january 2010 accounting roundup - ias plus · january 2010 accounting roundup. edited by john sarno...

January 2010

Accounting Roundup.Edited by John Sarno and Tiffany Prudhomme, Deloitte & Touche LLP

Contents

Business Combinations• FASBIssuesASUonNot-for-ProfitMergersandAcquisitions

Consolidation• FASBVotestoFinalizeDeferralofStatement167forCertain

InvestmentFunds• FASBClarifiesScopeofDecrease-in-OwnershipProvisionsin

ASC810-10• FASBIssuesASUonVariableInterestEntities

Contingencies• IASBReexposesProposalsfortheMeasurementofLiabilitiesin

IAS37

Earnings per Share • FASBIssuesGuidanceonAccountingforDistributionsto

ShareholdersWithComponentsofStockandCash

Fair Value Measurements and Disclosures • FASBIssuesASUonImprovingDisclosuresAboutFairValue

Measurements• AICPAPublishesDraftIssuesPaperonFairValueMeasurements

andDisclosuresAboutCertainIssuesPertainingtoNot-for-ProfitEntities

Financial Instruments• FASBDeliberatesApproachtoAccountingforCreditImpairment

andInterestIncome

Income Taxes• FrenchBusinessTaxLawChange

Stock Compensation• FASBIssuesASUonEscrowedShareArrangementsandthe

PresumptionofCompensation

Transfers and Servicing• FASBIssuesASUonAccountingforTransfersofFinancialAssets

Industry Accounting• FASBUpdatesOilandGasReserveEstimationandDisclosure

Requirements

Other Accounting• FinancialReportingConsiderationsRelatedtoVenezuela’s

CurrencyExchangeControlsandHighlyInflationaryStatus• FASBProposesAmendmentstoSubsequent-EventsDisclosure

Requirements• FASBPublishesRevisedNoticetoConstituentsAboutthe

Codification• FASBIssuesTechnicalCorrectionstoSECContent• AICPAIssuesTechnicalPracticeAids

SEC Matters• SECApprovesInterpretiveGuidanceon"Climate-Change"

Disclosures

Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EST)unlessotherwisenoted):• Wednesday,February3:TakingStock:WhatDoesSocietyThinkof

Boards.

• Monday,February8:Offense,Defense,CommonSense:PreparingforaNewAgeofWhiteCollarInvestigationsandLitigation.

• Wednesday,February17,3:00p.m.(EST):DecipheringYourGrowthCode:WhatCFOsShouldKnow.

• Monday,February22:TaxAccountingforDistressedCompanies:AreYouintheZone?

• Thursday,February25:ReducingFinancialStatementFraudRisks:TenThingsYouNeedtoKnow.

Don’tmissout—registerforthesewebcaststoday.

• SECApprovesPCAOBAuditingStandard7• SECIssuesComplianceandDisclosureInterpretationson

Non-GAAPMeasures• SECIssuesFinalSay-on-PayRulesforTARPCompanies• SECIssuesComplianceandDisclosureInterpretationsonProxy

DisclosureEnhancements

Other Auditing• PCAOBIssuesStaffGuidance• ASBProposesVariousStatementsonAuditingStandards• AICPAIssuesGuidanceonCompilationandReviewEngagements• AICPA’sGAQCIssuesStatementonComplianceAudits

GASB Matters• GASBIssuesFinalStatementonOPEBMeasurements• GASBIssuesFinalStatementonChapter9Bankruptcies

Other International• FCAGIssuesLettertoG-20onIASBandFASBProgress• IASBIssuesLimitedExemptionAmendmenttoIFRS1

Appendix A: Significant Adoption Dates and Deadlines

Appendix B: Recent Meetings

Appendix C: Glossary of Standards

Appendix D: Abbreviations

http://www.usdbriefs.com/calendar/thyme/thyme/event_view.php?eid=13510&instance=2010-2-3










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Business Combinations

FASB Issues ASU on Not-for-Profit Mergers and Acquisitions

Affects:Not-for-profitentities.

Summary:OnJanuary28,2010,theFASBissuedASU2010-07,whichcodifiesStatement164.Statement164providesguidanceon"howanot-for-profitentity:

• Determineswhetheracombinationisamergeroranacquisition

• Appliesthecarryovermethodinaccountingforamerger

• Appliestheacquisitionmethodinaccountingforanacquisition,includingdeterminingwhichofthecombiningentitiesistheacquirer;and

• Determineswhatinformationtodisclosetoenableusersoffinancialstatementstoevaluatethenatureandfinancialeffectsofamergeroranacquisition."

Next Steps:ASU2010-07iseffectiveprospectivelyformergersthatoccuratorafterthebeginningofaninitialreportingperiodthatbeginsonorafterDecember15,2009,andacquisitionsthatoccuratorafterthebeginningofthefirstannualreportingperiodthatbeginsonorafterDecember15,2009.Earlyapplicationisprohibited.

Other Resources:Deloitte’sJune2,2009,HeadsUp.• Consolidation

FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds

Affects: Moneymarketmutualfundsandinterestsinmutualfunds,hedgefunds,privateequityfunds,andventurecapitalfunds.

Summary: OnJanuary27,2010,theFASBvotedtofinalizeitsASUAmendmentstoStatement167forCertainInvestmentFunds.TheASUwilldefertheapplicationofStatement167forareportingenterprise’sinterestincertainentitiesandforcertainmoneymarketmutualfundsifallofthefollowingconditionsaremet:

• Theentityeitherhasalloftheattributesspecifiedinparagraphs15-2(a)–(d)ofASC946-10orisanentityforwhichitisindustrypracticetoapplyguidancethatisconsistentwiththemeasurementprinciplesinASC946forfinancialreportingpurposes.

Deloitte Publications

Publication Title Affects

January 27, 2010, Heads Up FASB Votes to Finalize Deferral of Statement 167 for Certain Investment Funds

Money market mutual funds and interests in mutual funds, hedge funds, private equity funds, and venture capital funds.

January 22, 2010, Heads Up FASB Finalizes ASU on Improving Disclosures About Fair Value Measurements

All entities.

January 20, 2010, Heads Up SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures

SEC registrants.

January 20, 2010, Heads Up FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income

All entities.

January 19, 2010, Financial Reporting Alert 10-1 Venezuela’s Currency Exchange Controls and Highly Inflationary Status

Entities with operations in Venezuela.

January 8, 2010, Heads Up FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10

All entities.

January 7, 2010, Heads Up FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements

Entities in the oil and gas industry.

January 5, 2010, Heads Up FASB Proposes Amendments to Subsequent-Events Disclosure Requirements

All entities.

http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820195550&blobheader=application%2Fpdf

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/article/7de98bed57912210VgnVCM100000ba42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/1a5e147aa8176210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/234540e1bc756210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/fe785a6e3ed46210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/6037ef2b27d46210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/a200b793ec746210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/8a50daaecce06210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/3310bb706ea06210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/6a9539513fef5210VgnVCM100000ba42f00aRCRD.htm

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• Thereportingenterprisedoesnothaveanobligationtofundlossesoftheentitythatcouldpotentiallybesignificanttotheentity.Inevaluatingthiscondition,anentityshouldconsiderimplicitorexplicitguaranteesprovidedbythereportingenterpriseanditsrelatedparties,ifany.

• Theentityisnotasecuritizationentity,anasset-backedfinancingentity,oranentitythatwasformerlyconsideredaqualifyingspecial-purposeentity.

TheASUaddressesconcernsthatthejointconsolidationmodelunderdevelopmentbytheFASBandtheIASBmayresultinadifferentconsolidationconclusionforassetmanagersandthatanassetmanagerconsolidatingcertainfundswouldnotprovideusefulinformationtoinvestors.TheASUwillalsoamendcertainprovisionsofparagraphB22ofInterpretation46(R),asamendedbyStatement167,tochangehowadecisionmakerorserviceproviderdetermineswhetheritsfeeisavariableinterest.

Next Steps:TheFASBindicatedthatitwillattempttoissuethefinalASUinmid-February.TheASUwillbeeffectiveasofthebeginningofthefirstannualperiodthatbeginsafterNovember15,2009,andforinterimperiodswithinthefirstannualperiod.TheeffectivedatecoincideswiththeeffectivedateofStatement167.Earlyapplicationisnotpermitted.

Other Resources:Deloitte’sJanuary27,2010,HeadsUp.•

FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10

Affects: Allentities.

Summary: OnJanuary6,2010,theFASBissuedASU2010-02inresponsetopracticeissuesentitieshadencounteredinapplyingthedecrease-in-ownershipprovisionsinStatement160(codifiedinASC810-10).TheASUclarifiesthatthedecrease-in-ownershipprovisionsofASC810-10andrelatedguidanceapplyto:

• A"subsidiaryorgroupofassetsthatisabusinessornonprofitactivity."

• Asubsidiaryorgroupofassets"thatisabusinessornonprofitactivitythatistransferredtoanequitymethodinvesteeorjointventure."

• An"exchangeofagroupofassetsthatconstitutesabusinessornonprofitactivityforanoncontrollinginterestinanentity(includinganequitymethodinvesteeorjointventure)."

Inaddition,theASUclarifiesthatthedecrease-in-ownershipguidancedoesnotapplytothesalesofin-substancerealestateorconveyancesofoilandgasmineralrights,evenifthesetransactionsinvolvebusinesses.Finally,theASUexpandsthedisclosuresrequiredupondeconsolidationofasubsidiary.

