October 2009 Accounting Roundup - IAS Plus · , Deloitte’s webcast series that delivers practical...
Transcript of October 2009 Accounting Roundup - IAS Plus · , Deloitte’s webcast series that delivers practical...
October 2009
Accounting Roundup.Edited by Richard Paul and Angela Bacarella, Deloitte & Touche LLP
ContentsRevenue• FASBIssuesASUsonRevenueArrangementsWithMultiple
DeliverablesandSoftwareRevenueRecognition
Debt• FASBIssuesASUonAccountingforOwn-ShareLending
ArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing
Derivatives• FASBIssuesProposedASUonEmbeddedCreditDerivativeScope
Exception• IASBAmendsIAS32toClarifyRightsIssues
Other Accounting• IASCFoundationExposesIFRSforSMEsTaxonomyforPublic
Comment• AICPAPublishesWorkingDraftofOilandGasGuide• GAOIssuesReportonTroubledAssetReliefProgram
SEC MAttERS• SECFurtherDefersSection404(b)RequirementforNonaccelerated
Filers• SECStaffReleasesObservationsBasedonReviewofInteractive
DataFinancialStatements• SECProposesAmendmentstoRulesRequiringInternetAvailability
ofProxyMaterials• SECProposesRuletoProvideTemporaryFilingAccommodationfor
StaticPoolInformation• SECIssuesStaffAccountingBulletintoReviseGuidanceonOil-
andGas-ProducingActivities• SEC’sDivisionofCorporationFinanceIssuesComplianceand
DisclosureInterpretationsonOilandGasRules• SECStaffIssuesBulletinonShareholderProposals• SECIssuesFinalRuleAdoptingUpdatedEDGARFilerManual
Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EST)unlessotherwisenoted):• Wednesday,November4:AnEnterpriseWithoutBorders—
SubsidiaryandThird-PartyControlsandGovernancePractices.
• Monday,November9:BridgingtheValueGap:UsingContingentValueRightsasanM&ATool.
• Wednesday,November11:PracticalImplicationsoftheDownturn:IsItTooLatetoRevisitTransferPricingStrategies?
• Wednesday,November18,3:00p.m.(EST):InternationalTaxReform:TimeforaNewGlobalBusinessGamePlan?
• Thursday,November19:ContinuousControlsMonitoring:CanOneSizeFitAll?
• Tuesday,November24:EITFRoundup:HighlightsoftheNovemberMeeting.
Don’tmissout—registerforthesewebcaststoday.
Deloitte Publications
Publication Title Affects
October 27, 2009, Heads Up An Update on the FASB's and IASB's Joint Project on Financial Instruments
All entities.
October 23, 2009, Heads Up Reconfiguring the Scope of Software Revenue Recognition Guidance
All entities.
October 20, 2009, Heads Up Guidance on 167 Implementation Issues All entities.
October 15, 2009, Heads Up FASB Proposes Guidance on ASC 815 Scope Exception for Embedded Credit Derivatives
Entities with credit derivatives.
October 1, 2009, Heads Up Revenue Recognition: No Longer an Issue of Separation Anxiety
All entities.
October 1, 2009, Heads Up FASB Issues Guidance on Measuring Fair Value of Certain Alternative Investments
All entities.
Other Auditing
• ASBProposesVariousStatementsonAuditingStandards
Appendix A: Significant Adoption Dates and Deadlines
Appendix B: Recent Meetings
Appendix C: Glossary of Standards
Appendix D: Abbreviations
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Revenue
FASB Issues ASUs on Revenue Arrangements With Multiple Deliverables and Software Revenue Recognition
InOctober2009,theFASBissuedthefollowingASUs:
• ASU2009-13,Multiple-DeliverableRevenueArrangements.
• ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements.
BothASUswereconsensusesoftheEITFandratifiedbytheFASB.
ASU 2009-13 (Formerly Issue 08-1)1
AFFECTS: Entitiesthatenterintorevenuearrangementsconsistingofmultipledeliverables.
SUMMARY: ASU2009-13codifiestheconsensusinIssue08-1,whichsupersedesIssue00-21(codifiedinASC605-25).TheASUwasissuedinresponsetopracticeconcernsrelatedtotheaccountingforrevenuearrangementswithmultipledeliverablesunderIssue00-21andappliestoalldeliverablesincontractualarrangementsinallindustriesinwhichavendorwillperformmultiplerevenue-generatingactivities,exceptwhensomeoralldeliverablesinamultiple-deliverablearrangementarewithinthescopeofother,morespecificsectionsoftheCodification(e.g.,ASCs840,952,360-20(pre-CodificationguidancefromStatements13,45,and66)andothersectionsofASC605onrevenuerecognition(e.g.,pre-CodificationguidancefromSOPs81-1and97-2)).
Specifically,theASUaddressestheunitofaccountingforarrangementsinvolvingmultipledeliverables.Italsoaddresseshowarrangementconsiderationshouldbeallocatedtotheseparateunitsofaccounting,whenapplicable.However,guidanceondeterminingwhenthecriteriaforrevenuerecognitionaremetandonhowanentityshouldrecognizerevenueforagivenunitofaccountingarelocatedinothersectionsoftheCodification(e.g.,SABTopic13).AlthoughtheASUretainsthecriteriafromIssue00-21forwhendelivereditemsinamultiple-deliverablearrangementshouldbeconsideredseparateunitsofaccounting,itremovesthepreviousseparationcriterionunderIssue00-21thatobjectiveandreliableevidenceofthefairvalueofanyundelivereditemsmustexistforthedelivereditemstobeconsideredaseparateunitorseparateunitsofaccounting.
NEXT STEPS:TheASUiseffectiveforfiscalyearsbeginningonorafterJune15,2010.EntitiescanelecttoapplytheASU(1)prospectivelytonewormateriallymodifiedarrangementsafteritseffectivedateor(2)retrospectivelyforallperiodspresented.Earlyapplicationispermitted;however,iftheentityelectsprospectiveapplicationandearlyadoptstheASUafteritsfirstinterimreportingperiod,itmustalsodothefollowingintheperiodofadoption:(1)retrospectivelyapplytheASUasofthebeginningofthatfiscalyearand(2)disclosetheeffectoftheretrospectiveadjustmentsonthepriorinterimperiods’revenue,incomebeforetaxes,netincome,andearningspershare.
OTHER RESOURCES:Deloitte’sSeptember2009EITFSnapshotandOctober1,2009,HeadsUp.
ASU 2009-14 (Formerly Issue 09-3)2
AFFECTS:EntitiesthatselltangibleproductscontainingbothhardwareelementsandsoftwareelementsthatarecurrentlywithinthescopeofASC985-605(SOP97-2).
SUMMARY:ASU2009-14amendsASC985-605andASC985-605-15-3(Issue03-5)toexcludefromtheirscopealltangibleproductscontainingbothsoftwareandnonsoftwarecomponentsthatfunctiontogethertodelivertheproduct’sessentialfunctionality.Thatis,theentireproduct(includingthesoftwaredeliverablesandnonsoftwaredeliverables)wouldbeoutsidethescopeofASC985-605andwouldbeaccountedforunderotheraccountingliterature(e.g.,ASC605-25(asamendedbyASU2009-13)).Theconsensuswillincludefactorsthatentitiesshouldconsiderwhendeterminingwhetherthesoftwareandnonsoftwarecomponentsfunctiontogethertodelivertheproduct’sessentialfunctionalityandarethusoutsidetherevisedscopeofASC985-605.Inaddition,theconsensuswillincludeexamplesillustratinghowentitieswouldapplytherevisedscopeprovisions.
