april 2010 accounting roundup - ias plus 2010 accounting roundup. ... , deloitte’s webcast series...

April 2010

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

ContentsCash Flows• EffectofASUs2009-16and2009-17onPresentationofTrade

ReceivableFinancingArrangementsintheStatementofCashFlows

Consolidations• CAQPublishesAlertonICFRRequirementsforEntitiesNewly

ConsolidatedUnderStatement167(CodifiedinASC810)• CAQPublishesAlertonStatement167(CodifiedinASC810)Practice

Issues

Distinguishing Liabilities From Equity• AnUpdateontheFASB'sandIASB'sJointProjectonFinancial

InstrumentsWithCharacteristicsofEquity

Fair Value Measurements and Disclosures • ValuationResourceGroupDiscussesFourTopicsatApril12Meeting• FinancialReportingConsiderationsRelatedtoImplementationofFair

ValueMeasurementDisclosuresRequiredbyASU2010-06

Income Taxes• SECStaffAnnouncementonAccountingfortheDifferentEnactment

DatesoftheHealthCareReformBillandReconciliationMeasure• SignificantChangestoStatuteofLimitationsUndertheHIREAct

Receivables• FASBIssuesASUontheEffectofaLoanModificationWhentheLoan

IsPartofaPoolThatIsAccountedforasaSingleAsset

Retirement Benefits• IASBIssuesExposureDraftonImprovementstoDefinedBenefit

Accounting• HealthCareLegislation—ImpactonEmployeeBenefitsAccounting

Revenue Recognition• FASBIssuesASUonMilestoneMethodofRevenueRecognition

Stock Compensation• FASBIssuesASUontheEffectofDenominatingtheExercisePriceofa

Share-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityPrimarilyTrades

Transfers and Servicing• FASBChairmanSendsLettertoHouseFinancialServicesCommittee

ExplainingAccountingGuidanceRelevanttoLehmanAccountingPractices

Industry Accounting• FASBIssuesASUonAccrualsforCasinoBaseJackpotLiabilities• FASBIssuesASUonHowInvestmentsHeldThroughSeparateAccounts

AffectanInsurer’sConsolidationAnalysisofThoseInvestments• FASBIssuesASUtoAmendSECContentWithinOilandGasGuidance• FASBIssuesExposureDraftonMeasuringCharityCareforDisclosure• FASBIssuesExposureDraftonPresentationofInsuranceClaimsand

RelatedInsuranceRecoveries• IASBPublishesDiscussionPaperonExtractiveActivities

Other Accounting• ASummaryoftheFinancialReportingandDisclosureImplicationsof

theHealthCareReformLegislation• FAF/FASBandXBRLUSLabsAnnounceResearchInitiative• FAFNamesLouisMatherneasFASBChiefofTaxonomyDevelopment

Other SEC Matters• SECIssuesProposedRuleonLargeTraderReportingSystem

Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EDT)unlessotherwisenoted):• Wednesday,May5:CorporateCulture:TheFoundationStartsatthe

Top.

• Thursday,May6:FromEnterpriseProductivitytoCollectiveIntelligence—Web3.0,SocialMedia,Mashups,andRichInternetApps.

• Monday,May10:TaxAccrualWorkpapersandtheIRSTransparencyInitiative(Ann.2010-9):NoHoldsBarred?

• Tuesday,May11,3:00p.m.(EDT):InternationalFinancialReportingStandards:KeyStepsCompaniesShouldConsiderTakingNow.

• Wednesday,May12:AMLandFCPA:TheIntersectionofMoneyLaunderingandInternationalCorruption.

• Thursday,May27:BenefitsofEffectiveScenarioPlanning:AreYouReadyforAnything?

Don’tmissout—registerforthesewebcaststoday.

