Moneymarketfunds. EffectiveMay5,2010.
Projects in Request-for-Comment Stage
ProposedRule,ProposedAmendmentstoRule610ofRegulationNMS(34-61902)
SECregistrants. CommentsdueJune21,2010.
ProposedRule,LargeTraderReportingSystem(34-61908)
SECregistrants. CommentsdueJune22,2010.
ProposedRule,Asset-BackedSecurities(34-61858)
SECregistrants. CommentsdueAugust2,2010.
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,CommunicationsWithAuditCommittees
Registeredpublicaccountingfirms. CommentsdueMay28,2010.
GASB/GAO Affects Status
Significant Adoption Dates
Statement58,AccountingandFinancialReportingforChapter9Bankruptcies
Governmentalentities. EffectiveforperiodsbeginningafterJune15,2009;retroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.
Statement57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans
Governmentalentities. Provisionsrelatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.ProvisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.EarlierapplicationofthisStatementisencouraged.
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.
Projects in Request-for-Comment Stage
ProposedStatement,TheFinancialReportingEntity,anAmendmentofGASBStatementsNo.14andNo.34.
Governmentalentities. CommentsdueJune30,2010.
ProposedStatement,CodificationofAccountingandFinancialReportingGuidanceContainedinPre-November30,1989FASBandAICPAPronouncements
Governmentalentities. CommentsdueJuly31,2010.
FASAB Affects Status
Significant Adoption Dates
Statement38,AccountingforFederalOilandGasResources
U.S.federalgovernmententities. TheinformationrequiredbyFASABStatement38mustbereportedasrequiredsupplementaryinformationforperiodsbeginningafterSeptember30,2011.Earlierapplicationisencouraged.
Statement37,SocialInsurance:AdditionalRequirementsforManagement’sDiscussionandAnalysisandBasicFinancialStatements
U.S.federalgovernmententities. Effectivebeginninginfiscalyear2011.
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.
18
Statement33,Pensions,OtherRetirementBenefits,andOtherPostemploymentBenefits:ReportingtheGainsandLossesFromChangesinAssumptionsandSelectingDiscountRatesandValuationDates
U.S.federalgovernmententities. EffectiveforfiscalyearsbeginningafterSeptember30,2009.
TechnicalBulletin2006-1,RecognitionandMeasurementofAsbestos-RelatedCleanupCosts
U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2009.Earlyadoptionisencouraged.
International Standards Affects Status
Significant Adoption Dates
IFRS9,FinancialInstruments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlierapplicationispermitted.
IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.
EffectiveasofJuly9,2009.
Improvements to IFRSs—acollectionofamendmentstotwelveInternationalFinancialReportingStandards
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010.Earlyapplicationispermitted.
IFRS3(revised),BusinessCombinations EntitiesthatapplyIFRSs. EffectiveforbusinesscombinationsinannualfinancialstatementsbeginningonorafterJuly1,2009.EarlyadoptionispermittedprovidedthatthestandardisappliedwithIAS27(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyadoptionisdisclosed.
AmendmentstoIFRS2,GroupCash-settledShare-basedPaymentTransactions
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010;theamendmentsmustbeappliedretrospectively.Earlyapplicationispermitted.
IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.
AmendmentstoIFRS1,LimitedExemptionFromComparativeIFRS7DisclosuresforFirst-timeAdopters
EntitiesthatapplyIFRSs. EffectiveonJuly1,2010.Earlierapplicationispermitted.
AmendmentstoIFRS1,AdditionalExemptionsforFirst-timeAdopters
EntitiesthatapplyIFRSs. EffectiveJanuary1,2010.Earlierapplicationispermitted.
AmendmentstoIAS39,FinancialInstruments:MeasurementandRecognition—EligibleHedgedItems
EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.
AmendmentstoIFRIC9andIAS39,EmbeddedDerivatives
EntitiesthatapplyIFRSs. EffectiveforannualperiodsendingonorafterJune30,2009.Theamendmentsshouldbeappliedretrospectively.
AmendmentstoIAS32,FinancialInstruments:Presentation—ClassificationofRightsIssues
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterFebruary2,2010.Earlyapplicationispermitted.
IAS27(revised),ConsolidatedandSeparateFinancialStatements
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.EarlyapplicationispermittedprovidedthatthestandardisappliedwithIFRS3(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyapplicationisdisclosed.