Next Steps:TheASU’samendmentsareeffectiveinthebeginningoftheperiodinwhichanentityadoptsStatement160.IfanentityhasalreadyadoptedStatement160,theamendmentsareeffectivebeginninginthefirstinterimorannualreportingperiodendingonorafterDecember15,2009;anentityshouldalsoapplytheamendmentsretrospectivelytothefirstperiodinwhichtheentityadoptedStatement160.


FASB Issues ASU on Variable Interest Entities

Affects: Allentities.

Summary: OnDecember23,2009,theFASBissuedASU2009-17,whichcodifiesStatement167andrevisestheformerguidanceunderInterpretation46(R).TheamendmentsinASU2009-17replacethequantitative-basedrisks-and-rewardscalculationfordeterminingwhichreportingentity,ifany,hasacontrollingfinancialinterestinavariableinterestentitywithanapproachfocusedonidentifyingwhichreportingentityhas(1)thepowertodirecttheactivitiesofavariableinterestentitythatmostsignificantlyaffecttheentity’seconomicperformanceand(2)theobligationtoabsorblossesof,ortherighttoreceivebenefitsfrom,theentity.TheASUalsorequiresadditionaldisclosuresaboutareportingentity’sinvolvementwithvariableinterestentitiesandaboutanysignificantchangesinriskexposureasaresultofthatinvolvement.

Next Steps:ASU2009-17iseffectiveatthestartofareportingentity’sfirstfiscalyearbeginningafterNovember15,2009.Earlyapplicationisnotpermitted.

Other Resources: Deloitte’sJune16,2009,HeadsUpandOctober20,2009,HeadsUp.•

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/1a5e147aa8176210VgnVCM100000ba42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/8a50daaecce06210VgnVCM100000ba42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/article/54cd8bed57912210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/2297d5112d374210VgnVCM100000ba42f00aRCRD.htm

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Contingencies

IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37

Affects: EntitiesreportingunderIFRSs.

Summary: OnJanuary5,2010,inlightoffeedbackithadreceivedonits2005exposuredraftonIAS37,theIASBpublishedforpubliccommentproposedamendmentstotheliabilitymeasurementsectionofthestandard.Theproposedamendmentsclarifythemeasurementobjective,emphasizethatliabilitiesshouldnotbemeasuredathypotheticaltransferorcancellationprices,addguidanceonapplyingexpectedvaluetechniques,andspecifyhowtoidentifyandmeasurerelevantfutureoutflows.

Next Steps:TheIASBaimstocompletethereplacementofIAS37,includingfinalguidanceresultingfromthereexposedsection,in2010.CommentsontheexposuredraftareduebyApril12,2010.

Other Resources: Formoreinformation,seethepressreleaseontheIASB’sWebsiteaswellasDeloitte’sJanuary2010IASPlusUpdate.•

Earnings per Share

FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash

Affects: Entitiesthatprovidedistributionstoshareholdersintheformofstockandcash.

Summary: OnJanuary5,2010,theFASBissuedASU2010-01,whichcodifiestheconsensusreachedinEITFIssue09-E.TheASUprovidesguidanceonaccountingfordistributionstoshareholderswithcomponentsofstockandcash,clarifyingthatincalculatingEPS,anentityshouldaccountfortheshareportionofthedistributionasastockissuanceandnotasastockdividend,inaccordancewithASC505andASC260.Inotherwords,theentitywillincludethesharesissuedorissuableaspartofadistributionthatisreflectedinbasicEPSprospectively.

Next Steps:TheASUiseffectiveforinterimandannualperiodsendingonorafterDecember15,2009,andshouldbeappliedretrospectivelytoallpriorperiods.

Other Resources:Deloitte’sNovember2009EITFSnapshot.• Fair Value Measurements and Disclosures

FASB Issues ASU on Improving Disclosures About Fair Value Measurements

Affects:Allentities.

Summary:OnJanuary21,2010,theFASBissuedASU2010-06,whichamendsASC820toaddnewrequirementsfordisclosuresabouttransfersintoandoutofLevels1and2andseparatedisclosuresaboutpurchases,sales,issuances,andsettlementsrelatingtoLevel3measurements.TheASUalsoclarifiesexistingfairvaluedisclosuresaboutthelevelofdisaggregationandaboutinputsandvaluationtechniquesusedtomeasurefairvalue.Further,theASUamendsguidanceonemployers’disclosuresaboutpostretirementbenefitplanassetsunderASC715torequirethatdisclosuresbeprovidedbyclassesofassetsinsteadofbymajorcategoriesofassets.

However,unliketheproposedASU,thefinalASUdoesnotrequireentitiestoprovidesensitivitydisclosures.TheFASBwillconsiderwhethertorequiresensitivitydisclosuresjointlywiththeIASBaspartofanewconvergenceprojectonfairvaluemeasurementanddisclosures.

Next Steps: TheASUiseffectiveforthefirstreportingperiod(includinginterimperiods)beginningafterDecember15,2009,exceptfortherequirementtoprovidetheLevel3activityofpurchases,sales,issuances,andsettlementsonagrossbasis,whichwillbeeffectiveforfiscalyearsbeginningafterDecember15,2010,andforinterimperiodswithinthosefiscalyears.Earlyadoptionispermitted.

Other Resources: Deloitte’sJanuary22,2010,HeadsUp.•

http://www.iasb.org/NR/rdonlyres/6FF9E7E5-2129-451B-B591-5A8911AF8BB5/0/EDIAS37Liabilities0110.pdf

http://www.iasb.org/News/Press+Releases/IASB+re-exposes+proposals+on+measuring+liabilities.htm

http://www.iasplus.com/iasplus/1001ias37ed.pdf

http://www.iasplus.com/iasplus/1001ias37ed.pdf


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/b67849ce8c315210VgnVCM200000bb42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/234540e1bc756210VgnVCM100000ba42f00aRCRD.htm

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AICPA Publishes Draft Issues Paper on Fair Value Measurements and Disclosures About Certain Issues Pertaining to Not-for-Profit Entities

Affects:Not-for-profitentities.

Summary:TheAcSECoftheAICPAhaspublishedadraftissuespaperthatdiscusses"fairvaluemeasurementforcertainissuespertainingtonot-for-profitentities."Specifically,thedraftissuespaperdiscussesASC820’sprovisionsonthefollowingtopics:

• Unconditionalpromisestogivecash.

• Beneficialinterestsinperpetualtrusts.

• Splitinterestagreements.

Next Steps:CommentsonthedraftissuespaperareduebyMarch17,2010.• Financial Instruments

FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income


Summary: AtitsJanuary13,2010,Boardmeeting,theFASBreachedatentativedecisiononhowentitiesshouldrecognizeandmeasurecreditimpairmentsandinterestincomeundertheBoard'sproposednewmodelforaccountingforfinancialinstruments.Theproposednewmodelwouldaffecttheaccountingforcreditlossesforassetsclassifiedinthefairvaluethroughothercomprehensiveincomecategory,includingloansanddebtsecurities.TheFASB'sdeliberationsarepartofitsjointeffortswiththeIASBtosimplifyandimprovetheaccountingforfinancialinstruments.

Next Steps:TheFASBplanstoexposeitsproposednewmodelforcommentsbytheendofthefirstquarter.TheFASBandIASBhaveagreedtojointlyconsiderthecommentlettersontheirrespectiveproposals.Theobjectiveofthetwostandardsettersistoconvergetheirapproachestoimpairmentbeforeissuingfinalguidanceonaccountingforfinancialinstrumentslaterthisyear.

Other Resources: Deloitte’sJanuary20,2010,HeadsUp.• Income Taxes

French Business Tax Law Change

Affects:EntitieswithFrenchsubsidiariesoroperationsinFrance.

Summary:OnDecember31,2009,theFrenchgovernmentpublishedchangestoitsbusinesstaxlaw,knownastaxeprofessionnelle.Thebusinesstaxisbeingreplacedwithtwonewtaxes:

• Contributionfoncièredesentreprises(CFE).

• Cotisationsurlavaleurajoutéedesentreprises(CVAE).

Thebusinesstaxhadhistoricallybeentreatedasanonincometax;however,giventhechangeintaxlaw,theCVAEisnowgenerallyconsideredanincometaxandthereforeshouldbeaccountedforinaccordancewithASC740.Furthermore,onlycertainelementsofincomeandexpenseareincludedinthecalculationoftheCVAE;thus,notallbasisdifferenceswillnecessarilygiverisetoadeferredtaxassetorliability.TheCFEcontinuestobeaccountedforasanonincometax.UnderU.S.GAAP,thechangesareconsideredenactedonDecember31,2009.Therefore,anyimpactofthesechangesshouldberecordedintheperiodthatincludesthisdate.•

http://www.aicpa.org/download/acctstd/NFP_FAS_157_Issues_Paper_Final_JT.pdf

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/6037ef2b27d46210VgnVCM100000ba42f00aRCRD.htm

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Stock Compensation

FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation


Summary:InJanuary2010,theFASBissuedASU2010-05,whichupdatesASC718toreflecttheSECstaff'sviews,documentedinEITFTopicD-110,onovercomingthepresumptionthatescrowedsharearrangementsrepresentcompensationforcertainshareholders.•

Transfers and Servicing

FASB Issues ASU on Accounting for Transfers of Financial Assets


Summary:OnDecember23,2009,theFASBissuedASU2009-16,whichcodifiesStatement166andrevisestheformerguidanceunderStatement140.Amongotherthings,ASU2009-16:

• Eliminatestheconceptofa"qualifyingspecial-purposeentity."