• SECIssuesProposedRuleonAccesstoListedOptionsExchanges• SECIssuesProposedRuleonAsset-BackedSecurities• SECPublishesFinalRuleonAdoptionofUpdatedEdgarFilerManual• SECRegulationsCommitteeReleasesHighlightsofSeptember2009

Meeting

Other Auditing• ASummaryoftheApril7–8MeetingofthePCAOB’sStanding

AdvisoryGroup• PCAOBIssuesStaffAuditPracticeAlertonSignificantUnusual

Transactions• PCAOBIssuesProposedAuditingStandardonCommunicationsWith

AuditCommittees• AICPAIssuesStandardforReportingonControlsataService

Organization

FASAB Matters• FASABIssuesStandardonFinancialReportingforSocialInsurance

Programs• FASABIssuesStandardonAccountingforFederalOilandGas

Resources

Other International• IASCFoundationReleasesIFRSTaxonomy2010• PaulPacterAppointedtotheIASB• IASBandFASBIssueQuarterlyProgressReportonCommitmenttothe

MemorandumofUnderstanding

Appendix A: Significant Adoption Dates and Deadlines

Appendix B: Recent Meetings

Appendix C: Glossary of Standards

Appendix D: Abbreviations

http://www.usdbriefs.com/calendar/thyme/thyme/event_view.php?eid=13683&instance=2010-5-5






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http://www.deloitte.com/view/en_US/us/Insights/Browse-by-Content-Type/dbriefs-webcasts/Financial-Executives/e95563a906628210VgnVCM100000ba42f00aRCRD.htm?id=email





2

Cash Flows

Effect of ASUs 2009-16 and 2009-17 on Presentation of Trade Receivable Financing Arrangements in the Statement of Cash Flows

Affects: Entitiesinvolvedintradereceivablefinancingarrangements.

Summary: ASUs2009-16and2009-17amendedtheguidanceinASC860andASC810,respectively.TheamendmentsinASUs2009-16and2009-17maysignificantlyaffectthepresentationoftradereceivablefinancingarrangementsinthetransferringentity'sstatementofcashflows.

Other Resources:Deloitte’sApril30,2010,FinancialReportingAlert.• Consolidations

CAQ Publishes Alert on ICFR Requirements for Entities Newly Consolidated Under Statement 167 (Codified in ASC 810)

Affects:SECregistrantswithnewlyconsolidatedentities.

Summary:OnApril19,2010,theCAQpublishedAlert2010-21,whichoutlinestheSECstaff’sviewsonICFRrequirementsforanentitynewlyconsolidatedunderStatement167(codifiedinASC810).Thatis,thealertsummarizestheSECstaff’sviewthatvariableinterestentitiesconsolidateduponadoptionofStatement167shouldbeincludedinmanagement’sreportsonICFR.ThealertalsodiscussestheapplicabilityofQuestions1and3oftheSECstaff'sFAQsonmanagement’sreportonICFRafteranentity’sadoptionofStatement167.•

CAQ Publishes Alert on Statement 167 (Codified in ASC 810) Practice Issues

Affects:SECregistrants.

Summary:OnApril9,2010,theCAQpublishedAlert2010-20,whichoutlinestheSECstaff’sviewsoncertainStatement167(codifiedinASC810)practiceissues.Topicsdiscussedinthealertinclude(1)filingregistrationstatementsafteradoptionofStatement167;(2)applyingthetransitionprovisionsofStatement167;(3)proformarequirements;and(4)considerationsunderRule3-05,Rule3-14,andForm8-KregardingtheadoptionofStatement167.•

Deloitte Publications

Publication Title Affects

April 30, 2010, Financial Reporting Alert Effect of ASUs 2009-16 and 2009-17 on Presentation of Trade Receivable Financing Arrangements

Entities with trade receivable financing arrangements.

April 26, 2010, Heads Up A Summary of the April 7–8 Meeting of the PCAOB’s Standing Advisory Group

Registered public accounting firms.

April 20, 2010, Financial Reporting Alert Health Care Legislation — Impact on Employee Benefits Accounting

Entities that provide health benefits to their employees or retirees.

April 19, 2010, Heads Up Valuation Resource Group Discusses Four Topics at April 12 Meeting

All entities.

April 19, 2010, Heads Up PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees

Registered public accounting firms.