1 Thisarticle,whichfirstappearedinAccountingRoundup:ThirdQuarterinReview—2009,hasbeenupdatedtoreflecttherecentissuanceoftheASU.2 Seefootnote1.
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NEXT STEPS:TheASUiseffectiveforfiscalyearsbeginningonorafterJune15,2010.EntitiescanelecttoapplytheASU(1)prospectivelytonewormateriallymodifiedarrangementsafteritseffectivedateor(2)retrospectivelyforallperiodspresented.Earlyapplicationispermitted;however,iftheentityelectsprospectiveapplicationandearlyadoptstheASUafteritsfirstinterimreportingperiod,itmustalsodothefollowingintheperiodofadoption:(1)retrospectivelyapplytheASUasofthebeginningofthatfiscalyearand(2)disclosetheeffectoftheretrospectiveadjustmentsonthepriorinterimperiods’revenue,incomebeforetaxes,netincome,andearningspershare.
OTHER RESOURCES:Deloitte’sSeptember2009EITFSnapshotandOctober23,2009,HeadsUp.•Debt
FASB Issues ASU on Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing3
AFFECTS: Entitiesthatenterintoashare-lendingarrangementontheirownsharesincontemplationofaconvertibledebtofferingorotherfinancing(e.g.,anequityfinancing)inwhichtheshare-lendingarrangementisclassifiedinequity.
SUMMARY: ThisASU(ASU2009-15)wasaconsensusoftheEITFandratifiedbytheFASB.
TheASUrequiresanentitythatentersintoashare-lendingarrangementonitsownshares(thatareclassifiedinequitypursuanttootherauthoritativeaccountingguidance)incontemplationofaconvertibledebtissuance(orotherfinancing)toinitiallymeasuretheshare-lendingarrangementatfairvalueandtreatitasanissuancecostandtoexcludethesharesborrowedundertheshare-lendingarrangementfrombasicanddilutedEPS.Inaddition,undertheASU,ifitbecomesprobablethattheshare-lendingarrangementcounterpartywilldefaultonthearrangement(notreturntheentity’sshareswithinthespecifiedperiod),theissuingentityshouldrecordalossincurrentearningsthatisequaltothefairvalueofthesharesoutstandinglessanyrecoveries.Theentitywillcontinuetoadjustthelossuntilactualdefault.TheASUalsorequiresentitiestoprovidecertaindisclosuresabouttheshare-lendingarrangement.
NEXT STEPS:TheASUiseffectivefornewshare-lendingarrangementsissuedinperiodsbeginningonorafterJuly15,2009.Forallothershare-lendingarrangements,theASUiseffectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2009.TheASUshouldbeappliedretrospectivelytoarrangementsthatareoutstandingonitseffectivedate.
OTHER RESOURCES: Deloitte'sJune2009EITFSnapshot.•Derivatives
FASB Issues Proposed ASU on Embedded Credit Derivative Scope Exception
AFFECTS: Entitieswithcreditderivatives.
SUMMARY: OnOctober13,2009,theFASBissuedaproposedASU(arevisionofthepre-CodificationproposedImplementationIssueC22)thatclarifiesthescopeexceptioninASC815-15-15-9for“embeddedcreditderivativefeaturesrelatedtothetransferofcreditriskintheformofsubordinationofonefinancialinstrumenttoanother.”
NEXT STEPS: Iffinalized,theproposedASUwillbeeffectiveforthefirstfiscalquarterbeginningafterDecember15,2009.CommentsontheproposedASUareduebyNovember12,2009.
OTHER RESOURCES: Deloitte’sOctober15,2009,HeadsUp.•IASB Amends IAS 32 to Clarify Rights Issues
AFFECTS: EntitiesreportingunderIFRSs.
SUMMARY: OnOctober8,2009,theIASBissuedanamendmenttoIAS32toclarifytheclassificationofrightsissues.Previouspracticewastoaccountforrightsissuesthataredenominatedinacurrencyotherthanthefunctionalcurrencyoftheissuerasderivativeliabilities.Theamendmentrequiresanentitytoclassifysuchrightsissuesasequityregardlessofwhetherthecurrencyistheentity’sfunctionalcurrency,providedthattherightsissuesare“offeredproratatoallofanentity’sexistingshareholdersontheexerciseofwhichtheentitywillreceiveafixedamountofcashforafixednumberoftheentity’sownequityinstruments.”
3 Thisarticle,whichfirstappearedinAccountingRoundup:SecondQuarterinReview—2009,hasbeenupdatedtoreflecttherecentissuanceoftheASU.
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NEXT STEPS:TheamendmentiseffectiveforannualperiodsbeginningonorafterFebruary1,2010;earlyapplicationispermitted.
OTHER RESOURCES:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•Other Accounting
IASC Foundation Exposes IFRS for SMEs taxonomy for Public Comment
AFFECTS:EntitiesreportingunderIFRSs.
SUMMARY:TheIASCFoundation’sXBRLteamissuedanEDofitsIFRSforSMEsTaxonomy,whichwouldtranslatetheIASB’sIFRSforSMEsintoXBRL.AlthoughbasedontheIFRSTaxonomy2009,theSMEtaxonomyissimplerandreflectsthereduceddisclosurerequirementsoftheIFRSforSMEs.
NEXT STEPS: CommentsontheEDareduebyNovember27,2009.
OTHER RESOURCES: AreviewpackagefortheEDisavailableontheIASB’sWebsite.FormoreinformationabouttheED,seethepressreleaseontheIASB’sWebsite.•
AICPA Publishes Working Draft of Oil and Gas Guide
AFFECTS: Entitiesintheoilandgasindustryandtheirauditors.
SUMMARY: OnOctober9,2009,theAICPApublishedaworkingdraftofasignificantlyrevisedversionofitsAuditandAccountingGuideEntitiesWithOilandGasProducingActivities.
NEXT STEPS:CommentsontheworkingdraftareduebyDecember11,2009.
OTHER RESOURCES: Formoreinformation,seetheAICPA’sWebsite.•GAO Issues Report on troubled Asset Relief Program
AFFECTS:Allentities.
SUMMARY:InOctober2009,theGAOissuedareportthatdiscussestheimpactoftheTroubledAssetReliefProgram(TARP)overthepastyearandpotentialchallengeswithitsfutureimplementation.Topicsaddressedincludethefollowing:
• TARP’scurrentstatus.
• TheU.S.DepartmentoftheTreasury’s“progressincreatinganeffectivemanagementstructure.”
• SignsthatmayprompttheDepartmentoftheTreasurytoextendtheprogram.
OTHER RESOURCES:Formoreinformation,seethesummaryontheGAO’sWebsite.•SEC Matters
SEC Further Defers Section 404(b) Requirement for Nonaccelerated Filers
AFFECTS:Nonacceleratedfilersandtheirauditors.
SUMMARY:OnOctober2,2009,theSECannouncedthatitwillallownonacceleratedfilersanadditionalsix-monthdeferral(fromyearsendingonorafterDecember15,2009,toyearsendingonorafterJune15,2010)fromcomplyingwithSECrulesissuedinresponsetoSection404(b)oftheSarbanes-OxleyActof2002(the“Act”).Theserulesrequirethatissuers’“annualreportsincludeanauditor’sattestationreportontheissuer’sinternalcontroloverfinancialreporting.”
TheSECalsoreleasedtheresultsofthecost-benefitstudyconductedbyitsOfficeofEconomicAnalysis,whichindicatedthatthe2007reforms(i.e.,managementguidanceissuedbytheSECandPCAOBAuditingStandard5)hadreducedthecostofSection404compliance.TheSEC,ingrantingtheadditionaldeferral,determinedittobeappropriateandreasonabletoallowmoretimefornonacceleratedfilersandtheirauditorstobetterplanfortherequiredauditorattestation.