• Changestherequirementsforderecognizingfinancialassets.

• Enhancesinformationreportedtofinancialstatementusersbyincreasingthetransparencyofdisclosuresabouttransfersoffinancialassetsandanentity’scontinuinginvolvementwithtransferredfinancialassets.

Next Steps: ASU2009-16iseffectiveatthestartofareportingentity'sfirstfiscalyearbeginningafterNovember15,2009.Earlyapplicationisnotpermitted.

Other Resources: Deloitte’sJune16,2009,HeadsUp.• Industry Accounting

FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements

Affects: Entitiesintheoilandgasindustry.

Summary:OnJanuary6,2010,theFASBissuedASU2010-03,whichalignsthecurrentreserveestimationanddisclosurerequirementsofASC932withtherequirementsinSECFinalRule33-8995,whichwasissuedinDecember2008.KeyrevisionstoASC932include:

• Expandingthedisclosuresrequiredforequitymethodinvestments.

• Revisingthedefinitionofoil-andgas-producingactivitiestoincludenontraditionalresourcesinreserves.

• Amendingthedefinitionofprovedoilandgasreservestochangethepricingusedinestimatingreserves.

• Providingguidanceon"geographicarea"withrespecttodisclosureofinformationaboutsignificantreserves.

Next Steps:ASU2010-03iseffectiveforentitieswithannualreportingperiodsendingonorafterDecember31,2009,exceptforentitiesthatbecamesubjecttothedisclosurerequirementsofASC932solelyasaresultoftheASU'samendmenttothedefinitionofsignificantoil-andgas-producingactivities.ThoseentitiesmayadopttheASUforannualperiodsbeginningonorafterDecember31,2009.Earlyadoptionisnotpermitted.




http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/article/54cd8bed57912210VgnVCM100000ba42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/3310bb706ea06210VgnVCM200000bb42f00aRCRD.htm

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Other Accounting

Financial Reporting Considerations Related to Venezuela's Currency Exchange Controls and Highly Inflationary Status

Affects:EntitieswithoperationsinVenezuela.

Summary: OnJanuary7,2010,Venezuela’sNationalConsumerPriceIndexforDecember2009wasreleased.Thecumulativethree-yearinflationratesforbothofVenezuela'sinflationindicesareover100percent.Therefore,inaccordancewithASC830-10-45-122,entitieswithayear-endorquarter-endasofDecember31,2009,thathavenotpreviouslyconsideredVenezuela’seconomytobehighlyinflationaryshouldconsiderVenezuela’seconomytobehighlyinflationaryasofJanuary1,2010,andthefinancialstatementsofVenezuelanentitieswillneedtoberemeasuredasifthefunctionalcurrencywerethereportingcurrencyasofJanuary1,2010.IssuesthathavearisenasaresultofVenezuela’sbecomingahighlyinflationaryeconomy,aswellastherecentdevaluationofVenezuela’slocalcurrency,couldaffectanentity’sconsolidatedfinancialstatementsasofDecember31,2009.

Other Resources:Deloitte’sJanuary19,2010,FinancialReportingAlert.• FASB Proposes Amendments to Subsequent-Events Disclosure Requirements


Summary:OnDecember29,2009,theFASBexposed,fora30-daycommentperiod,aproposedASUthataddressescertainimplementationissuesrelatedtoanentity’srequirementtoperformanddisclosesubsequent-eventsprocedures.Theproposalwould(1)exemptentitiesthatfiletheirfinancialstatementswith,orfurnishthemto,theSEC("SECfilers/furnishers")fromdisclosingthedatethroughwhichsubsequent-eventsprocedureshavebeenperformedand(2)clarifythecircumstancesinwhichanentity’sfinancialstatementswouldbeconsideredrestatedandinwhichtheentitywouldthereforeberequiredtoupdateitssubsequent-eventsevaluationsincetheoriginallyissuedoravailabletobeissuedfinancialstatements.Inaddition,theproposedASUwouldclarifythatnon-SECfilers/furnishersmustdisclosethedatethroughwhichtheseupdatedprocedureshavebeenperformed.

Next Steps:ThefinalASUwouldbeeffectiveimmediatelyuponissuance.TheFASBstaffhasindicatedthatitwillattempttofinalizetheguidanceforthiscalendar-year-endreportingseason(i.e.,intimeforentitiestotakethenewguidanceintoaccountwhenpreparingtheirfinancialstatementsfortheyearendedDecember31,2009).However,becausetheBoardneedstodeliberateanycommentsreceived,theFASBmayfinditchallengingtoissueafinalASUbeforecalendar-year-endSECfilers/furnishersmustfiletheirfinancialstatementswiththeSEC.CommentsontheproposedASUwereduebyJanuary28,2010.

Other Resources:Deloitte’sJanuary5,2010,HeadsUp.•FASB Publishes Revised Notice to Constituents About the Codification

Affects:Nongovernmentalentities.

Summary:TheFASBhaspublishedVersion4.0ofitsNoticetoConstituentsAbouttheCodification.Thepublication'sobjectiveistohelpconstituentsunderstandtheCodification’sstructure,content,style,andhistory.Inthisupdatedversion,theFASBhasaddedinformationtoclarifytheconceptof"pendingcontent"aswellasmaintenanceupdates.

Other Resources:FormoreinformationabouttheCodification,seetheFASB'sWebsite.•

FASB Issues Technical Corrections to SEC Content


Summary:OnJanuary18,2010,theFASBissuedASU2010-04.TheASUcontainsrevisionstovarious"S"sectionsintheCodification,whichreflectcertainrules,regulations,andinterpretivereleasesoftheSEC,andreplacespre-CodificationGAAPreferenceswiththeappropriateCodificationcitations.•

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/a200b793ec746210VgnVCM200000bb42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/6a9539513fef5210VgnVCM100000ba42f00aRCRD.htm

http://asc.fasb.org/imageRoot/45/6805245.pdf

http://asc.fasb.org/


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AICPA Issues Technical Practice Aids

Affects:Variousentities.

Summary:Recently,theAICPAissuedthefollowingTPAs(nonauthoritativeAICPAstafftechnicalquestionsandanswers):

• "CertainFinancialReporting,Disclosure,Regulatory,andTaxConsiderationsWhenPreparingFinancialStatementsofInvestmentCompaniesInvolvedinaBusinessCombination"(TISSection6910).

• "EstimatingFairValueofInvestmentsinCertainEntitiesThatCalculateNAV"(TISSection2220).

• "TheAccountant'sResponsibilitiesforSubsequentEventsinCompilationandReviewEngagements"(TISSection9150).•

SEC Matters

SEC Approves Interpretive Guidance on "Climate-Change" Disclosures

Affects:SECregistrants.

Summary:AtitsJanuary27,2010,openmeeting,theSECvoted3to2toapproveaninterpretivereleaseonproviding"climate-change"disclosures.Theinterpretiveguidancewillnotcreatenewdisclosurerequirements;rather,itwillclarify"certainexistingdisclosurerulesthatmayrequireacompanytodisclosetheimpactthatbusinessorlegaldevelopmentsrelatedtoclimatechangemayhaveonitsbusiness."

Thereleaseaddressesfourclimate-change-relatedtopicsthatregistrantsshouldconsiderwhenassessingwhatinformationtoprovideunderexistingSECdisclosurerequirements:

• Theimpactofexistingandpotentiallitigationorregulation.

• Theeffectonthebusinessofinternationalaccordsandtreatiesrelatedtoclimatechangeandgoverninggreenhousegasemissions.

• Theactualandpotentialindirectconsequencesofclimate-change-relatedregulationsorbusinesstrends(thereleaseincludesexamplesofindirectconsequences).

• Theactualandpotentialimpactsofthephysicaleffectsofclimatechangeonthebusiness.

Next Steps:TheSEChasindicatedthattheinterpretivereleasewillbepostedonitsWebsiteassoonaspossible.

Other Resources:Formoreinformation,seethepressreleaseontheSEC'sWebsite.•

SEC Approves PCAOB Auditing Standard 7

Affects:Registeredpublicaccountingfirms.

Summary:OnJanuary15,2010,theSECissuedanorderapprovingPCAOBAuditingStandard7.ThisnewengagementqualityreviewstandardisconsistentwiththeversionthatthePCAOBadoptedonJuly28,2009.Thestandardprovidesaframeworkfortheengagementqualityreviewertoobjectivelyevaluatethesignificantjudgmentsmadeandconclusionsreachedbytheengagementteaminforminganoverallconclusionabouttheengagement.TheSECencouragedthePCAOBtoprovidefurtherimplementationguidanceonthedocumentationrequirement.

Next Steps:ThestandardiseffectiveforengagementqualityreviewsofauditsandinterimreviewsforfiscalyearsthatbeganonorafterDecember15,2009.Forcalendar-year-endpubliccompanies,thestandardappliestointerimreviewsbeginningwiththequarterendingMarch31,2010.