April 15, 2010, Heads Up An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity

All entities.

April 9, 2010, Heads Up A Summary of the Financial Reporting and Disclosure Implications of the Health Care Reform Legislation

All entities.

April 9, 2010, Financial Reporting Alert Financial Reporting Considerations Related to Implementation of Fair Value Measurement Disclosures Required by ASU 2010-06

SEC registrants.

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/86c1f19f5df48210VgnVCM200000bb42f00aRCRD.htm

http://www.aicpa.org/caq/download/CAQ_Alert_2010_21.pdf

http://www.sec.gov/info/accountants/controlfaq.htm

http://www.aicpa.org/caq/download/CAQ_Alert_2010_20.pdf

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/86c1f19f5df48210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/5ece4a771eb38210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/ee154f7dcac18210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/a9e96ce397718210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/100e75a0d1718210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-%20Statement-Internal-Control-Audit/Accounting-Standards-%20Communications/860e24be31308210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/e88420d6f04e7210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/b3a2c69d084e7210VgnVCM200000bb42f00aRCRD.htm

3

Distinguishing Liabilities From Equity

An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity

Affects: Allentities.

Summary: TheFASBandIASBhavedevelopedanewapproachtoclassifyingfinancialinstrumentsasliabilitiesorequityintheirjointprojectonfinancialinstrumentswithcharacteristicsofequity.Theclassificationapproachcontemplatedbythetwoboardswould,iffinalized,significantlyaffectthemannerinwhichentitiesdeterminewhethertoclassifymanyfinancialinstrumentsasliabilitiesorequityandaccountforexercisesofoptionsandconversionsofdebtintoequityinstruments.Entitiesarewell-advisedtobeginassessingtheimplicationsof,andplanningfor,thesechangesandtheireffectondebtandequity,interestcoverage,andotherfinancialratios;earnings;andcompliancewithdebtcovenants.

Next Steps:ThenewapproachisexpectedtobeexposedforpubliccommentinJune2010.Theboardshaveagreedthattheexposuredraftwillhavea120-daycommentperiodandhopetopublishafinalstandardinthefirsthalfof2011;theeffectivedateisyettobedetermined.

Other Resources:Deloitte’sApril15,2010,HeadsUp.• Fair Value Measurements and Disclosures

Valuation Resource Group Discusses Four Topics at April 12 Meeting

Affects:Allentities.

Summary:OnApril12,2010,theValuationResourceGroupmetwiththeFASBtodiscussthefollowingfourtopics:(1)theFASB’sandIASB’sjointprojectonfairvaluemeasurementanddisclosure;(2)thefairvaluemeasurementofleasedinvestmentproperties;(3)themeasurementofreacquiredrightsinabusinesscombination;and(4)thefairvaluemeasurementofaccountsreceivable,accountspayable,andotheraccruedliabilities.

Other Resources:Deloitte’sApril19,2010,HeadsUp.•

Financial Reporting Considerations Related to Implementation of Fair Value Measurement Disclosures Required by ASU 2010-06


Summary:Recently,severalimplementationquestionshavearisenaboutASU2010-06,whichamendsASC820(formerlyStatement157).TheASUwasissuedinJanuary2010inresponsetorequestsfromfinancialstatementusersforadditionalinformationaboutfairvaluemeasurements.CertainprovisionsofASU2010-06areeffectivefortheinterimperiodendingMarch31,2010,forcalendar-year-endentitiessubjecttoquarterlyreportingrequirements.UndertheASU:

• Areportingentityisnowrequiredtodiscloseseparatelytheamountsof,andreasonsfor,significanttransfers(1)betweenLevel1andLevel2ofthefairvaluehierarchyand(2)intoandoutofLevel3ofthefairvaluehierarchyforthereconciliationofLevel3measurements.

• AreportingentityisnolongerpermittedtoadoptapolicyofrecognizingtransfersintoLevel3asofthebeginningofthereportingperiodandtransfersoutofLevel3asoftheendofthereportingperiod.Rather,anentitymustdiscloseandfollowaconsistentpolicyfordeterminingwhentransfersbetweenlevelsarerecognized.