Calendar-year-endissuersmustnowcomplywiththeSection404(b)requirementasofDecember31,2010.Allissuersareneverthelesscurrentlyrequiredtoincludemanagement’sreportoninternalcontroloverfinancialreportinginallannualreportsonForm10-K,inaccordancewithSection404(a)oftheAct.
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OTHER RESOURCES:Formoreinformation,seethepressreleaseontheSEC’sWebsiteandDeloitte’sOctober2,2009,FinancialReportingAlert.•
SEC Staff Releases Observations Based on Review of Interactive Data Financial Statements
AFFECTS:SECregistrants.
SUMMARY: OnOctober6,2009,thestaffoftheSEC'sOfficeofInteractiveDisclosurereleasedobservationsbasedonitsinitialreviewofinteractivedatafilessubmittedbythefirstphase-ingroupoffilers.Thesummaryidentifies"certainmattersfilersshouldconsiderastheypreparefuturesubmissionstofurtherimprovethequalityofthosesubmissions."Topicscoveredinclude:
• Issuesentitiesmayencounterwhentryingtoconformtheinteractivedata(XBRL)filestotheHTML/ASCIIfinancialstatements.
• Usingappropriatestandardelementsandcontextreferences(whichdifferentiatetheelements)withinthetaxonomyandcreatingnewelementsonlywhennecessary.
• Ensuringthatnegativevaluesanddecimalattributes(i.e.,whetheramountsareaccuratelyrounded)areenteredcorrectly.
Theobservationsarethestaff'sviewsandarenotrules,regulations,orstatementsoftheSEC.•SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
AFFECTS:SECregistrants.
SUMMARY:OnOctober15,2009,theSECissuedaproposedrulethatwouldamendtheproxyrulesundertheSecuritiesExchangeActof1934toimprovethenotice-and-accessmodel,establishedin2007,forfurnishingproxymaterialstoshareholdersovertheInternet.Specifically,theproposedamendmentswould:
• Allowfor“additionalflexibilityregardingtheformatoftheNoticeofInternetAvailabilityofProxyMaterials[(the‘Notice’)]thatissenttoshareholders.”
• Provide“guidanceaboutthecurrentrequirementfortheNoticetoidentifythemattersintendedtobeactedonattheshareholders’meeting.”
• Includea“newrulethatwillpermitissuersandsolicitingshareholderstoincludeexplanatorymaterialsregardingtheprocessofreceivingandreviewingproxymaterialsandvoting.”
• Revisethe“timeframefordeliveringaNoticetoshareholderswhenasolicitingpersonotherthantheissuerreliesonthenotice-onlyoption.”
NEXT STEPS:CommentsontheproposedruleareduebyNovember20,2009.•SEC Proposes Rule to Provide temporary Filing Accommodation for Static Pool Information
AFFECTS:SECregistrants.
SUMMARY: OnOctober19,2009,theSECissuedaproposedrulethatwouldamendRule312ofRegulationS-T,which“providesatemporaryfilingaccommodationforfilingswithrespecttoasset-backedsecuritiesthatallowsstaticpoolinformationrequiredtobedisclosedinaprospectustobeprovidedonanInternetWebsiteundercertainconditions.”Theproposedrulewouldextendthedeadlineforapplicationofthetemporaryaccommodationbyoneyear,fromDecember31,2009,toDecember31,2010.
NEXT STEPS:CommentsontheproposedruleareduebyNovember23,2009.•SEC Issues Staff Accounting Bulletin to Revise Guidance on Oil- and Gas-Producing Activities
AFFECTS:SECregistrantsthatengageinoil-andgas-producingactivities.
SUMMARY:OnOctober30,2009,theSECissuedaStaffAccountingBulletinthatrevisesSABTopic12“tomaketherelevantinterpretiveguidanceconsistentwithcurrentauthoritativeaccountingandauditingguidance”andtheSEC’sfinalruleonmodernizationofoilandgasreporting,whichwasissuedonDecember31,2008.Amendmentsinclude:
• “[C]hangingthepriceusedindeterminingquantitiesofoilandgasreserves;
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• [E]liminatingtheoptiontousepost-quarter-endpricestoevaluatewrite-offsofexcesscapitalizedcostsunderthefullcostmethodofaccounting;
• [R]emovingtheexclusionofunconventionalmethodsusedinextractingoilandgasfromoilsandsorshaleasanoilandgasproducingactivity;and,
• [R]emovingcertainquestionsandinterpretativeguidancewhicharenolongernecessary.”
NEXT STEPS:TheamendmentsmustbeappliedprospectivelytoregistrationstatementsfiledonorafterJanuary1,2010(orForms10-Kand20-FforfiscalyearsendingonorafterDecember31,2009),exceptforthetechnicalamendmenttoTopic3,whichmustbeappliedretroactivelyinconjunctionwiththeapplicationofFinalRule33-9026.
OTHER RESOURCES:Formoreinformation,seethepressreleaseontheSEC’sWebsite.•SEC’s Division of Corporation Finance Issues Compliance and Disclosure Interpretations on Oil and Gas Rules
AFFECTS:SECregistrantsthatengageinoil-andgas-producingactivities.
SUMMARY:OnOctober26,2009,theSEC’sDivisionofCorporationFinanceissuednewcomplianceanddisclosureinterpretationsontheoilandgasrulesinRegulationsS-XandS-K.Theinterpretationsincludedefinitionsofcertaintermsusedinthenewrulesaswellasinformationaboutrequireddisclosures.•
SEC Staff Issues Bulletin on Shareholder Proposals
AFFECTS:SECregistrants.
SUMMARY:OnOctober27,2009,thestaffoftheDivisionofCorporationFinanceissuedalegalbulletinthatprovidesguidanceontheapplicationofRule14a-8tocertainshareholderproposals.Specifically,thebulletinaddresses:
• The“applicationofRule14a-8(i)(7)toproposalsrelatingtorisk.”
• The“applicationofRule14a-8(i)(7)toproposalsfocusingonsuccessionplanningforacompany'schiefexecutiveofficer(CEO).”
• The“mannerinwhichshareholderproponentsandcompaniescannotifyusthattheywillbesubmittingcorrespondenceinconnectionwithano-actionrequest.”•
SEC Issues Final Rule Adopting Updated EDGAR Filer Manual
AFFECTS:SECregistrants.
SUMMARY:OnOctober26,2009,theSECissuedafinalruleadoptingrevisionstotheEDGARFilerManual.Accordingtothefinalrule,therevisionswill:
• “[E]nforceadditionalXBRLvalidationrequirementstoimprovethequalityofXBRLexhibits.”
• “[A]llowfilerstoelectronicallysubmitthewithdrawalofapplicationforexemptiveorotherrelieffromtheInvestmentCompaniesActassubmissiontypesAPPWDandAPPWD/A.”
• “[A]llowfilerstoaddSubjectCompanyrelatedinformationforthesubmissiontypesF-6,F-6/A,F-6EF,andF-6POS.”
ThefinalrulebecameeffectiveonOctober30,2009.•Other Auditing
ASB Proposes Various Statements on Auditing Standards
AFFECTS:Allentitiesandtheirauditors.
SUMMARY:TheASBissuedthefollowingproposedSASs:
• TermsofEngagementandWrittenRepresentations.
• ForminganOpinionandReportingonFinancialStatements;ModificationstotheOpinionintheIndependentAuditor’sReport;andEmphasisofMatterParagraphsandOtherMatterParagraphsintheIndependentAuditor’sReport.
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• ReportingonComplianceWithAspectsofContractualAgreementsorRegulatoryRequirementsinConnectionWithAuditedFinancialStatements(Redrafted).