IAS24,RelatedPartyDisclosures EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2011.Earlierapplicationispermitted.
IFRICInterpretation19,ExtinguishingFinancialLiabilitiesWithEquityInstruments
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2010.Earlierapplicationispermitted.IfanentityappliesthisInterpretationforaperiodbeginningbeforeJuly1,2010,itshoulddisclosethatfact.AnentityshouldapplyachangeinaccountingpolicyinaccordancewithIAS8fromthebeginningoftheearliestcomparativeperiodpresented.
IFRICInterpretation18,TransfersofAssetsFromCustomers
EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.
IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners
EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.
19
AmendmentstoIFRIC14,PrepaymentsofaMinimumFundingRequirement
EntitiesthatapplyIFRSs. AnentityshouldapplythoseamendmentsforannualperiodsbeginningonorafterJanuary1,2011.Earlierapplicationispermitted.Ifanentityappliestheamendmentsforanearlierperiod,itshoulddisclosethatfact.
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.
20
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,FinancialInstruments:AmortisedCostandImpairment
EntitiesthatapplyIFRSs. CommentsdueJune30,2010.
ExposureDraft,ConceptualFrameworkforFinancialReporting:TheReportingEntity
Allentities. CommentsdueJuly16,2010.
DiscussionPaper,ExtractiveActivities Entitiesthatengageinextractiveactivities.
CommentsdueJuly30,2010.
ExposureDraft,DefinedBenefitPlans—ProposedAmendmentstoIAS19
Entitieswithdefinedbenefitplans. CommentsdueSeptember6,2010.
21
Appendix B: Recent Meetings
Recent FASB Meetings
TojumptotheminutesofaFASBmeeting,clickalinkbelow.
April 14, 2010
TheBoarddiscussedthefollowingtopics:
• SECStaffAnnouncement.
• DisclosuresAboutCertainLossContingencies.
• DisclosuresAboutanEmployer’sParticipationinaMultiemployerPlan.
• InsuranceContracts.
• StatementofComprehensiveIncome.
April 20, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• Consolidation.
April 21, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• InsuranceContracts.
• Derecognition
April 22, 2010
ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:
• FinancialStatementPresentation.
• InsuranceContracts.
• Leases.
April 28, 2010
TheBoarddiscussedthefollowingtopics:
• DisclosuresAboutCreditQualityandtheAllowanceforCreditLosses.
• AccountingforFinancialInstruments.
FASB Project Summaries and Meeting Minutes
Projectsummaries,handoutsdistributedateachmeeting,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.
Recent EITF Meetings
NoEITFmeetingswereheldinApril2010.ThenextmeetingisscheduledforMay6,2010.
Recent ASB Meetings
NoASBmeetingswereheldinApril2010.ThenextmeetingisscheduledforMay3–6,2010.
22
Recent AcSEC Meetings
April 6, 2010
TheAcSECdiscussedthefollowingtopics:
• SECIFRSWorkPlan.
• CheapStockPracticeAid.
• HealthCareGuide.
TheagendaisavailableontheAcSEC’sWebsite.
April 7, 2010
TheAcSECdiscussedthefollowingtopics:
• PropertyandCasualtyInsuranceGuide.
• OilandGasGuide.
• IFRSGuide.
• CasinoGuide.
TheagendaisavailableontheAcSEC’sWebsite.
Recent FASAB Meetings
April 28, 2010
TheFASABdiscussedthefollowingtopics:
• AdministrativeMatters.
• MeasurementAttributes.
• TechnicalAgenda.
• FederalEntity.
• DeferredMaintenanceandAssetImpairment.
• SubsequentEvents.
• ChangestoPoliciesandProcedures.
• SteeringCommitteeMeeting.
TheagendaisavailableontheFASAB’sWebsite.
April 29, 2010
TheFASABdiscussedthefollowingtopics:
• FederalReportingModel.
• EvaluatingExistingStandards—EarmarkedFunds.
TheagendaisavailableontheFASAB’sWebsite.
Recent GASB Meetings
April 20, 2010
TheGASBdiscussedthefollowingtopics:
• ServiceConcessionArrangements.
• PensionAccountingandFinancialReporting.
• FinancialInstrumentsOmnibus.
• TechnicalPlan.