Other Resources: Formoreinformation,seethepressreleaseonthePCAOB’sWebsite.•

SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures


Summary:OnJanuary11and15,2010,theSEC'sDivisionofCorporationFinanceissuednewC&DIsontheuseofnon-GAAPfinancialmeasures.Thenewguidanceprovidesregistrantswithmoreflexibilitytodisclosenon-GAAPmeasuresinfilingswiththeSEC.TheC&DIsreplacetheinterpretiveguidanceintheSECstaff's

http://www.aicpa.org/download/news/2009/Final_TIS_6910_Investment_Companies.pdf

http://www.aicpa.org/download/news/2009/Final_TIS_6910_Investment_Companies.pdf

http://www.aicpa.org/download/news/2009/TIS_Section_2220_Long-Term_Investments.pdf

http://www.aicpa.org/download/acctstd/TIS-9150_26.pdf

http://www.sec.gov/news/press/2010/2010-15.htm

http://sec.gov/rules/pcaob/2010/34-61363.pdf

http://www.pcaobus.org/News_and_Events/News/2010/01-15.aspx

http://www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm

9

"FrequentlyAskedQuestionsRegardingtheUseofNon-GAAPMeasures"(the"FAQs"),whichwasissuedinJune2003,buttherulesonnon-GAAPfinancialmeasures(RegulationGandItem10(e)ofRegulationS-K)werenotamended.

TheC&DIsincludesomenewandrevisedinterpretationsandexcludecertaintransitionissuesthathadbeencoveredintheFAQs.InlinewiththeSECstaff'sremarksatthe2009AICPANationalConferenceonCurrentSECandPCAOBDevelopments,thestaffmadesomekeychanges.Forexample,it(1)revisedtheguidanceonnonrecurring,infrequent,orunusualitemsinFAQs8and9andreplaceditwithC&DI102.03and(2)revisedtheguidanceonthemeaningoftheconcept"expresslypermitted"inFAQ28andreplaceditwithC&DI106.01.

TheSECalsoissuednewExchangeActForm8-KC&DIs.


SEC Issues Final Say-on-Pay Rules for TARP Companies

Affects:SECregistrantsthatarerecipientsoffinancialassistanceundertheTARP.

Summary:OnJanuary12,2010,theSECissuedFinalRule34-61335,whichamendsproxyrulesundertheSecuritiesActof1934toprovideadditionalguidanceonhowthoserulesapplytotheprovisionintheEmergencyEconomicStabilizationActthatrequiresanonbindingshareholdervoteonexecutivecompensationforcompaniesthathaveTARPloansoutstanding.

Next Steps:ThefinalrulewillbecomeeffectiveonFebruary18,2010.

Other Resources:Formoreinformationaboutthefinalrule,includingadditionalinsightintocorporategovernancereformdevelopments,seeDeloitte'sCenterforCorporateGovernanceWebsite.•

SEC Issues Compliance and Disclosure Interpretations on Proxy Disclosure Enhancements


Summary:OnJanuary20,2010,theSEC'sDivisionofCorporationFinanceissuednewC&DIsonexecutivecompensationdisclosurestoaddressvariousimplementationandtransitionquestionsthatmayariseasaresultoftheamendmentsinSECFinalRule33-9089.TheC&DIscoverthefollowingItemsofRegulationS-K:

• Item401,"Directors,ExecutiveOfficers,Promoters,andControlPersons."

• Item402(a),"ExecutiveCompensation—General."

• Item402(c),"ExecutiveCompensation—SummaryCompensationTable."

• Item402(s),"ExecutiveCompensation—NarrativeDisclosureoftheRegistrant'sCompensationPoliciesandPracticesasTheyRelatetotheRegistrant'sRiskManagement."

• Item407,"CorporateGovernance."

TheSECalsoissuednewproxydisclosureenhancementtransitionC&DIs.•

Other Auditing

PCAOB Issues Staff Guidance

Affects:Registeredpublicaccountingfirms.

Summary:OnJanuary12,2010,thePCAOBpublishedthefollowingstaffQ&As:

• SpecialReportingonForm3—TheseQ&AsdiscusstherequirementsforreportingcertaineventstothePCAOBinspecialreportsonForm3within30daysaftertheevent.

• SuccessiontoRegistrationStatus—Form4—TheseQ&Asdiscusstheprocessthroughwhich,incertaincircumstances,afirmcansucceedtoapredecessorfirm’sregistrationstatus.

http://www.sec.gov/divisions/corpfin/guidance/8-kinterp.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/fe785a6e3ed46210VgnVCM200000bb42f00aRCRD.htm

http://www.sec.gov/rules/final/2010/34-61335.pdf

http://www.corpgov.deloitte.com/

http://www.sec.gov/divisions/corpfin/guidance/regs-kinterp.htm

http://www.sec.gov/divisions/corpfin/guidance/pdetinterp.htm

http://www.pcaobus.org/Registration/Staff_QAs_on_Registration_Form_3.pdf

http://www.pcaobus.org/Registration/Staff_QAs_on_Registration_Form_4.pdf

10

• RegistrationofBroker-DealerAuditors—TheseQ&Asprovideupdatedguidancetoassistauditorsofnonpublicbroker-dealersconsideringregistrationwiththePCAOB.

ThePCAOBrulesonspecialreportingandsuccessionbecameeffectiveonDecember31,2009.

Other Resources:Formoreinformation,seethepressreleaseonthePCAOB’sWebsite.•

ASB Proposes Various Statements on Auditing Standards

Affects:Auditors.

Summary:TheASBissuedthefollowingproposedSASs:

• AuditEvidence—SpecificConsiderationsforSelectedItems.

• UsingtheWorkofanAuditor’sSpecialist.

• CommunicatingInternalControlRelatedMattersIdentifiedinanAudit(Redrafted).

TheproposedSASsarepartofboththeASB’sClarityProjectanditseffortstoconvergewithISAs.

Next Steps:TheproposedSASswouldbeeffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.CommentsontheproposedSASsareduebyApril30,2010.•

AICPA Issues Guidance on Compilation and Review Engagements

Affects:Accountantsthatprovidecompilationandreviewservices.

Summary:OnDecember30,2009,theAICPAissuedSSARS19,whichestablishesaframeworkfortheperformanceandreportingofcompilationandreviewengagements.Amongotherthings,thestandardincludesadiscussionofmaterialityinthecontextofareviewengagementandestablishesenhanceddocumentationrequirementsforcompilationandreviewengagements.

Next Steps:SSARS19iseffectiveforfinancialstatementsforperiodsendingonorafterDecember15,2010.Earlyimplementationofcertainrequirementsandguidancerelatedtocompilationsperformedbyaccountantswhoarenotindependentispermitted.•

AICPA’s GAQC Issues Statement on Compliance Audits

Affects:Auditorsofgovernmentalentities.

Summary:InDecember2009,theAICPA’sGAQCissuedSAS117,whichsupersedesSAS74.SAS117"establishesstandardsandprovidesguidanceonperformingandreportingonanauditofanentity’scompliancewiththeapplicablecompliancerequirementsofagovernmentalauditrequirement."ExamplesofengagementstowhichtheSASappliesincludesingleauditsandauditsperformedundertheU.S.DepartmentofHUDConsolidatedAuditGuideforAuditsofHUDPrograms.SAS117alsoupdatesSAS74"toreflectchangesinthecomplianceauditenvironmentandincorporatestheriskassessmentstandards."

Next Steps:SAS117iseffectiveforcomplianceauditsforfiscalperiodsendingonorafterJune15,2010.Earlyapplicationispermitted.

Other Resources:Formoreinformation,seethesummaryofSAS117ontheGAQC’sWebsite.• GASB Matters

GASB Issues Final Statement on OPEB Measurements

Affects:Governmentalentities.

Summary: OnDecember31,2009,theGASBissuedStatement57.ThisStatement(1)"[e]nablescertainagentemployerstousethealternativemeasurementmethod[asan]alternativetoafullactuarialvaluation,"(2)"[a]djuststherequirementthatadefinedbenefitOPEBplanobtainanactuarialvaluation,"and(3)"[c]larifiesthatthesamefrequencyandtimingofdeterminingOPEBmeasuresarerequiredforbothagentmultiple-employerplansandtheirparticipatingemployers."

http://www.pcaobus.org/registration/staff_qas_on_the_registration_of_broker-dealers.pdf

http://www.pcaobus.org/News_and_Events/News/2010/01-12.aspx

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Audit+Evidence�Specific+Considerations+for+Selected+Items.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Using+the+Work+of+an+Auditors+Specialist.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Communicating+Internal+Control+Related+Matters+Identified+in+an+Audit+Redrafted.htm

http://www.aicpa.org/download/members/div/auditstd/SSARS19.pdf

http://gaqc.aicpa.org/

11

Next Steps:TheprovisionsofStatement57relatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.TheprovisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.

Other Resources:Formoreinformation,seethepressreleaseontheGASB’sWebsite.•

GASB Issues Final Statement on Chapter 9 Bankruptcies

Affects:Governmentalentities.

Summary:OnDecember31,2009,theGASBissuedStatement58.Statement58"providesguidanceforgovernmentsthathavepetitionedforprotectionfromcreditorsbyfilingforbankruptcyunderChapter9oftheUnitedStatesBankruptcyCode."Thestandardprovidesguidanceon"recognizingandmeasuringtheeffectsofthebankruptcyprocessonassetsandliabilities,andforclassifyingchangesinthoseitemsandrelatedcosts."