• ThelevelofdisaggregationfordisclosuresaboutderivativecontractsunderASC820,asamendedbyASU2010-06,maydifferfromthatfordisclosuresunderASC815(formerlyStatement133).

• Areportingentityisnotrequiredtodisclosequantitativeinformationaboutinputs.

Other Resources:Deloitte’sApril9,2010,FinancialReportingAlert.•

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial- Statement-Internal-Control-Audit/Accounting-Standards- Communications/860e24be31308210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/a9e96ce397718210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/b3a2c69d084e7210VgnVCM200000bb42f00aRCRD.htm

4

Income Taxes

SEC Staff Announcement on Accounting for the Different Enactment Dates of the Health Care Reform Bill and Reconciliation Measure

Affects: SECregistrantswithaperiod-endbetweenMarch23,2010,andMarch30,2010.

Summary: OnApril14,2010,theFASBissuedASU2010-12,whichrevisestheCodification’sSECmaterialtoreflectanSECstaffannouncement.TheannouncementaddressesthepotentialimpactthatthedifferentenactmentdatesofthePatientProtectionandAffordableCareAct(the“Act”)andtheHealthCareandEducationReconciliationActof2010(the“reconciliationmeasure”)mayhaveoncertainSECregistrants.Inaddition,theannouncementhighlightsthatASC740requiresthatthemeasurementofcurrentanddeferredtaxesbe“basedontheprovisionsofenactedtaxlaw;theeffectsoffuturechangesintaxlawsarenotanticipated.”Therefore,thedifferentenactmentdatesoftheActandreconciliationmeasuremayaffectregistrantswithaperiod-endthatfallsbetweenMarch23,2010(enactmentdateoftheAct),andMarch30,2010(enactmentdateofthereconciliationmeasure).However,theannouncementstatesthattheSECwouldnotobjectifsuchregistrantsweretoaccountfortheenactmentofboththeActandthereconciliationmeasureinaperiodendingonorafterMarch23,2010,butnotesthattheSECstaff“doesnotbelievethatitwouldbeappropriateforregistrantstoanalogizetothisviewinanyotherfactpatterns.”

Other Resources:Deloitte’sMarch31,2010,FinancialReportingAlert.•Significant Changes to Statute of Limitations Under the HIRE Act

Affects: Allentities.

Summary: OnMarch18,2010,PresidentObamasignedtheHiringIncentivestoRestoreEmploymentActof2010(“HIREAct”)intolaw.TheHIREActmayhaveasignificanteffectonanentity’sassessmentregardingthestatuteoflimitationsforitstaxpositions.EntitiesthatareplanningtorecognizethebenefitofataxpositionbecauseoftheexpirationofthestatuteoflimitationsforthatpositionforanyquarterendingafterMarch18,2010,shouldconsidertheimpactoftheHIREAct.

Other Resources:Deloitte’sApril16,2010,U.S.TaxAlert.• Receivables

FASB Issues ASU on the Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset

Affects: EntitiesthatmodifyaloanthatiscurrentlyaccountedforunderASC310-30(formerlySOP03-3)aspartofapoolofloansthat,whenacquired,haddeterioratedincreditquality.

Summary: OnApril29,2010,theFASBissuedASU2010-18,whichestablishesthatentitiesshouldnotevaluatewhetheramodificationofloans(thatarepartofapoolaccountedforunderASC310-30)meetsthecriteriaforatroubleddebtrestructuringinASC310-40.Inaddition,modifiedloansshouldnotberemovedfromthepoolunlessanyofthecriteriainASC310-30-40-1aremet.Entitiesareallowedaone-timeelectiontochangetheunitofaccountingfromapoolbasistoanindividualloanbasis.Suchanelectionwouldbeappliedonapool-by-poolbasis.ThiswouldallowentitiesthathaveelectedtoapplytheguidanceinASC310-40ontroubleddebtrestructuringstofutureloanmodifications.