• SpecialConsiderations—AuditsofFinancialStatementsPreparedinAccordanceWithSpecialPurposeFrameworks;andSpecialConsiderations—AuditsofSingleFinancialStatementsandSpecificElements,Accounts,orItemsofaFinancialStatement.
• EngagementstoReportonSummaryFinancialStatements.
• ReportingonFinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry.
TheproposedSASsarepartofboththeASB’sClarityProjectanditseffortstoconvergewithInternationalStandardsonAuditing(ISAs).
NEXT STEPS:TheproposedSASswouldbeeffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.CommentsonallproposedSASsareduebyDecember31,2009,exceptforTermsofEngagementandWrittenRepresentations,onwhichcommentsareduebyJanuary15,2010.•
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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
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.
ASC810(Statement167,AmendmentstoFASBInterpretationNo.46(R))
Allentities. EffectiveforfiscalyearsbeginningafterNovember15,2009.
ASC860(Statement166,AccountingforTransfersofFinancialAssets—anamendmentofFASBStatementNo.140)
Allentities. EffectiveforfinancialassettransfersthatoccurinfiscalyearsbeginningafterNovember15,2009.
ASC855(Statement165,Subsequent Events) Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009.
ASC958(Statement164,Not-for-Profit Entities: Mergers and Acquisitions —includinganamendmentofFASBStatementNo.142)
Not-for-profitentities. EffectiveprospectivelyformergersthatoccuratorafterthebeginningofaninitialreportingperiodthatbeginsonorafterDecember15,2009,andforacquisitionsthatoccuratorafterthebeginningofthefirstannualreportingperiodthatbeginsonorafterDecember15,2009.Earlyapplicationisprohibited.
ASC944(Statement163,Accounting for Financial Guarantee Insurance Contracts —aninterpretationofFASBStatementNo.60)
EntitieswithinthescopeofStatement60thatissuefinancialguaranteeinsurance(andreinsurance)contracts.
EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2008(andallinterimperiodswithinthosefiscalyears),exceptforsomedisclosuresabouttheinsuranceenterprise’srisk-managementactivities.Requiresthatdisclosuresabouttherisk-managementactivitiesoftheinsuranceenterprisebeeffectiveforthefirstperiod(includinginterimperiods)beginningaftertheStatement’sissuance.Exceptforthosedisclosures,earlyapplicationisnotpermitted.
ASC815-10-50(Statement161,Disclosures About Derivative Instruments and Hedging Activities —anamendmentofFASBStatementNo.133)
Allentities. EffectiveforfinancialstatementsissuedforfiscalyearsandinterimperiodsbeginningafterNovember15,2008,withearlyapplicationencouraged.
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ASC810(transitional:ASC810-10-65-1)(Statement160,Noncontrolling Interests in Consolidated Financial Statements —anamendmentofARBNo.51)
Allentitiesthatprepareconsolidatedfinancialstatements,exceptnot-for-profitorganizations.
Effectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2008.Thestandardshouldbeappliedprospectively.Presentationanddisclosurerequirementsshouldbeappliedretrospectivelyforallperiodspresented.Earlyadoptionisprohibited.
ASC715(Statement158,Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans—anamendmentofFASBStatementsNo.87,88,106,and132(R))
Allemployerswithdefinedbenefitpensionorotherpostretirementplans.
Recognitionoftheassetandliabilityrelatedtofundedstatusofaplananddisclosures:•Forentitieswithpubliclytradedequitysecurities,effectiveforfiscalyearsendingafterDecember15,2006.
•Forallotherentities,effectiveforfiscalyearsendingafterJune15,2007.
Forallentities,changeinmeasurementdateiseffectiveforfiscalyearsendingafterDecember15,2008.Earlyadoptionispermitted.
ASC820(Statement157,Fair Value Measurements)
Allentities. EffectiveforfiscalyearsbeginningafterNovember15,2007,andinterimperiodswithinthoseyears.Earlieradoptionispermitted,providedthatnofinancialstatementshaveyetbeenissuedwithinthatfiscalyear.ASC820(FSPFAS157-2)deferstheStatement’seffectivedateforcertainnonfinancialassetsandliabilitiestofiscalyearsbeginningafterNovember15,2008,andinterimperiodswithinthoseyears.ThisStatementrequiresprospectiveapplication,withtheexceptionofcertainfinancialinstrumentslistedinparagraph37forwhichtheStatementrequiresretrospectiveapplication.
ASC805(Statement141(R),Business Combinations)
Allentitiesexceptnot-for-profitorganizations,combinationsbetweenentitiesundercommoncontrol,andformationsofjointventures.
EffectiveprospectivelyforbusinesscombinationsforwhichtheacquisitiondateisonorafterthebeginningofthefirstannualreportingperiodbeginningonorafterDecember15,2008.Earlyadoptionisprohibited.
ASC740(Interpretation48,Accounting for Uncertainty in Income Taxes —aninterpretationofFASBStatementNo.109)
AllentitieswithtaxpositionsaccountedforunderASC740(Statement109).
Forpublicentities,effectiveforfiscalyearsbeginningafterDecember15,2006.Forcertainnonpublicentities,ASC740(FSPFIN48-3)deferstheeffectivedateuntilfiscalyearsbeginningafterDecember15,2008.
ASC715-20(FSPFAS158-1,“ConformingAmendmentstotheIllustrationsinFASBStatementsNo.87,No.88,andNo.106andtotheRelatedStaffImplementationGuides”)
Allemployerswithdefinedbenefitpensionplansorotherpostretirementplans.
EffectiveconcurrentlywiththerequirementsofASC715(Statement158).
ASC820(transitional:820-10-65-4)(FSPFAS157-4,“DeterminingFairValueWhentheVolumeandLevelofActivityfortheAssetorLiabilityHaveSignificantlyDecreasedandIdentifyingTransactionsThatAreNotOrderly”)
Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.
ASC820(transitional:820-10-65-2)(FSPFAS157-3,“DeterminingtheFairValueofaFinancialAssetWhentheMarketforThatAssetIsNotActive”)
Allentities. EffectiveasofOctober10,2008,andapplicabletopriorperiodsforwhichfinancialstatementshavenotyetbeenissued.EntitiesmustaccountforrevisionstofairvalueestimatesresultingfromtheadoptionoftheFSPasachangeinaccountingestimateunderASC250(Statement154),butdonotneedtoprovidethedisclosuresrequiredbythatStatement.
ASC820(transitional:820-10-65-1)(FSPFAS157-1,“ApplicationofFASBStatementNo.157toFASBStatementNo.13andOtherAccountingPronouncementsThatAddressFairValueMeasurementsforPurposesofLeaseClassificationorMeasurementUnderStatement13”)
Allentities. EffectiveupontheinitialadoptionofASC820(Statement157).
ASC350-30-35-1(FSPFAS142-3,“DeterminationoftheUsefulLifeofIntangibleAssets”)
Allentitieswithrecognizedintangibleassets.
EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.Earlyadoptionisprohibited.TheguidanceondeterminingtheusefullifeofarecognizedintangibleassetmustbeappliedprospectivelyonlytointangibleassetsacquiredaftertheFSP’seffectivedate.Disclosurerequirementsareappliedprospectively.
10
ASC805-20-25-18A(FSPFAS141(R)-1,"AccountingforAssetsAcquiredandLiabilitiesAssumedinaBusinessCombinationThatAriseFromContingencies")
Allentitiesexceptnot-for-profitorganizations,combinationsbetweenentitiesundercommoncontrol,andformationsofjointventures.
EffectiveprospectivelyforbusinesscombinationsforwhichtheacquisitiondateisonorafterthebeginningofthefirstannualreportingperiodbeginningonorafterDecember15,2008.Earlyadoptionisprohibited.