Next Steps:Statement58iseffectiveforreportingperiodsbeginningafterJune15,2009,andretroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.

Other Resources:Formoreinformation,seethepressreleaseontheGASBWebsite.• Other International

FCAG Issues Letter to G-20 on IASB and FASB Progress


Summary:OnJanuary4,2010,theFCAG,anindependentadvisorybodytotheIASBandFASB,sentalettertoG-20participantsupdatingthemontheIASB’sandFASB’sprogresstowardasinglesetofhigh-qualityglobalfinancialreportingstandards.

Theletterindicatesthat"[a]lthoughconditionsmayhaveimprovedsomewhatinvariousmarketsaroundtheglobe,theFCAGbelievesitremainscriticallyimportanttoachieveasinglesetofhighquality,globallyconvergedfinancialreportingstandardsthatprovideconsistent,unbiased,transparentandrelevantinformationacrossgeographicalboundaries.WeareencouragedbytheBoards'progresstodateindevelopingsuchstandards."

Next Steps:TheFCAGplanstomeetagaininthefourthquarterof2010todiscusstheboards'furtherprogressaswellasanyrelevantexternaldevelopments.•

IASB Issues Limited Exemption Amendment to IFRS 1

Affects:EntitiesthatapplyIFRSs.

Summary:OnJanuary28,2010,theIASBissuedaminoramendmenttoIFRS1toexemptfirst-timeadoptersofIFRSsfromprovidingtheadditionaldisclosuresundertheMarch2009amendmentstoIFRS7.Theamendment"ensuresthatfirst-timeadoptersbenefitfromthesametransitionprovisionsthatAmendmentstoIFRS7providestocurrentIFRSpreparers."

Next Steps:TheamendmenttoIFRS1willbecomeeffectiveonJuly1,2010.Earlyapplicationispermitted.

Other Resources:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•

http://www.gasb.org/

http://www.gasb.org/

http://www.iasplus.com/crunch/1001fcagletter.pdf

http://www.iasb.org/News/Press+Releases/IFRS1amendment.htm

12

Appendix A: Significant Adoption Dates and DeadlinesThechartbelowillustratessignificantadoptiondatesanddeadlinedatesfortheFASB,EITF,AICPA/AcSEC,SEC,PCAOB,GASB/GAO,FASAB,andIASB/IFRIC.Contentrecentlyaddedorrevisedishighlightedingreen.

FASB Affects Status

Significant Adoption Dates

ASU2010-07,Not-for-ProfitEntities:MergersandAcquisitions

Not-for-profitentities. EffectiveprospectivelyformergersthatoccuratorafterthebeginningofaninitialreportingperiodthatbeginsonorafterDecember15,2009,andacquisitionsthatoccuratorafterthebeginningofthefirstannualreportingperiodthatbeginsonorafterDecember15,2009.Earlyapplicationisprohibited.

ASU2010-06,ImprovingDisclosuresAboutFairValueMeasurements

Allentities. ThenewdisclosuresandclarificationsofexistingdisclosuresareeffectiveforinterimandannualreportingperiodsbeginningafterDecember15,2009,exceptforthedisclosuresaboutpurchases,sales,issuances,andsettlementsintherollforwardofactivityinLevel3fairvaluemeasurements.ThosedisclosuresareeffectiveforfiscalyearsbeginningafterDecember15,2010,andforinterimperiodswithinthosefiscalyears.

ASU2010-05,EscrowedShareArrangementsandthePresumptionofCompensation

Allentities. ThisASUdoesnotcontainaneffectivedate.

ASU2010-04,AccountingforVariousTopics—TechnicalCorrectionstoSECParagraphs

Allentities. ThisASUdoesnotcontainaneffectivedate.

ASU2010-03,OilandGasReserveEstimationandDisclosures

Entitiesintheoilandgasindustry. EffectiveforannualreportingperiodsendingonorafterDecember31,2009.Anentityshouldapplytheadoptionoftheamendmentsasachangeinaccountingprincipleinseparablefromachangeinestimate.TheamendmentstoTopic932specifytherequireddisclosuresfortheeffectofadoption.Earlyapplicationisnotpermitted.AnentitythatbecamesubjecttothedisclosurerequirementsofTopic932asaresultofthechangetothedefinitionofsignificantoil-andgas-producingactivitiesispermittedtoapplythedisclosureprovisionsofTopic932inannualperiodsbeginningafterDecember31,2009.

ASU2010-02,AccountingandReportingforDecreasesinOwnershipofaSubsidiary—aScopeClarification

Allentities. EffectivebeginningintheperiodinwhichanentityadoptsStatement160(codifiedinSubtopic810-10).IfanentityhaspreviouslyadoptedStatement160asofthedateonwhichtheamendmentsinthisASUareincludedintheAccountingStandardsCodification,theamendmentsinthisASUareeffectivebeginninginthefirstinterimorannualreportingperiodendingonorafterDecember15,2009.TheamendmentsinthisASUshouldbeappliedretrospectivelytothefirstperiodinwhichanentityadoptedStatement160.

ASU2010-01,AccountingforDistributionstoShareholderswithComponentsofStockandCash—aconsensusoftheFASBEmergingIssuesTaskForce

Entitiesthatprovidedistributionstoshareholdersintheformofstockandcash.

EffectiveforinterimandannualperiodsendingonorafterDecember15,2009.

ASU2009-17,ImprovementstoFinancialReportingbyEnterprisesInvolvedWithVariableInterestEntities

Allentities. Effectiveasofthebeginningofeachreportingentity’sfirstannualreportingperiodthatbeginsafterNovember15,2009,andforbothofthefollowing:(1)interimperiodswithinthatfirstannualreportingperiodand(2)interimandannualreportingperiodsthereafter.Earlierapplicationisprohibited.

ASU2009-16,AccountingforTransfersofFinancialAssets

Allentities. Effectiveasofthebeginningofeachreportingentity’sfirstannualreportingperiodthatbeginsafterNovember15,2009,andforbothofthefollowing:(1)interimperiodswithinthatfirstannualreportingperiodand(2)interimandannualreportingperiodsthereafter.Earlierapplicationisprohibited.

13

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)


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)


ASU2009-08,Earnings per Share — amendmentstoSection260-10-S99(SECUpdate)


ASU2009-07,Accounting for Various Topics —technicalcorrectionstoSECparagraphs(SECUpdate)


ASU2009-06,Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities

Allentities. EffectiveforfinancialstatementsissuedforinterimandannualperiodsendingafterSeptember15,2009.

ASU2009-05,MeasuringLiabilitiesatFairValue Allentities. EffectiveforthefirstinterimorannualreportingperiodbeginningafterAugust28,2009.

ASC105(Statement168,TheFASBAccountingStandardsCodificationandtheHierarchyofGenerallyAcceptedAccountingPrinciples—areplacementofFASBStatementNo.162)

Allentities. EffectiveforfinancialstatementsissuedforinterimandannualperiodsendingafterSeptember15,2009.

ASC855(Statement165,Subsequent Events) Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009.

ASC820(transitional:820-10-65-4)(FSPFAS157-4,"DeterminingFairValueWhentheVolumeandLevelofActivityfortheAssetorLiabilityHaveSignificantlyDecreasedandIdentifyingTransactionsThatAreNotOrderly")

Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

ASC715-10-50(FSPFAS132(R)-1,"Employers’DisclosuresAboutPostretirementBenefitPlanAssets")

Entitieswithpostretirementbenefitplanassets.

EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2009.ThetechnicalamendmentbecameeffectiveonDecember30,2008.

ASC320(FSPFAS115-2andFAS124-2,"RecognitionandPresentationofOther-Than-TemporaryImpairments")

Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

ASC820-10-50(FSPFAS107-1andAPB28-1,"InterimDisclosuresAboutFairValueofFinancialInstruments")

Allpublicentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

Projects in Request-for-Comment Stage

ProposedASU,Compensation—StockCompensation(Topic718):EffectofDenominatingtheExercisePriceofaShare-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityTrades

Entitiesthatissueshare-basedpaymentawardswithexercisepricesincurrenciesthataredifferentfromtheentity’sfunctionalcurrencyandthepayrollcurrencyoftheemployees.

CommentsdueFebruary12,2010.

14

ProposedASU,Receivables(Topic310):EffectofaLoanModificationWhentheLoanIsPartofaPoolThatIsAccountedforasaSingleAsset

EntitiesthatmodifyaloanthatiscurrentlyaccountedforunderASC310-30aspartofapoolofloansthat,whenacquired,haddeterioratedincreditquality.


ProposedASU,FinancialServices—Insurance(Topic944):AccountingforCostsAssociatedwithAcquiringorRenewingInsuranceContracts

InsuranceentitiesthatarewithinthescopeofASC944.


ProposedASU,Entertainment—Casinos(Topic924):CasinoBaseJackpotLiabilities

EntitiesthatoperateascasinosandthatarewithinthescopeofASC924.


AICPA/AcSEC Affects Status


SAS117,ComplianceAudits Auditorsofgovernmentalentities. EffectiveforcomplianceauditsforfiscalperiodsendingonorafterJune15,2010.Earlyapplicationispermitted.

SAS116,InterimFinancialInformation Auditors. EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.

SAS115,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit

Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2009.Earlyapplicationispermitted.