Next Steps:TheASUiseffectiveforanymodificationsofaloanorloansaccountedforwithinapoolinthefirstinterimorannualreportingperiodendingafterJuly15,2010,andwillbeappliedprospectively.Earlyapplicationispermitted.

Other Resources:Deloitte’sMarch2010EITFSnapshot.•

http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820524510&blobheader=application%2Fpdf

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/b9500b1044c97210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_GX/global/services/tax/international-tax/090cefa5aa808210VgnVCM200000bb42f00aRCRD.htm


http://www.deloitte.com/assets/Dcom-UnitedStates/Local Content/Articles/AERS/Accounting-Standards-Communications/EITF Snapshots/us_assur_eitf_snapshot_032010.pdf

5

Retirement Benefits

IASB Issues Exposure Draft on Improvements to Defined Benefit Accounting

Affects:Entitieswithdefinedbenefitplans.

Summary:OnApril29,2010,theIASBissuedforpubliccommentanexposuredraftthatproposesamendmentstothedefinedbenefitaccountinginIAS19.TheupdateswouldreviseIAS19toincludeprovisionsthatrequireentities:

1. “toaccountimmediatelyforallestimatedchangesinthecostofproviding[long-termemployee]benefitsandallchangesinthevalueofplanassets(oftenreferredtoastheremovalofthe‘corridor’method);

2. touseanewpresentationapproachthatwouldclearlydistinguishbetweendifferentcomponentsofthecostsofthesebenefits;and

3. todiscloseclearerinformationabouttherisksarisingfromdefinedbenefitplans.”

OnMay6,2010,theIASBprojectteamwilldiscusstheexposuredraftduringalivewebcast.

Next Steps:CommentsontheexposuredraftareduebySeptember6,2010.•

Health Care Legislation — Impact on Employee Benefits Accounting

Affects:Entitiesthatprovidehealthbenefitstotheiremployeesorretirees.

Summary:ThePatientProtectionandAffordableCareActandtheHealthCareandEducationReconciliationActof2010(whichwereenactedonMarch23,2010,andMarch30,2010,respectively)affectthebenefitsemployersprovidetoemployeesandretirees.EntitiesshouldbeawareofcertainaccountingimplicationsrelatedtotheseActs,includingtheprovisionsregardingtheeliminationofannualandlifetimebenefitcapsandtheexcisetaxonhigh-costemployerhealthplans.

Next Steps:Deloitte’sApril20,2010,FinancialReportingAlert.• Revenue Recognition

FASB Issues ASU on Milestone Method of Revenue Recognition

Affects: Entitiesthatenterintoresearchordevelopmentarrangementsinvolvingdeliverablesorunitsofaccountinginwhichavendorsatisfiesitsperformanceobligationsovertimeandalloraportionofthearrangementconsiderationiscontingentupontheachievementofamilestone.

Summary: OnApril29,2010,theFASBissuedASU2010-17,whichestablishesarevenuerecognitionmodelforcontingentconsiderationthatispayableupontheachievementofanuncertainfutureevent,referredtoasamilestone.ThescopeoftheASUislimitedtoresearchordevelopmentarrangementsandrequiresanentitytorecordthemilestonepaymentinitsentiretyintheperiodreceivedifthemilestonemeetsallthenecessarycriteriatobeconsideredsubstantive.However,entitieswouldnotbeprecludedfrommakinganaccountingpolicyelectiontoapplyanotherappropriateaccountingpolicythatresultsinthedeferralofsomeportionofthearrangementconsideration.

Next Steps:TheASUiseffectiveforfiscalyears(andinterimperiodswithinthosefiscalyears)beginningonorafterJune15,2010.Earlyapplicationispermitted.Entitiescanapplythisguidanceprospectivelytomilestonesachievedafteradoption.However,retrospectiveapplicationtoallpriorperiodsisalsopermitted.


http://www.iasb.org/NR/rdonlyres/C6F8EF54-ADE4-4C9C-B23A-AEFAE9BFE815/0/EDIAS19DefinedBenefit0410.pdf

http://www.iasb.org/News/Announcements+and+Speeches/Two+live+web+presentations+forthcoming.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/ee154f7dcac18210VgnVCM100000ba42f00aRCRD.htm



6

Stock Compensation

FASB Issues ASU on the Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades

Affects: Entitiesthatissueshare-basedpaymentawardswithexercisepricesincurrenciesthataredifferentfromtheentity’sfunctionalcurrencyandthepayrollcurrencyoftheemployees.