ASC860-10-50(FSPFAS140-4andFIN46(R)-8,“DisclosuresbyPublicEntities(Enterprises)AboutTransfersofFinancialAssetsandInterestsinVariableInterestEntities”)
Allentitiesexceptnot-for-profitorganizations,combinationsbetweenentitiesundercommoncontrol,andformationsofjointventures.
Effectiveforthefirstreportingperiod(interimorannual)endingafterDecember15,2008.
ASC860-10-35-2and860-10-40-42(FSPFAS140-3,“AccountingforTransfersofFinancialAssetsandRepurchaseFinancingTransactions”)
Entitiesthatenterintorepurchasefinancingtransactions.
EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterNovember15,2008,andinterimperiodswithinthosefiscalyears.Earlyapplicationisnotpermitted.ThisFSPmustbeappliedprospectivelytoinitialtransfersandrepurchasefinancingsforwhichtheinitialtransferisexecutedonorafterthebeginningofthefiscalyearinwhichthisFSPisapplied.
ASC815-10-50(FSPFAS133-1andFIN45-4,“DisclosuresAboutCreditDerivativesandCertainGuarantees:AnAmendmentofFASBStatementNo.133andFASBInterpretationNo.45;andClarificationoftheEffectiveDateofFASBStatementNo.161”)
Sellersofcreditderivativesandguarantors.
TheprovisionsoftheFSPthatamendASC815(Statement133andInterpretation45)areeffectiveforreportingperiods(annualorinterim)endingafterNovember15,2008.Earlyapplicationisencouragedtoprovidecomparativesatinitialadoption.TheclarificationoftheeffectivedateofASC815-10-50(Statement161)iseffectiveonSeptember12,2008.
ASC715-10-50(FSPFAS132(R)-1,“Employers’DisclosuresAboutPostretirementBenefitPlanAssets”)
Entitieswithpostretirementbenefitplanassets.
EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2009.ThetechnicalamendmentbecameeffectiveonDecember30,2008.
ASC958-205(FSPFAS117-1,“EndowmentsofNot-for-ProfitOrganizations:NetAssetClassificationofFundsSubjecttoanEnactedVersionoftheUniformPrudentManagementofInstitutionalFundsAct,andEnhancedDisclosuresforAllEndowmentFunds”)
Not-for-profitorganizations. EffectiveforfiscalyearsendingafterDecember15,2008.Earlierapplicationispermittedprovidedthatannualfinancialstatementsforthatfiscalyearhavenotbeenpreviouslyissued.
ASC320(FSPFAS115-2andFAS124-2,“RecognitionandPresentationofOther-Than-TemporaryImpairments”)
Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.
ASC820-10-50(FSPFAS107-1andAPB28-1,“InterimDisclosuresAboutFairValueofFinancialInstruments”)
Allpublicentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.
ASC740-10-65-1(FSPFIN48-3,“EffectiveDateofFASBInterpretationNo.48forCertainNonpublicEnterprises”)
Nonpublicentities. EffectiveDecember30,2008.
ASC260-10-45-60(FSPEITF03-6-1,“DeterminingWhetherInstrumentsGrantedinShare-BasedPaymentTransactionsAreParticipatingSecurities”)
Entitieswithshare-basedpayments. EffectiveforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.Prior-periodEPSdatamustbeadjustedretrospectively.Earlyadoptionisnotpermitted.
ASC325-40(FSPEITF99-20-1,“AmendmentstotheImpairmentGuidanceofEITFIssueNo.99-20”)
Entitieswithbeneficialinterestsincertainsecuritizedfinancialassets.
EffectiveforinterimandannualperiodsendingafterDecember15,2008.TheFSPshouldbeappliedprospectively.RetrospectiveapplicationofthisFSPtoapriorinterimorannualperiodisprohibited.
ASC470-20(FSPAPB14-1,“AccountingforConvertibleDebtInstrumentsThatMayBeSettledinCashUponConversion(IncludingPartialCashSettlement)”)
Allentitieswithconvertibledebtinstruments.
Effectiveforfinancialstatementsissuedforfiscalyears(andinterimperiodswithinthesefiscalyears)beginningafterDecember15,2008.Earlyadoptionisnotpermitted.Exceptasdiscussedinparagraph36,theFSPshouldbeappliedretrospectivelytoallpastperiodspresented.
Project in Request-for-Comment Stage
ProposedASU,ScopeExceptionRelatedtoEmbeddedCreditDerivatives
Entitieswithcreditderivatives. CommentsdueNovember12,2009.
11
EITF Affects Status
Significant Adoption Dates
ASU2009-15,AccountingforOwn-ShareLendingArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing(Issue09-1)
Entitiesthatenterintoashare-lendingarrangementontheirownsharesincontemplationofaconvertibledebtofferingorotherfinancing.
Effectivefornewshare-lendingarrangementsissuedinperiodsbeginningonorafterJuly15,2009.Forallothershare-lendingarrangements,theASUiseffectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2009,withretrospectiveapplicationtothosearrangementsoutstandingontheeffectivedate.
ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements—aconsensusoftheFASBEmergingIssuesTaskForce(Issue09-3)
Allentities. EffectiveforfiscalyearsbeginningonorafterJune15,2010.Earlyapplicationispermitted.
ASU2009-13,Multiple-DeliverableRevenueArrangements—aconsensusoftheFASBEmergingIssuesTaskForce(Issue08-1)
Allentities. EffectiveforfiscalyearsbeginningonorafterJune15,2010.Earlyapplicationispermitted.
ASC815-40-15-5CandASC815-10-15-77(Issue08-8,“AccountingforanInstrument(oranEmbeddedFeature)WithaSettlementAmountThatIsBasedontheStockofanEntity’sConsolidatedSubsidiary”)
Reportingentitiesthatenterintofreestandingfinancialinstruments(orinstrumentsthatcontainembeddedfeatures)forwhichthepayofftothecounterpartyisindexed,inwholeorinpart,tothestockofaconsolidatedsubsidiary.
TocoincidewiththeeffectivedateofStatement160,effectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2008.Attransition,thecarryingvalueoftheinstrument(orseparatedembeddedfeature)previouslyclassifiedasaliabilitywillbereclassifiedtononcontrollinginterest.Earlyadoptionisnotpermitted.
ASC350-30-25-5(Issue08-7,“AccountingforDefensiveIntangibleAssets”)
EntitiesthatwillacquireintangibleassetsaftertheeffectivedateofStatement141(R),whentheentityhasnointentionofactivelyusing,orintendstodiscontinueuseof,theintangibleassetbutholdsit(locksitup)topreventothersfromobtainingaccesstoit(i.e.,adefensiveintangibleasset).
TocoincidewiththeeffectivedateofASC805(Statement141(R)),effectivefordefensiveintangibleassetsacquiredinfiscalyearsbeginningonorafterDecember15,2008.
ASC323(Issue08-6,“EquityMethodInvestmentAccountingConsiderations”)
Entitiesthatacquireorholdinvestmentsaccountedforundertheequitymethod.
TocoincidewiththeeffectivedatesofASC805(Statements141(R)and160),effectivefortransactionsoccurringinfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2008.Earlyadoptionisnotpermitted.
ASC820-10-25-1(Issue08-5,“Issuer’sAccountingforLiabilitiesMeasuredatFairValueWithaThird-PartyCreditEnhancement”)
Entitiesthatincurliabilitiesthathaveinseparablethird-partycreditenhancements,whentheliabilityismeasuredordisclosedatfairvalue.