SAS,TheAuditor'sCommunicationWithThoseChargedWithGovernance(Redrafted)

Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.

SOP09-1,PerformingAgreed-UponProceduresEngagementsThatAddresstheCompleteness,Accuracy,orConsistencyofXBRL-TaggedData

Auditors. EffectiveApril28,2009.

SSARS19,CompilationandReviewEngagements Accountantsthatprovidecompilationorreviewservices.

EffectiveforcompilationsandreviewsoffinancialstatementsforperiodsendingonorafterDecember15,2010.Earlyimplementationofcertainrequirementsandguidancerelatedtocompilationsperformedbyaccountantswhoarenotindependentispermitted.

SSARS18,ApplicabilityofStatementsonStandardsforAccountingandReviewServices

Accountantsthatprovidecompilationorreviewservices.

EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.


ProposedSAS,ReportsonApplicationofRequirementsofanApplicableFinancialReportingFramework

Auditors. CommentsdueMay17,2010.

ProposedSAS,AnalyticalProcedures(Redrafted) Auditors. CommentsdueMay3,2010.

ProposedSAS,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit(Redrafted)

Auditors. CommentsdueApril30,2010.

ProposedSAS,UsingtheWorkofanAuditor’sSpecialist


ProposedSAS,AuditEvidence—SpecificConsiderationsforSelectedItems


SEC Affects Status


SAB113(revisesorrescindsportionsoftheinterpretiveguidanceinSABTopic12,“OilandGasProducingActivities”)

SECregistrants. EffectiveNovember4,2009.

FinalRule,ShareholderApprovalofExecutiveCompensationofTARPRecipients(34-61335)

SECregistrantsthatarerecipientsoffinancialassistanceundertheTARP.

EffectiveFebruary18,2010.

FinalRule,AmendmentstoRulesforNationallyRecognizedStatisticalRatingOrganizations(34-59342)

Nationallyrecognizedstatisticalratingorganizations.

EffectiveApril10,2009.

FinalRule,AmendmenttoMunicipalSecuritiesDisclosure(34-59062)

Brokers,dealers,andmunicipalsecuritiesdealers.

EffectiveJuly1,2009.

FinalRule,ProxyDisclosureEnhancements(33-9089)

SECregistrants. EffectiveFebruary10,2010.

15

FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9077)

Allregistrants. EffectiveOctober30,2009.

FinalRule,InternalControlOverFinancialReportinginExchangeActPeriodicReportsofNon-AcceleratedFilers(33-9072)

Nonacceleratedfilers. EffectiveDecember18,2009,fornonacceleratedfilers.Auditor’sattestationreportoninternalcontroloverfinancialreportingmustbeincludedwithannualreportsforfiscalyearsendingonorafterJune15,2010.


Allregistrants. EffectiveApril23,2009.

FinalRule,TechnicalAmendmentstoRules,Forms,SchedulesandCodificationofFinancialReportingPolicies(33-9026)




FinalRule,AttachingAuthenticatingDocumentstoOnlineFormIDApplications(33-9013)

PublicentitiesthatfileFormID. EffectiveMarch16,2009.

FinalRule,AdjustmentstoCivilMonetaryPenaltyAmounts(33-9009)

Allregistrants. EffectiveMarch3,2009.

FinalRule,InteractiveDataforMutualFundRisk/ReturnSummary(33-9006)

Mutualfunds. Effectiveforinitialregistrationstatementsandpost-effectiveamendmentsthatareannualupdatestopost-effectiveregistrationstatementsthatbecomeeffectiveafterJanuary1,2011.

FinalRule,InteractiveDatatoImproveFinancialReporting(33-9002)

Allregistrants(otherthaninvestmentcompanies).

EffectivefordomesticandforeignregistrantsusingU.S.GAAPthathaveaworldwidepublicfloatofmorethan$5billionforperiodsendingonorafterJune15,2009.EffectiveforallotherdomesticandforeignlargeacceleratedfilersusingU.S.GAAPforperiodsendingonorafterJune15,2010.EffectiveforallremainingregistrantsusingU.S.GAAPandforeignprivateissuersusingIFRSsasissuedbytheIASBforperiodsendingonorafterJune15,2011.

FinalRule,EnhancedDisclosureandNewProspectusDeliveryOptionforRegisteredOpen-EndManagementInvestmentCompanies(33-8998)

Registeredopen-endmanagementinvestmentcompanies.

InitialregistrationstatementsonFormN-1A(andanyannualupdates)filedonorafterJanuary1,2010,willneedtocomplywiththenewrule.AlleffectiveregistrationstatementsonFormN-1AmustbeamendedbyJanuary1,2011;however,afundmaychoosetocomplywiththenewrequirementsanytimeafterMarch31,2009.

FinalRule,IndexedAnnuitiesandCertainOtherInsuranceContracts(33-8996)

Insurancecompaniesandentitieswithannuities.

Rule151AshouldbeappliedtoindexedannuitiesissuedonorafterJanuary12,2011.Rule12h-7willbecomeeffectiveonMay1,2009.

FinalRule,ModernizationofOilandGasReporting(33-8995)

Publicoilandgascompanies. EffectiveforregistrationstatementsfiledonorafterJanuary1,2010,andforannualreportsonForms10-Kand20-FforfiscalyearsendingonorafterDecember31,2009.

FinalRule,AmendmentstoRulesRegardingManagement’sReportonInternalControlOverFinancialReporting(33-8809)

Allregistrants. EffectiveAugust27,2007,excepttheamendmenttoSection210.2-02T,whichiseffectivefromAugust27,2007,untilJune30,2009.

FinalRule,CustodyofFundsorSecuritiesofClientsbyInvestmentAdvisers(IA-2968)

Registeredinvestmentadvisers. EffectiveMarch12,2010.

PCAOB Affects Status


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.

16

Project in Request-for-Comment Stage

ProposedAuditingStandard,TheAuditor'sAssessmentofandResponsetoRisk

Registeredpublicaccountingfirms. CommentsdueMarch2,2010.

GASB/GAO Affects Status


Statement58,AccountingandFinancialReportingforChapter9Bankruptcies

Governmentalentities. EffectiveforperiodsbeginningafterJune15,2009;retroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.

Statement57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans

Governmentalentities. Provisionsrelatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.ProvisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.EarlierapplicationofthisStatementisencouraged.

Statement56,CodificationofAccountingandFinancialReportingGuidanceContainedintheAICPAStatementsonAuditingStandards

Governmentalentities. EffectiveApril16,2009.

Statement55,TheHierarchyofGenerallyAcceptedAccountingPrinciplesforStateandLocalGovernments

Governmentalentities. EffectiveApril2,2009.

Statement54,FundBalanceReportingandGovernmentalFundTypeDefinitions

Governmentalentities. EffectiveforfinancialstatementsforperiodsbeginningafterJune15,2010.Earlyadoptionisencouraged.

Statement53,AccountingandFinancialReportingforDerivativeInstruments

Governmentalentitieswithderivativeinstruments.

EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.

Statement51,AccountingandFinancialReportingforIntangibleAssets

Governmentalentitieswithintangibleassets.

EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.

GAOInterimGuidance,ReportingDeficienciesinInternalControlforGAGASFinancialAuditsandAttestationEngagements

Auditorsofgovernmentagencies. Effectiveconcurrentlywithanauditor’sadoptionofSAS115,SSAE15,orboth.ThisguidancemaychangeuponfinaldeliberationsbytheComptrollerGeneral’sAdvisoryCouncilonGovernmentAuditingStandards.

FASAB Affects Status


Statement36,ReportingComprehensiveLong-TermFiscalProjectionsfortheU.S.Government

U.S.federalgovernmententities. ThisStatementprovidesforaphased-inimplementation,butearlierimplementationisencouraged.Allinformationwillbereportedasrequiredsupplementaryinformationforthefirstthreeyearsofimplementation(fiscalyears2010,2011,and2012).Beginninginfiscalyear2013,therequiredinformationwillbepresentedasabasicfinancialstatement,disclosures,andrequiredsupplementaryinformationasdesignatedwithinthestandard.

Statement35,EstimatingtheHistoricalCostofGeneralProperty,Plant,andEquipment—AmendingStatementsofFederalFinancialAccountingStandards6and23

U.S.federalgovernmententities. Therequirementsinthisstandardwereeffectiveuponissuance.

Statement34,TheHierarchyofGenerallyAcceptedAccountingPrinciples,IncludingtheApplicationofStandardsIssuedbytheFinancialAccountingStandardsBoard

U.S.federalgovernmententities. Therequirementsinthisstandardwereeffectiveuponissuance.

Statement33,Pensions,OtherRetirementBenefits,andOtherPostemploymentBenefits:ReportingtheGainsandLossesFromChangesinAssumptionsandSelectingDiscountRatesandValuationDates

U.S.federalgovernmententities. EffectiveforfiscalyearsbeginningafterSeptember30,2009.

TechnicalBulletin2006-1,RecognitionandMeasurementofAsbestos-RelatedCleanupCosts

U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2009.Earlyadoptionisencouraged.

17

International Standards Affects Status


IFRS9,FinancialInstruments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlierapplicationispermitted.

IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.

EffectiveasofJuly9,2009.

ImprovementstoIFRSs—acollectionofamendmentstoInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. MostimprovementsareeffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.Theamendmentsshouldbeappliedretrospectively.