Summary: OnApril16,2010,theFASBissuedASU2010-13,whichamendsASC718toclarifythatashare-basedpaymentawardwithanexercisepricedenominatedinthecurrencyofamarketinwhichasubstantialportionoftheentity’sequitysecuritiestradesmustnotbeconsideredtocontainamarket,performance,orservicecondition.Therefore,anentityshouldnotclassifysuchanawardasaliabilityifitotherwisequalifiesforclassificationinequity.

Next Steps: ThisASUiseffectiveforinterimandannualperiodsbeginningonorafterDecember15,2010,andwillbeappliedprospectively.Affectedentitieswillberequiredtorecordacumulativecatch-upadjustmenttotheopeningbalanceofretainedearningsforallawardsoutstandingasofthebeginningoftheannualperiodinwhichtheASUisadopted.Earlierapplicationispermitted.

Other Resources: Deloitte’sMarch2010EITFSnapshot.• Transfers and Servicing

FASB Chairman Sends Letter to House Financial Services Committee Explaining Accounting Guidance Relevant to Lehman Accounting Practices

Affects: Entitieswithrepurchaseagreementsandspecial-purposeentities.

Summary: OnApril19,2010,FASBChairmanRobertH.HerzsentalettertotheHouseFinancialServicesCommittee(the“Committee”)explainingthefinancialaccountingstandardsfor,andrelevantguidanceon,repurchaseagreementsandconsolidationofspecial-purposeentities.TheletterwasinresponsetoaccountingmattersidentifiedintheLehmanBankruptcyExaminerreportandwasprovidedasaresourcetomembersoftheCommitteeastheywerepreparingtodeliberatethepublicpolicyissuesrelatedtotheLehmanbankruptcyinahearingheldonApril20,2010.•

Industry Accounting

FASB Issues ASU on Accruals for Casino Base Jackpot Liabilities

Affects: EntitiesthathavegamingoperationswithinthescopeofASC924(formerlyAICPAAuditandAccountingGuide,Casinos).

Summary: OnApril26,2010,theFASBissuedASU2010-16,whichaddressesdiversityinpracticeintheaccountingforbasejackpotsongamingmachines(e.g.,slotmachines).TheASUclarifiesthatacasinoentityshouldnotaccrueabasejackpotiffuturepaymentofthatjackpotcanbeavoided(e.g.,byremovalofthemachinefromthecasinofloor).Thejackpotshouldbeaccruedandchargedtorevenuewhentheentityhasanobligationtopaythejackpot.

Next Steps: TheASUiseffectiveforinterimandannualreportingperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.Acumulativecatch-upadjustmentwillberecordedinretainedearningsasofthebeginningoftheperiodinwhichtheASUisadopted.

Other Resources: Deloitte’sMarch2010EITFSnapshot.•



http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB/Document_C/DocumentPage&cid=1176156813156



7

FASB Issues ASU on How Investments Held Through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments

Affects: Insurancecompaniesthathaveamajorityinterestinaninvestmentfundthroughinterestsheldbytheseparateaccountsorthroughacombinationofinterestsheldbythegeneralandseparateaccounts.

Summary: OnApril21,2010,theFASBissuedASU2010-15,whichprovidesguidanceonhowinvestmentsthroughseparateaccountsaffectaninsurer’sconsolidationanalysisofthoseinvestments.UndertheASU:

[A]ninsuranceentityshouldnotconsideranyseparateaccountinterestsheldforthebenefitofpolicyholdersinaninvestmenttobetheinsurer'sinterestsandshouldnotcombinethoseinterestswithitsgeneralaccountinterestinthesameinvestmentwhenassessingtheinvestmentforconsolidation,unlesstheseparateaccountinterestsareheldforthebenefitofarelatedpartypolicyholderasdefinedintheVariableInterestEntitiesSubsectionsofSubtopic810-10andthoseSubsectionsrequiretheconsiderationofrelatedparties.