23
Recent IASB Meetings
April 8, 2010
TheIASBdiscussedthefollowingtopics:
• AnnualImprovements.
• TerminationBenefits—AmendmentstoIAS19.
• FairValueMeasurement.
TheagendaisavailableontheIASB’sWebsite.
April 20, 2010
ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:
• Leases.
• Consolidation.
TheagendaisavailableontheIASB’sWebsite.
April 21, 2010
ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopic:
• Leases.
• InsuranceContracts.
• Derecognition.
TheagendaisavailableontheIASB’sWebsite.
April 22, 2010
TheIASBdiscussedthefollowingtopics:
• FinancialInstruments:ClassificationandMeasurement.
• Leases.
• FinancialInstruments:HedgeAccounting
TherewasalsoajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:
• FinancialStatementPresentation.
• InsuranceContracts.
• Leases.
TheagendaisavailableontheIASB’sWebsite.
April 23, 2010
TheIASBdiscussedthefollowingtopics:
• InsuranceContracts.
• SweepIssues.
TheagendaisavailableontheIASB’sWebsite.
Recent IFRIC Meetings
NoIFRICmeetingswereheldinApril2010.ThenextmeetingisscheduledforMay6–7,2010.
24
Appendix C: Glossary of StandardsFASBAccountingStandardsUpdateNo.2010-18,EffectofaLoanModificationWhentheLoanIsPartofaPoolThatIsAccountedforasaSingleAsset—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsUpdateNo.2010-17,MilestoneMethodofRevenueRecognition—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsUpdateNo.2010-16,AccrualsforCasinoJackpotLiabilities—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsUpdateNo.2010-15,HowInvestmentsHeldThroughSeparateAccountsAffectanInsurer’sConsolidationAnalysisofThoseInvestments—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsUpdateNo.2010-14,AccountingforExtractiveActivities—OilandGas—amendmentstoparagraph932-10-S99-1
FASBAccountingStandardsUpdateNo.2010-13,EffectofDenominatingtheExercisePriceofaShare-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityTrades—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsUpdateNo.2010-12,AccountingforCertainTaxEffectsofthe2010HealthCareReformActs
FASBAccountingStandardsUpdateNo.2010-06,ImprovingDisclosuresAboutFairValueMeasurements
FASBProposedAccountingStandardsUpdate,MeasuringCharityCareforDisclosure—aconsensusoftheFASBEmergingIssuesTaskForce
FASBProposedAccountingStandardsUpdate,PresentationofInsuranceClaimsandRelatedInsuranceRecoveries—aconsensusoftheFASBEmergingIssuesTaskForce
FASBAccountingStandardsCodificationTopic954,HealthCareEntities
FASBAccountingStandardsCodificationSubtopic944-80,FinancialServices—Insurance—SeparateAccounts
FASBAccountingStandardsCodificationTopic932,ExtractiveActivities—OilandGas
FASBAccountingStandardsCodificationTopic924,Entertainment—Casinos
FASBAccountingStandardsCodificationTopic820,FairValueMeasurementsandDisclosures
FASBAccountingStandardsCodificationTopic815,DerivativesandHedging
FASBAccountingStandardsCodificationTopic810,Consolidation
FASBAccountingStandardsCodificationSubtopic810-10,Consolidation—Overall
FASBAccountingStandardsCodificationTopic718,Compensation—StockCompensation
FASBAccountingStandardsCodificationSubtopic310-40,Receivables—TroubledDebtRestructuringsbyCreditors
FASBAccountingStandardsCodificationSubtopic310-30,Receivables—LoansandDebtSecuritiesAcquiredWithDeterioratedCreditQuality
FASBStatementNo.167,AmendmentstoFASBInterpretationNo.46(R)
FASBStatementNo.157,FairValueMeasurements
FASBStatementNo.133,AccountingforDerivativeInstrumentsandHedgingActivities
AICPAStatementofPosition03-3,AccountingforCertainLoansorDebtSecuritiesAcquiredinaTransfer
AICPAStatementonAuditingStandardsNo.70(AUSection324),ServiceOrganizations