EffectivebeginninginthefirstreportingperiodafterDecember15,2008.ThisIssueistobeappliedprospectively,withtheeffectofinitialapplicationincludedinthechangeinfairvalueoftheliabilityintheperiodofadoption.Earlyapplicationispermitted.
ASC470-20-65-2(Issue08-4,“TransitionGuidanceforConformingChangestoIssueNo.98-5”)
Entitiesthatissueconvertibledebtsecuritiesandconvertiblepreferredstock.
EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2008,withearlyadoptionpermitted.Theimpactofapplyingtheconformingchanges,ifany,mustbepresentedretrospectively,withacumulative-effectadjustmenttoretainedearningsasofthebeginningofthefirstperiodpresented.
ASC840-10-05-9A(Issue08-3,“AccountingbyLesseesforMaintenanceDeposits”)
Entitiesthatarelessees. EffectiveforfiscalyearsbeginningafterDecember15,2008(andinterimperiodswithinthesefiscalyears).TheIssuemustbeappliedbyrecognizingthecumulativeeffectofthechangeinaccountingprincipleintheopeningbalanceofretainedearningsasofthebeginningofthefiscalyearinwhichtheIssueisinitiallyapplied.Earlierapplicationisnotpermitted.
ASC815-40(Issue07-5,“DeterminingWhetheranInstrument(orEmbeddedFeature)IsIndexedtoanEntity’sOwnStock”)
Entitieswithderivativeinstruments. EffectiveforfiscalyearsbeginningafterDecember15,2008(andinterimperiodswithinthesefiscalyears).TheIssuemustbeappliedtooutstandinginstrumentsasofthebeginningofthefiscalyearinwhichtheIssueisadoptedasacumulative-effectadjustmenttotheopeningbalanceofretainedearningsforthatfiscalyear.Earlierapplicationisnotpermitted.
ASC260-10-45-71(Issue07-4,“ApplicationoftheTwo-ClassMethodUnderFASBStatementNo.128toMasterLimitedPartnerships”)
Masterlimitedpartnerships. EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.Earlierapplicationisnotpermitted.ThisIssueshouldbeappliedretrospectivelyforallfinancialstatementspresented.
12
ASC808(Issue07-1,“AccountingforCollaborativeArrangements”)
Entitiesparticipatingincollaborativearrangements.
EffectiveforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.ThisIssueshouldbeappliedretrospectivelytoallpriorperiodspresentedforallcollaborativearrangementsexistingasoftheeffectivedate.
AICPA/AcSEC Affects Status
Significant Adoption Dates
SAS116,InterimFinancialInformation Auditors. EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.
SAS115,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2009.Earlyapplicationispermitted.
SAS,TheAuditor'sCommunicationWithThoseChargedWithGovernance(Redrafted)
Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.
SAS,AuditDocumentation(Redrafted) Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.
SOP09-1,PerformingAgreed-UponProceduresEngagementsThatAddresstheCompleteness,Accuracy,orConsistencyofXBRL-TaggedData
Auditors. EffectiveApril28,2009.
SSAE15,AnExaminationofanEntity’sInternalControlOverFinancialReportingThatIsIntegratedWithanAuditofItsFinancialStatements
Entitiesandtheirauditors. EffectivewhenthesubjectmatterorassertionisasoforforaperiodendingonorafterDecember15,2008.Earlyapplicationispermitted.
SSARS18,ApplicabilityofStatementsonStandardsforAccountingandReviewServices
Accountantsthatprovidecompilationorreviewservices.
EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.
SSARS17,OmnibusStatementonStandardsforAccountingandReviewServices—2008
Accountantsthatprovidecompilationorreviewservices.
EffectiveforcompilationsandreviewsforperiodsendingonorafterDecember15,2008.Earlyapplicationispermitted.
Projects in Request-for-Comment Stage
ProposedSAS,TermsofEngagementandWrittenRepresentations
Auditors. CommentsdueJanuary15,2010.
ProposedSAS,ForminganOpinionandReportingonFinancialStatements
Auditors. CommentsdueDecember31,2009.
ProposedSAS,ModificationstotheOpinionintheIndependentAuditor’sReport;andEmphasisofMatterParagraphsandOtherMatterParagraphsintheIndependentAuditor’sReport
Auditors. CommentsdueDecember31,2009.
ProposedSAS,ReportingonComplianceWithAspectsofContractualAgreementsorRegulatoryRequirementsinConnectionWithAuditedFinancialStatements(Redrafted)
Auditors. CommentsdueDecember31,2009.
ProposedSAS,SpecialConsiderations—AuditsofFinancialStatementsPreparedinAccordanceWithSpecialPurposeFrameworks;andSpecialConsiderations—AuditsofSingleFinancialStatementsandSpecificElements,Accounts,orItemsofaFinancialStatement
Auditors. CommentsdueDecember31,2009.
ProposedSAS,EngagementstoReportonSummaryFinancialStatements
Auditors. CommentsdueDecember31,2009.
ProposedSAS,ReportingonFinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry
Auditors. CommentsdueDecember31,2009.
ProposedSAS, Related Parties Auditors. CommentsdueDecember15,2009.
ProposedSAS,Audits of Group Financial Statements (Including the Work of Component Auditors)
Auditors. CommentsdueDecember15,2009.
13
SEC Affects Status
Significant Adoption Dates
FinalRule,AmendmentstoRulesforNationallyRecognizedStatisticalRatingOrganizations(34-59342)
Nationallyrecognizedstatisticalratingorganizations.
EffectiveApril10,2009.
FinalRule,AmendmenttoMunicipalSecuritiesDisclosure(34-59062)
Brokers,dealers,andmunicipalsecuritiesdealers.
EffectiveJuly1,2009.
FinalRule,ExemptionFromRegistrationUnderSection12(g)oftheSecuritiesExchangeActof1934forForeignPrivateIssuers(34-58465)
Foreignprivateissuers. EffectiveOctober10,2008.
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.
InterimFinalTemporaryRule,TemporaryExemptionsforEligibleCreditDefaultSwapstoFacilitateOperationofCentralCounterpartiestoClearandSettleCreditDefaultSwaps(33-8999)
Entitieswithinvestmentsincertaincreditdefaultswaps.
EffectiveJanuary22,2009,throughSeptember25,2009.
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,MandatoryElectronicSubmissionofApplicationsforOrdersUndertheInvestmentCompanyActandFilingsMadePursuanttoRegulationE(33-8981)
Investmentcompanies. EffectiveJanuary1,2009.
FinalRule,ForeignIssuerReportingEnhancements(33-8959)
Foreignprivateissuers. EffectiveDecember6,2008.
14
FinalRule,CommissionGuidanceandRevisionstotheCross-BorderTenderOffer,ExchangeOffer,RightsOfferings,andBusinessCombinationRulesandBeneficialOwnershipReportingRulesforCertainForeignInstitutions(33-8957)
Foreignprivateissuers. EffectiveDecember8,2008.
FinalRule,AmendmentstoRulesRegardingManagement’sReportonInternalControlOverFinancialReporting(33-8809)
Allregistrants. EffectiveAugust27,2007,excepttheamendmenttoSection210.2-02T,whichiseffectivefromAugust27,2007,untilJune30,2009.
InterimFinalTemporaryRule,TemporaryExemptionforLiquidationofCertainMoneyMarketFunds(IC-28487)
Registeredopen-endmanagementinvestmentcompanies.
EffectiveNovember26,2008,throughOctober18,2009.
SECLetter,OfficeoftheChiefAccountant Entitieswithinvestmentsinperpetualpreferredsecurities.
TheOCA’sviewsapplytointerimandannualfinancialstatementsissuedafterOctober14,2008(thedateoftheletter).