TheASUalsostatesthatitamendsASC944-80toclarifythefollowing:

[F]orthepurposeofevaluatingwhethertheretentionofspecializedaccountingforinvestmentsinconsolidationisappropriate,aseparateaccountarrangementshouldbeconsideredasubsidiary.Additionally,theamendmentsdonotrequireaninsurertoconsolidateaninvestmentinwhichaseparateaccountholdsacontrollingfinancialinterestiftheinvestmentisnotorwouldnotbeconsolidatedinthestandalonefinancialstatementsoftheseparateaccount.Theamendments[intheASU]alsoprovideguidanceonhowaninsurershouldconsolidateaninvestmentfundinsituationsinwhichtheinsurerconcludesthatconsolidationisrequired.

Next Steps: TheASUiseffectiveforinterimandannualperiodsbeginningafterDecember15,2010,andmustbeappliedretrospectivelytoallpriorperiods.Earlyapplicationispermitted.

Other Resources: Deloitte’sMarch2010EITFSnapshot.•

FASB Issues ASU to Amend SEC Content Within Oil and Gas Guidance

Affects:Entitiesintheoilandgasindustry.

Summary:OnApril20,2010,theFASBissuedASU2010-14,whichamendstheguidanceonoilandgasreportinginASC932-10-S99-1byaddingtotheCodificationSECRegulationS-X,Rule4-10(asamendedbySECFinalRule33-8995,whichbecameeffectiveonJanuary1,2010).•

FASB Issues Exposure Draft on Measuring Charity Care for Disclosure

Affects:Entitiesinthehealthcareindustrythatprovidecharitycare.

Summary:OnApril16,2010,theFASBissuedforpubliccommentaproposedASU(anEITFconsensus)thatwouldamendASC954to“reducethediversityinpracticeaboutthedisclosureofameasureofcharitycare.”Undertheproposal,themeasurementofcharitycarefordisclosurepurposeswouldbe“basedonthedirectandindirectcostsofprovidingthecharitycare.”

Next Steps:CommentsontheproposedASUareduebyMay17,2010.


FASB Issues Exposure Draft on Presentation of Insurance Claims and Related Insurance Recoveries

Affects:Entitiesinthehealthcareindustry.

Summary: OnApril16,2010,theFASBissuedforpubliccommentaproposedASU(anEITFconsensus)thatwouldamendASC954toaddress“diversityintheaccountingformedicalmalpracticeandsimilarliabilitiesandtheirrelatedanticipatedinsurancerecoveriesbyhealthcareentities.”Undertheproposal,“ahealthcareentityshouldnotnetinsurancerecoveriesagainstarelatedclaimliability”andthe“amountoftheclaimliabilitywouldbedeterminedwithoutconsiderationofinsurancerecoveries.”

Next Steps:CommentsontheproposedASUareduebyMay17,2010.









8

IASB Publishes Discussion Paper on Extractive Activities

Affects:Entitiesthatengageinextractiveactivities.

Summary:OnApril6,2010,theIASBissuedadiscussionpaperthatseekscommentsontheresultsofaproject(researchedbyateamofAustralian,Canadian,Norwegian,andSouthAfricanstandardsetters)exploringtheaccountingforextractiveactivities.Onthebasisofthesecomments,theIASBwilldeterminewhethertoaddthisprojecttoitsagendaand,inturn,whethertoissueanexposuredraftofanIFRSonextractiveactivities.

OnMay7,2010,theIASBextractiveactivitiesprojectteamwillpresentthediscussionpaperinalivewebcast.

Next Steps:CommentsonthediscussionpaperareduebyJuly30,2010.