Improvements to IFRSs—acollectionofamendmentstotwelveInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010.Earlyapplicationispermitted.

IFRS8,OperatingSegments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

IFRS3(revised),BusinessCombinations EntitiesthatapplyIFRSs. EffectiveforbusinesscombinationsinannualfinancialstatementsbeginningonorafterJuly1,2009.EarlyadoptionispermittedprovidedthatthestandardisappliedwithIAS27(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyadoptionisdisclosed.

AmendmentstoIFRS2,GroupCash-settledShare-basedPaymentTransactions

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010;theamendmentsmustbeappliedretrospectively.Earlyapplicationispermitted.

AmendmentstoIFRS2,Share-basedPayment:VestingConditionsandCancellations

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.

AmendmentstoIAS39,FinancialInstruments:MeasurementandRecognition—EligibleHedgedItems

EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.

AmendmentstoIFRIC9andIAS39,EmbeddedDerivatives

EntitiesthatapplyIFRSs. EffectiveforannualperiodsendingonorafterJune30,2009.Theamendmentsshouldbeappliedretrospectively.

AmendmentstoIAS32,FinancialInstruments:Presentation—ClassificationofRightsIssues

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterFebruary2,2010.Earlyapplicationispermitted.

AmendmentstoIAS32,FinancialInstruments:Presentation,andIAS1,PresentationofFinancialStatements—PuttableFinancialInstrumentsArisingonLiquidationandObligations

EntitieswithfinancialinstrumentsthatmeetthedefinitionofafinancialliabilitybutrepresenttheresidualinterestinthenetassetsoftheentityandthatapplyIFRSs.

EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

IAS27(revised),ConsolidatedandSeparateFinancialStatements

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.EarlyapplicationispermittedprovidedthatthestandardisappliedwithIFRS3(revised);therevisedIFRS3isnotappliedinanaccountingperiodbeginningbeforeJune30,2007;andearlyapplicationisdisclosed.

IAS24,RelatedPartyDisclosures EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2011.Earlierapplicationispermitted.

AmendmenttoIAS23,BorrowingCosts EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

IFRICInterpretation19,ExtinguishingFinancialLiabilitiesWithEquityInstruments

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2010.Earlierapplicationispermitted.IfanentityappliesthisInterpretationforaperiodbeginningbeforeJuly1,2010,itshoulddisclosethatfact.AnentityshouldapplyachangeinaccountingpolicyinaccordancewithIAS8fromthebeginningoftheearliestcomparativeperiodpresented.

IFRICInterpretation18,TransfersofAssetsFromCustomers

EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.

IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners

EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.

18

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



ISA800(Revised/Redrafted),Special Considerations — Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks



ISA710(Redrafted),ComparativeInformation—CorrespondingFiguresandComparativeFinancialStatements



ISA706(Revised/Redrafted),EmphasisofMatterParagraphsandOtherParagraphsintheIndependentAuditor’sReport



ISA705(Revised/Redrafted),ModificationstotheOpinionintheIndependentAuditor’sReport



ISA700(Redrafted),Forming an Opinion and Reporting on Financial Statements



ISA620(Revised/Redrafted),UsingtheWorkofanAuditor’sExpert



ISA610(Redrafted),UsingtheWorkofInternalAuditors



ISA580(Revised/Redrafted),WrittenRepresentations



ISA570(Redrafted),GoingConcern AuditorssubjecttoInternationalStandardsonAuditing.


ISA560(Redrafted),SubsequentEvents AuditorssubjecttoInternationalStandardsonAuditing.


ISA550(Revised/Redrafted),RelatedParties AuditorssubjecttoInternationalStandardsonAuditing.


ISA540(Revised/Redrafted),AuditingAccountingEstimates,IncludingFairValueAccountingEstimates,andRelatedDisclosures.



ISA530(Redrafted),AuditSampling AuditorssubjecttoInternationalStandardsonAuditing.


ISA520(Redrafted),AnalyticalProcedures AuditorssubjecttoInternationalStandardsonAuditing.


ISA510(Redrafted),InitialAuditEngagements—OpeningBalances



ISA505(Revised/Redrafted),ExternalConfirmations



ISA501(Redrafted),AuditEvidence—SpecificConsiderationsforSelectedItems



19

ISA500(Redrafted),AuditEvidence AuditorssubjecttoInternationalStandardsonAuditing.


ISA450(Revised/Redrafted),EvaluationofMisstatementsIdentifiedDuringtheAudit



ISA402(RevisedandRedrafted),Audit Considerations Relating to an Entity Using a Service Organization



ISA320(Revised/Redrafted),MaterialityinPlanningandPerforminganAudit



ISA265,CommunicatingDeficienciesinInternalControltoThoseChargedWithGovernanceandManagement



ISA250(Redrafted),ConsiderationofLawsandRegulationsinanAuditofFinancialStatements



ISA220(Redrafted),QualityControlforanAuditofFinancialStatements



ISA210(Redrafted),Agreeing the Terms of Audit Engagements



ISA200(Revised/Redrafted),OverallObjectivesoftheIndependentAuditorandtheConductofanAuditinAccordanceWithInternationalStandardsonAuditing



ISQC1(Redrafted),QualityControlforFirmsThatPerformAuditsandReviewsofFinancialStatements,andOtherAssuranceandRelatedServicesEngagements


SystemsofqualitycontrolincompliancewiththisISQCmustbeestablishedbyDecember15,2009.


ExposureDraft,ManagementCommentary EntitiesthatapplyIFRSs. CommentsdueMarch1,2010.

ExposureDraft,MeasurementofLiabilitiesinIAS37

EntitiesthatapplyIFRSs. CommentdueApril12,2010.

ExposureDraft,FinancialInstruments:AmortisedCostandImpairment

EntitiesthatapplyIFRSs. CommentsdueJune30,2010.

20

Appendix B: Recent Meetings

Recent FASB Meetings

TojumptotheminutesofaFASBmeeting,clickalinkbelow.

January 5, 2010

ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:

• Leases.

• InsuranceContracts.

January 13, 2010

TheBoarddiscussedthefollowingtopics:

• AccountingforFinancialInstruments.

• GoingConcern.

January 18, 2010


• FairValueMeasurement.

• RevenueRecognition.

• FinancialInstrumentsWithCharacteristicsofEquity.

January 19, 2010



• Consolidation.

• FinancialStatementPresentation.

• AccountingforFinancialInstruments:HedgeAccounting.

January 20, 2010


• Leases.

• AccountingforFinancialInstruments:ClassificationandMeasurement.


January 27, 2010

TheBoarddiscussedthefollowingtopics:


• Statement167Implementation.


FASB Project Summaries and Meeting Minutes

Projectsummaries,handoutsdistributedateachmeeting,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.

Recent EITF Meetings

NoEITFmeetingswereheldinJanuary2010.ThenextmeetingisscheduledforMarch17–18,2010.

http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&cid=1176156624860









http://www.fasb.org/project/index.shtml

http://www.fasb.org/board_handouts/index.shtml

http://www.fasb.org/action/index.shtml

21

Recent ASB Meetings

January 11–14, 2010

TheASBdiscussedthefollowingtopics:

• Auditor’sReports.

• SpecialReports.

• AuditSampling.

• SubsequentEvents.

• GroupAudits.

• QualityControl.

• Estimates/FairValues.

TheagendaisavailableontheAICPA’sWebsite.

Recent AcSEC Meetings

January 12, 2010

TheAcSECdiscussedthefollowingtopics:

• EmployeeBenefitPlans:HealthandWelfareandInvestments.

• ImpairmentsPracticeAid:EquityVersusEnterpriseValueinGoodwillTest.

• ProfitandLossInsuranceGuide:ReinsuranceandLossReserves

• OilandGasGuide.

• CasinosGuide.

• Chair’sReport.

TheagendaisavailableontheAICPA’sWebsite.

Recent FASAB Meetings

NoFASABmeetingswereheldinJanuary2010.ThenextmeetingisscheduledforFebruary24–25,2010.

Recent GASB Meetings

January 5–7, 2010

TheGASBdiscussedthefollowingtopics:

• CodificationofFASBandAICPAPronouncementsIssuedBeforeNovember30,1989.

• ServiceEffortsandAccomplishments.

• ReexaminationofStatement14.

• PensionAccountingandFinancialReporting.

• ServiceConcessionArrangements.

January 26, 2010

TheGASBdiscussedthefollowingtopics:

• CodificationofFASBandAICPAPronouncementsIssuedBeforeNovember30,1989.

• ReexaminationofStatement14.

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Auditing+Standards+Board/ASB+Meeting+Agenda+and+Materials+January+11-14+2010.htm

http://www.aicpa.org/NR/exeres/81699069-0E08-43A0-A823-E510EFAF91C9.htm

22

Recent IASB Meetings

January 5, 2010

ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:

• Leases.


TheagendaisavailableontheIASB’sWebsite.

January 18, 2010



• RevenueRecognition.

• FinancialInstrumentsWithCharacteristicsofEquity.


January 19, 2010



• Consolidation.


• AccountingforFinancialInstruments:HedgeAccounting.


January 20, 2010


• Leases.

• AccountingforFinancialInstruments:ClassificationandMeasurement.


• Derecognition.


January 21, 2010

TheIASBdiscussedthefollowingtopics:

• IFRICUpdate.