Project in Request-for-Comment Stage
ProposedRule,ExtensionofFilingAccommodationforStaticPoolInformationinFilingsWithRespecttoAsset-BackedSecurities(33-9074)
Allregistrants. CommentsdueNovember23,2009.
ProposedRule,AmendmentstoRulesRequiringInternetAvailabilityofProxyMaterials(33-9073)
Allregistrants. CommentsdueNovember20,2009.
ProposedRule,CreditRatingsDisclosure(33-9070)
Allregistrants. CommentsdueDecember14,2009.
PCAOB Affects Status
Significant Adoption Dates
PCAOBRuleRelease34-60107,RulesonPeriodicReportingbyRegisteredPublicAccountingFirms
Registeredpublicaccountingfirms. RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval,andthefirstannualreportingrequirementswillbeduebyJune30,2009,forthe12-monthperiodendingMarch31,2009.
PCAOBRuleRelease34-60108,RulesonSucceedingtoRegistrationStatusofPredecessorFirm
Registeredpublicaccountingfirmsinvolvedinmergersorchangestotheregisteredfirm’slegalform.
RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval.
BoardStatement,PCAOBRegistrationProcessforAuditorsofNon-PublicBroker-Dealers
Auditorsofnonpublicbroker-dealers. EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember31,2008.
AuditingStandard6,EvaluatingConsistencyofFinancialStatements
Allpublicentitiesandregisteredpublicaccountingfirms.
EffectiveNovember15,2008.
AnamendmenttoRule3523,TaxServicesforPersonsinFinancialReportingOversightRoles
Registeredpublicaccountingfirms. EffectiveAugust22,2008;however,thisRulewillnotapplytotaxservicesprovidedonorbeforeDecember31,2008,whentheservicesareprovidedduringtheauditperiodandcompletedbeforethebeginningoftheprofessionalengagementperiod.
GASB/GAO Affects Status
Significant Adoption Dates
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.
15
Statement45,AccountingandFinancialReportingbyEmployersforPostemploymentBenefitsOtherThanPensions
Governmententitieswithpostretirementbenefitsotherthanpensions.
Effectivefor: • Phase1governmentsinperiodsbeginning
afterDecember15,2006. • Phase2governmentsinperiodsbeginning
afterDecember15,2007. • Phase3governmentsinperiodsbeginning
afterDecember15,2008.
GASBTechnicalBulletin2008-1,DeterminingtheAnnualRequiredContributionAdjustmentforPostemploymentBenefits
Governmententitieswithpostretirementbenefits.
EffectiveforfinancialstatementsforperiodsendingafterDecember15,2008,orconcurrentlywiththeinitialadoptionofStatement45,whicheverislater.Earlyapplicationispermitted.
GAOInterimGuidance,ReportingDeficienciesinInternalControlforGAGASFinancialAuditsandAttestationEngagements
Auditorsofgovernmentagencies. Effectiveconcurrentlywithanauditor’sadoptionofSAS115,SSAE15,orboth.ThisguidancemaychangeuponfinaldeliberationsbytheComptrollerGeneral’sAdvisoryCouncilonGovernmentAuditingStandards.
FASAB Affects Status
Significant Adoption Dates
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
IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.
EffectiveasofJuly9,2009.
ImprovementstoIFRSs—acollectionofamendmentstoInternationalFinancialReportingStandards
EntitiesthatapplyIFRSs. MostimprovementsareeffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.Theamendmentsshouldbeappliedretrospectively.
AmendmentstoIFRIC9andIAS39,EmbeddedDerivatives
EntitiesthatapplyIFRSs. EffectiveforannualperiodsendingonorafterJune30,2009.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.
AmendmentstoIAS32,FinancialInstruments:Presentation—ClassificationofRightsIssues
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterFebruary2,2010.Earlyapplicationispermitted.
AmendmentstoIAS32,FinancialInstruments:Presentation,andIAS1,PresentationofFinancialStatements—PuttableFinancialInstrumentsArisingonLiquidationandObligations
EntitieswithfinancialinstrumentsthatmeetthedefinitionofafinancialliabilitybutrepresenttheresidualinterestinthenetassetsoftheentityandthatapplyIFRSs.
EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.
16
IAS27(revised),ConsolidatedandSeparateFinancialStatements
EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.EarlyapplicationispermittedprovidedthatthestandardisappliedwithIFRS3(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyapplicationisdisclosed.
AmendmenttoIAS23,BorrowingCosts EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.
IFRICInterpretation18,TransfersofAssetsFromCustomers
EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.
IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners
EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.
IFRICInterpretation16,HedgesofaNetInvestmentinaForeignOperation
EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterOctober1,2008.
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.
17
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.
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,ImprovementstoIFRSs EntitiesthatapplyIFRSs. CommentsdueNovember24,2009.
ExposureDraft,Proposals for Enhanced Public Accountability
EntitiesthatapplyIFRSs. CommentsdueNovember30,2009.
ExposureDraft,ManagementCommentary EntitiesthatapplyIFRSs. CommentsdueMarch1,2010.
18
Appendix B: Recent Meetings
Recent FASB Meetings
TojumptotheminutesofaFASBmeeting,clickalinkbelow.
October 7, 2009
TheBoarddiscussedthefollowingtopic:
• FinancialStatementPresentation.
October 14, 2009
TheBoarddiscussedthefollowingtopics:
• AccountingforFinancialInstruments.
• FinancialStatementPresentation.
• DisclosuresAboutCreditQualityandtheAllowanceforCreditLosses.
October 26–28, 2009
TheBoarddiscussedthefollowingtopics:
• RevenueRecognition.
• ReportingDiscontinuedOperations.
• AccountingforFinancialInstruments.
• Consolidation.
• FinancialInstrumentsWithCharacteristicsofEquity.
• OtherComprehensiveIncome.
• FinancialStatementPresentation.
• FairValueMeasurement.
• InsuranceContracts.
• Leases.
• TechnicalPlan.
• IncomeTaxes.
FASB Project Summaries and Meeting Minutes
Projectsummaries,handoutsdistributedateachmeeting,FASBmeetingminutes,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.
Recent EItF Meetings
NoEITFmeetingswereheldinOctober2009.ThenextmeetingisscheduledforNovember19,2009.MaterialsforthatmeetingareavailableontheFASB'sWebsite.
Recent ASB Meetings
October 26–29, 2009
TheASBdiscussedthefollowingtopics:
• InternalControl.
• SupplementaryInformation.
• RiskAssessment.
• AUSection625,Redrafted.
19
• SpecificItems.
• Specialists.
• AnalyticalProcedures.
• ServiceOrganizations.
• AssociationWithFinancialStatements.
• Consistency.
• Auditor’sReportResearch.
• OmittedProcedures.
TheagendaisavailableontheAICPA’sWebsite.
Recent AcSEC Meetings
NoAcSECmeetingswereheldinOctober2009.ThenextmeetingisscheduledforNovember17,2009.
Recent FASAB Meetings
October 21–22, 2009
TheFASABdiscussedthefollowingtopics:
• Measurement.
• DeferredMaintenanceandAssetImpairment.
• SocialInsurance.
• NaturalResources.
• FederalReportingModel.
• FederalEntity.
• AppropriateSourceofGAAP.
• AICPAOmnibus.
TheagendaisavailableontheFASAB’sWebsite.
Recent GASB Meetings
October 6–8, 2009
TheGASBdiscussedthefollowingtopics:
• PensionAccountingandFinancialReporting.
• CodificationofFASBPronouncementsIssuedBeforeNovember30,1989.
• ReexaminationofStatement14(FinancialReportingEntity).
• ConceptualFramework:RecognitionandMeasurementAttributes.
• OPEBImplementationIssues.
• Chapter9Bankruptcies.