AICPAStatementonStandardsforAttestationEngagementsNo.16,ReportingonControlsataServiceOrganization
SECRegulationS-X,Rule4-10,“FinancialAccountingandReportingforOilandGasProducingActivitiesPursuanttotheFederalSecuritiesLawsandtheEnergyPolicyandConservationActof1975”
SECRegulationS-X,Rule3-14,“SpecialInstructionsforRealEstateOperationstoBeAcquired”
SECRegulationS-X,Rule3-05,“FinancialStatementsofBusinessesAcquiredortoBeAcquired”
25
SECFinalRuleReleaseNo.33-9115,AdoptionofUpdatedEdgarFilerManual
SECFinalRuleReleaseNo.33-8995,ModernizationofOilandGasReporting
SECProposedRuleReleaseNo.34-61908,LargeTraderReportingSystem
SECProposedRuleReleaseNo.34-61902,ProposedAmendmentstoRule610ofRegulationNMS
SECProposedRuleReleaseNo.34-61858,Asset-BackedSecurities
SECStaffFrequentlyAskedQuestions,Management’sReportonInternalControlOverFinancialReportingandCertificationofDisclosureinExchangeActPeriodicReports
PCAOBAUSection380,“CommunicationsWithAuditCommittees”
PCAOBAUSection310,“AppointmentoftheIndependentAuditor”
PCAOBStaffAuditPracticeAlertNo.5,AuditorConsiderationsRegardingSignificantUnusualTransactions
PCAOBProposedReleaseNo.2010-001,ProposedAuditingStandardRelatedtoCommunicationsWithAuditCommitteesandRelatedAmendmentstoCertainPCAOBAuditingStandards
CenterforAuditQualityAlertNo.2010-21,NewStandardonAccountingforVariableInterestEntities—Section404Considerations
CenterforAuditQualityAlertNo.2010-20,NewStandardonAccountingforVariableInterestEntities—TransitionQuestionsforSECRegistrants
FASABStatementNo.37,SocialInsurance:AdditionalRequirementsforManagement’sDiscussionandAnalysisandBasicFinancialStatements
FASABStatementNo.38,AccountingforFederalOilandGasResources
IAS19,EmployeeBenefits
IASBExposureDraft,DefinedBenefitPlans—ProposedAmendmentstoIAS19
IASBDiscussionPaper,ExtractiveActivities
26
Appendix D: Abbreviations ABSs asset-backedsecurities
AcSEC AccountingStandardsExecutiveCommittee
AICPA AmericanInstituteofCertifiedPublicAccountants
AML anti–moneylaundering
ASB AuditingStandardsBoard
ASC FASBAccountingStandardsCodification
ASU FASBAccountingStandardsUpdate
AU U.S.AuditingStandards
C&DIs complianceanddisclosureinterpretations
CAQ CenterforAuditQuality
CPE continuingprofessionaleducation
EDGAR ElectronicDataGathering,Analysis,andRetrievalSystem
EDT EasternDaylightTime
EITF EmergingIssuesTaskForce
FAF FinancialAccountingFoundation
FAQs frequentlyaskedquestions
FAS FinancialAccountingStandard
FASAB FederalAccountingStandardsAdvisoryBoard
FASB FinancialAccountingStandardsBoard
FCPA ForeignCorruptPracticesAct
GAAP generallyacceptedaccountingprinciples
GAO GovernmentAccountabilityOffice
GASB GovernmentalAccountingStandardsBoard
IAASB InternationalAuditingandAssuranceStandardsBoard
IAS InternationalAccountingStandard
IASB InternationalAccountingStandardsBoard
IASC InternationalAccountingStandardsCommittee
ICFR internalcontroloverfinancialreporting
IFRIC InternationalFinancialReportingInterpretationsCommittee
IFRS InternationalFinancialReportingStandard
IRS InternalRevenueService
ISA InternationalStandardonAuditing
ISQC InternationalStandardonQualityControl
MD&A Management'sDiscussionandAnalysis
OPEB otherpostemploymentbenefits
PCAOB PublicCompanyAccountingOversightBoard
Q&A questionandanswer
SAB StaffAccountingBulletin
SAG StandingAdvisoryGroup
27
SAS StatementonAuditingStandards
SEC SecuritiesandExchangeCommission
SMEs smallandmedium-sizedentities
SOP StatementofPosition
SSAE StatementonStandardsforAttestationEngagements
SSARS StatementonStandardsforAccountingandReviewServices
XBRL eXtensibleBusinessReportingLanguage
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