• AmendmenttoIFRS1.

• HedgeAccounting.

• DiscontinuedOperations.

• PostemploymentBenefits.


http://www.iasb.org/Meetings/IASB+FASB+Board+Meeting+5+January+2010.htm

http://www.iasb.org/Meetings/IASB+meeting+%28joint+meeting+with+FASB%29.htm

http://www.iasb.org/Meetings/IASB+Board+Meeting+19+January+2010.htm



23

Recent IFRIC Meetings

January 7–8, 2010

TheIFRICdiscussedthefollowingtopics:

• Property,Plant,andEquipment.

• Share-basedPayment.

• IntangibleAssets.

• ConsolidatedandSeparateFinancialStatements.

• Revenue.


• FinancialInstruments:Presentation.

• AnnualImprovements.

• OperatingSegmentsandImpairmentofAssets.

• TheEffectsofChangesinForeignExchangeRates.

• First-timeAdoptionofInternationalFinancialReportingStandards.

• FinancialInstruments:RecognitionandMeasurement.


http://www.iasb.org/Meetings/IFRIC+Meeting+-+7+January+2010.htm

24

Appendix C: Glossary of StandardsFASBAccountingStandardsUpdateNo.2010-07,Not-for-ProfitEntities:MergersandAcquisitions

FASBAccountingStandardsUpdateNo.2010-06,ImprovingDisclosuresAboutFairValueMeasurements

FASBAccountingStandardsUpdateNo.2010-05,EscrowedShareArrangementsandthePresumptionofCompensation

FASBAccountingStandardsUpdateNo.2010-04,AccountingforVariousTopics—TechnicalCorrectionstoSECParagraphs

FASBAccountingStandardsUpdateNo.2010-03,OilandGasReserveEstimationandDisclosures

FASBAccountingStandardsUpdateNo.2010-02,AccountingandReportingforDecreasesinOwnershipofaSubsidiary—aScopeClarification

FASBAccountingStandardsUpdateNo.2010-01,AccountingforDistributionstoShareholdersWithComponentsofStockandCash—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2009-17,ImprovementstoFinancialReportingbyEnterprisesInvolvedWithVariableInterestEntities

FASBAccountingStandardsUpdateNo.2009-16,AccountingforTransfersofFinancialAssets

FASBProposedAccountingStandardsUpdate,SubsequentEvents—AmendmentstoCertainRecognitionandDisclosureRequirements

FASBProposedAccountingStandardsUpdate,AmendmentstoStatement167forCertainInvestmentFunds

FASBAccountingStandardsCodificationTopic946,FinancialServices—InvestmentCompanies

FASBAccountingStandardsCodificationSubtopic946-10,FinancialServices—InvestmentCompanies—Overall

FASBAccountingStandardsCodificationTopic932,ExtractiveIndustries—OilandGas

FASBAccountingStandardsCodificationSection830-10-45,ForeignCurrencyMatters—Overall—OtherPresentation

FASBAccountingStandardsCodificationTopic820,FairValueMeasurementsandDisclosures

FASBAccountingStandardsCodificationSubtopic810-10,Consolidation—Overall

FASBAccountingStandardsCodificationTopic740,IncomeTaxes

FASBAccountingStandardsCodificationTopic718,StockCompensation

FASBAccountingStandardsCodificationTopic715,Compensation—RetirementBenefits

FASBAccountingStandardsCodificationTopic505,Equity

FASBAccountingStandardsCodificationTopic260,EarningsperShare

FASBStatementNo.167,AmendmentstoFASBInterpretationNo.46(R)

FASBStatementNo.166,AccountingforTransfersofFinancialAssets—anamendmentofFASBStatementNo.140

FASBStatementNo.164,Not-for-ProfitEntities:MergersandAcquisitions—includinganamendmentofFASBStatementNo.142

FASBStatementNo.160,NoncontrollingInterestsinConsolidatedFinancialStatements—anamendmentofARBNo.51

FASBStatementNo.140,AccountingforTransfersandServicingofFinancialAssetsandExtinguishmentsofLiabilities—areplacementofFASBStatementNo.125

FASBInterpretation46(R),ConsolidationofVariableInterestEntities(revisedDecember2003)—aninterpretationofARBNo.51

EITFIssueNo.09-E,"AccountingforStockDividends,IncludingDistributionstoShareholdersWithComponentsofStockandCash"

EITFTopicNo.D-110,"EscrowedShareArrangementsandthePresumptionofCompensation"

AICPAStatementonAuditingStandardsNo.117,ComplianceAudits

AICPAStatementonAuditingStandardsNo.74,ComplianceAuditingConsiderationsinAuditsofGovernmentalEntitiesandRecipientsofGovernmentalFinancialAssistance

AICPATechnicalPracticeAids,TISSection9150,"TheAccountant'sResponsibilitiesforSubsequentEventsinCompilationandReviewEngagements"

25

AICPATechnicalPracticeAids,TISSection6910,"CertainFinancialReporting,Disclosure,Regulatory,andTaxConsiderationsWhenPreparingFinancialStatementsofInvestmentCompaniesInvolvedinaBusinessCombination"

AICPATechnicalPracticeAids,TISSection2220,"EstimatingFairValueofInvestmentsinCertainEntitiesThatCalculateNAV"

AICPAStatementonStandardsforAccountingandReviewServicesNo.19,CompilationandReviewEngagements

AICPAProposedStatementonAuditingStandards,AuditEvidence—SpecificConsiderationsforSelectedItems

AICPAProposedStatementonAuditingStandards,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit(Redrafted)

AICPAProposedStatementonAuditingStandards,UsingtheWorkofanAuditor’sSpecialist

AICPADraftIssuesPaper,FASBAccountingStandardsCodificationSection820,FairValueMeasurementsandDisclosures,forCertainIssuesPertainingtoNot-for-ProfitEntities

SECRegulationS-K,Item407,"CorporateGovernance"

SECRegulationS-K,Item402(s),"ExecutiveCompensation—NarrativeDisclosureoftheRegistrant'sCompensationPoliciesandPracticesasTheyRelatetotheRegistrant'sRiskManagement"

SECRegulationS-K,Item402(c),"ExecutiveCompensation—SummaryCompensationTable"

SECRegulationS-K,Item402(a),"ExecutiveCompensation—General"

SECRegulationS-K,Item401,"Directors,ExecutiveOfficers,PromotersandControlPersons"

SECRegulationS-K,Item10(e),"UseofNon-GAAPFinancialMeasuresinCommissionFilings"

SECFinalRuleReleaseNo.34-61335,ShareholderApprovalofExecutiveCompensationofTARPRecipients

SECFinalRuleReleaseNo.33-9089,ProxyDisclosureEnhancements

SECFinalRuleReleaseNo.33-8995,ModernizationofOilandGasReporting

SECPublicCompanyAccountingOversightBoardRulemakingRelease,OrderApprovingProposedRulesonAuditingStandardNo.7,EngagementQualityReview,andConformingAmendment

PCAOBAuditingStandardNo.7,EngagementQualityReview,andConformingAmendment

PCAOBStaffQuestionsandAnswers,SpecialReportingonForm3

PCAOBStaffQuestionsandAnswers,SuccessiontoRegistrationStatus—Form4

PCAOBStaffQuestionsandAnswers,RegistrationofBroker-DealerAuditors

GASBStatementNo.58,AccountingandFinancialReportingforChapter9Bankruptcies

GASBStatementNo.57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans

GASBStatementNo.14,FinancialReportingEntity

IFRS7,FinancialInstruments:Disclosures

IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards

AmendmentstoIFRS7,ImprovingDisclosuresAboutFinancialInstruments

IAS37,Provisions,ContingentLiabilitiesandContingentAssets

IASBExposureDraft,MeasurementofLiabilitiesinIAS37—ProposedAmendmentstoIAS37

26

Appendix D: Abbreviations AcSEC AccountingStandardsExecutiveCommittee

AICPA AmericanInstituteofCertifiedPublicAccountants

ASB AuditingStandardsBoard

ASC FASBAccountingStandardsCodification

ASU FASBAccountingStandardsUpdate

C&DIs complianceanddisclosureinterpretations

CPE continuingprofessionaleducation

EITF EmergingIssuesTaskForce

EPS earningspershare

EST EasternStandardTime

FAS FinancialAccountingStandard

FASAB FederalAccountingStandardsAdvisoryBoard

FASB FinancialAccountingStandardsBoard

FCAG FinancialCrisisAdvisoryGroup

G-20 GroupofTwentyFinanceMinistersandBankGovernors

GAAP generallyacceptedaccountingprinciples

GAQC GovernmentalAuditQualityCenter

GASB GovernmentalAccountingStandardsBoard

HUD DepartmentofHousingandUrbanDevelopment

IASB InternationalAccountingStandardsBoard

IFRIC InternationalFinancialReportingInterpretationsCommittee

IFRS InternationalFinancialReportingStandard

ISA InternationalStandardonAuditing

OPEB otherpostemploymentbenefits

PCAOB PublicCompanyAccountingOversightBoard

Q&As questionsandanswers

SAS StatementonAuditingStandards

SEC SecuritiesandExchangeCommission

SSARS StatementonStandardsforAccountingandReviewServices

TARP TroubledAssetReliefProgram

TIS TechnicalInquiryService

TPA TechnicalPracticeAid

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