• ServiceConcessionArrangements.
October 27, 2009
TheGASBdiscussedthefollowingtopics:
• Chapter9Bankruptcies.
• CodificationofFASBPronouncementsIssuedBeforeNovember30,1989.
TheagendasareavailableontheGASB’sWebsite.
20
Recent IASB Meetings
October 6, 2009
TheIASBdiscussedthefollowingtopics:
• FinancialInstruments—ReplacementofIAS39.
• FinancialInstruments—RecognitionandMeasurement.
• FinancialInstruments:Phase3—HedgeAccounting.
October 15–16, 2009
TheIASBdiscussedthefollowingtopics:
• FinancialInstruments—RecognitionandMeasurement.
• FinancialInstruments—ReplacementofIAS39.
• FinancialInstruments:Phase3—HedgeAccounting.
October 19–23, 2009
TheIASBdiscussedthefollowingtopics:
• FinancialInstruments—RecognitionandMeasurement.
• FairValueMeasurement.
• Consolidation.
• FinancialStatementPresentation.
• InsuranceContracts.
• CreditRiskinLiabilityMeasurement.
• Liabilities—AmendmentstoIAS37.
• PostemploymentBenefits.
• OtherComprehensiveIncome.
• Derecognition.
TheagendaisavailableontheIASB’sWebsite.
October 26–28, 2009
ThiswasajointmeetingwiththeIASB.SeeRecentFASBMeetingsabove.
Recent IFRIC Meetings
NoIFRICmeetingswereheldinOctober2009.ThenextmeetingisscheduledforNovember3,2009.
21
Appendix C: Glossary of StandardsASC985-605,Software:RevenueRecognition
ASC952,Franchisors
ASC840,Leases
ASC820,FairValueMeasurementsandDisclosures
ASC815,DerivativesandHedging
ASC605,RevenueRecognition
ASC605-25,RevenueRecognition:Multiple-ElementArrangements
ASC360-20,RealEstateSales
ASU2009-15,AccountingforOwn-ShareLendingArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing
ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements
ASU2009-13,Multiple-DeliverableRevenueArrangements
ProposedASU,ScopeExceptionRelatedtoEmbeddedCreditDerivatives
FASBStatementNo.167,AmendmentstoFASBInterpretationNo.46(R)
FASBStatementNo.66,AccountingforSalesofRealEstate
FASBStatementNo.45,AccountingforFranchiseFeeRevenue
FASBStatementNo.13,AccountingforLeases
ProposedStatement133ImplementationIssueNo.C22,“ScopeExceptions:ExceptionRelatedtoEmbeddedCreditDerivatives”
EITFIssueNo.09-3,“CertainRevenueArrangementsThatIncludeSoftwareElements”
EITFIssueNo.08-1,“RevenueArrangementsWithMultipleDeliverables”
EITFIssueNo.03-5,“ApplicabilityofAICPAStatementofPosition97-2toNon-SoftwareDeliverablesinanArrangementContainingMore-Than-IncidentalSoftware”
EITFIssueNo.00-21,“RevenueArrangementsWithMultipleDeliverables”
AICPAProfessionalStandards,AUSection625,“ReportsontheApplicationofAccountingPrinciples”
AICPAStatementofPosition97-2,SoftwareRevenueRecognition
AICPAStatementofPosition81-1,AccountingforPerformanceofConstruction-TypeandCertainProduction-TypeContracts
ProposedAICPAStatementonAuditingStandards,TermsofEngagementandWrittenRepresentations
ProposedAICPAStatementonAuditingStandards,ForminganOpinionandReportingonFinancialStatements:ModificationstotheOpinionintheIndependentAuditor’sReport;andEmphasisofMatterParagraphsandOtherMatterParagraphsintheIndependentAuditor’sReport
ProposedAICPAStatementonAuditingStandards,ReportingonComplianceWithAspectsofContractualAgreementsorRegulatoryRequirementsinConnectionWithAuditedFinancialStatements(Redrafted)
ProposedAICPAStatementonAuditingStandards,SpecialConsiderations—AuditsofFinancialStatementsPreparedinAccordanceWithSpecialPurposeFrameworks;andSpecialConsiderations—AuditsofSingleFinancialStatementsandSpecificElements,Accounts,orItemsofaFinancialStatement
ProposedAICPAStatementonAuditingStandards,EngagementstoReportonSummaryFinancialStatements
ProposedAICPAStatementonAuditingStandards,ReportingonFinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry
AICPAWorkingDraftofRevisedAuditandAccountingGuide,EntitiesWithOilandGasProducingActivities
SECStaffAccountingBulletinTopic13,“RevenueRecognition”
22
SECStaffAccountingBulletinTopic12,“OilandGasProducingActivities,”
SECStaffAccountingBulletinTopic3,“SeniorSecurities”
SECFinalRuleReleaseNo.33-9077,AdoptionofUpdatedEDGARFilerManual
SECFinalRuleReleaseNo.33-8995,ModernizationofOilandGasReporting
SECReport,StudyoftheSarbanes-OxleyActof2002Section404InternalControlOverFinancialReportingRequirements
SECProposedRuleReleaseNo.33-9073,AmendmentstoRulesRequiringInternetAvailabilityofProxyMaterials
SECProposedRuleReleaseNo.33-9074,ExtensionofFilingAccommodationforStaticPoolInformationinFilingsWithRespecttoAsset-BackedSecurities
PCAOBAuditingStandardNo.5,AnAuditofInternalControlOverFinancialReportingThatIsIntegratedWithanAuditofFinancialStatements
GASBStatementNo.14,TheFinancialReportingEntity
GAOReport,TroubledAssetReliefProgram:OneYearLater,ActionsAreNeededtoAddressRemainingTransparencyandAccountabilityChallenges
IFRS,IFRSforSMEs
IAS39,FinancialInstruments:RecognitionandMeasurement
IAS37,Provisions,ContingentLiabilitiesandContingentAssets
IAS32,FinancialInstruments:Presentation
IASCExposureDraft,IFRSforSMEsTaxonomy
23
Appendix D: Abbreviations AcSEC AccountingStandardsExecutiveCommittee
AICPA AmericanInstituteofCertifiedPublicAccountants
ASB AuditingStandardsBoard
ASC FASBAccountingStandardsCodification
ASU FASBAccountingStandardsUpdate
AU U.S.AuditingStandards
CEO chiefexecutiveofficer
CPE continuingprofessionaleducation
ED exposuredraft
EDGAR ElectronicDataGathering,Analysis,andRetrievalSystem
EST EasternStandardTime
EITF EmergingIssuesTaskForce
EPS earningspershare
FAS FinancialAccountingStandard
FASAB FederalAccountingStandardsAdvisoryBoard
FASB FinancialAccountingStandardsBoard
FIN FASBInterpretation
FSP FASBStaffPosition
GAAP generallyacceptedaccountingprinciples
GAO GovernmentAccountabilityOffice
GASB GovernmentalAccountingStandardsBoard
IAS InternationalAccountingStandard
IASB InternationalAccountingStandardsBoard
IASC InternationalAccountingStandardsCommittee
IFRIC InternationalFinancialReportingInterpretationsCommittee
IFRS InternationalFinancialReportingStandard
ISA InternationalStandardonAuditing
M&A mergersandacquisitions
OPEB otherpostemploymentbenefits
PCAOB PublicCompanyAccountingOversightBoard
SAB StaffAccountingBulletin
SAS StatementonAuditingStandards
SEC SecuritiesandExchangeCommission
SMEs smallandmedium-sizedentities
SOP StatementofPosition
TARP TroubledAssetReliefProgram
XBRL extensiblebusinessreportinglanguage
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