Other Resources:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•

Other Accounting

A Summary of Financial Reporting and Disclosure Implications of the Health Care Reform Legislation


Summary:ThePatientProtectionandAffordableCareActandtherelatedHealthCareandEducationReconciliationAct(collectively,the"Act")mayaffectapublicentity'sdisclosuresinitsfinancialstatementsandMD&Ainperiodicreports(suchasForm10-Kand10-Qfilings)andregistrationstatements.KeyprovisionsoftheActcouldaffectentitiesfromvariousindustriesbesidesthehealthcareindustry.

Other Resources:Deloitte’sApril9,2010,HeadsUp.• FAF/FASB and XBRL US Labs Announce Research Initiative


Summary:OnApril23,2010,XBRLUSLabsandtheFAFannouncedathree-yearagreementtocooperateonXBRLtaxonomyresearch.Thetwoorganizationswillworktogethertoensurethe“continuedhighqualityandeffectivenessoftheUSGAAPtaxonomy”andto“promoteinteroperabilityandconsistencybetweenfutureversionsofthattaxonomydevelopedbyFAFwithotherfinancialreportingtaxonomies”thatXBRLUSwilldevelop.

Other Resources:Formoreinformation,seethepressreleaseontheFASB’sWebsite.•

FAF Names Louis Matherne as FASB Chief of Taxonomy Development


Summary:OnApril16,2010,theFAFannouncedtheappointmentofLouisMatherneaschiefoftaxonomydevelopmentfortheFASB.Mr.MathernewillleadtheFASBteamthatmaintainstheU.S.GAAPFinancialReportingTaxonomy.Theteamisworkingtowardanearly2011releaseofthenexttaxonomyupdate.

Other Resources: Formoreinformation,seethepressreleaseontheFASB’sWebsite.• Other SEC Matters

SEC Issues Proposed Rule on Large Trader Reporting System

Affects: SECregistrants.

Summary:OnApril14,2010,theSECissuedforpubliccommentaproposedrulethatwouldestablishanewlargetraderreportingsystem.Theproposaldefinestheterm"largetrader"andrequiresthatlargetradersidentifythemselvesandmakecertaindisclosurestotheSEC.Registeredbroker-dealerswouldberequiredtomaintaintransactionrecordsforeachlargetraderandtoreportthatinformationtotheSECuponrequest.

Other Resources:CommentsontheproposedruleareduebyJune22,2010.•

http://www.iasb.org/NR/rdonlyres/735F0CFC-2F50-43D3-B5A1-0D62EB5DDB99/0/DPExtractiveActivitiesApr10.pdf

http://www.iasb.org/Meetings/Live+web+presentation+Extractive+Activities.htm

http://www.iasb.org/News/Press+Releases/extractive+activities+DP.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/e88420d6f04e7210VgnVCM100000ba42f00aRCRD.htm

http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176156820013

http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB/FASBContent_C/NewsPage&cid=1176156803462

http://www.sec.gov/rules/proposed/2010/34-61908.pdf

9

SEC Issues Proposed Rule on Access to Listed Options Exchanges


Summary:OnApril14,2010,theSECissuedforpubliccommentaproposedrulethatwouldprohibitanoptionsexchangefromunfairlyimpedingaccesstoquotationsitdisplaysandwouldlimitthefeesthatanoptionsexchangecanchargeinvestorsandotherswishingtoaccessaquoteonanexchange.Thesetwomeasureswouldmaketherequirementsforaccesstooptionsmarketscomparabletocurrentlyexistingrulesinstockmarkets.

Next Steps:CommentsontheproposedruleareduebyJune21,2010.•

SEC Issues Proposed Rule on Asset-Backed Securities


Summary:OnApril7,2010,theSECissuedforpubliccommentaproposedruleonasset-backedsecurities(ABS)thatwouldsignificantlyreviseRegulationAB(whichgovernsABSofferings)andotherrulesregardingtheofferingprocess,disclosure,andreportingforABS.AccordingtoChairmanMarySchapiro,theproposedruleswould"fundamentallyrevisetheregulatoryregimeforasset-backedsecurities."

Someoftheprovisionsoftheproposedruleinclude:

• RevisionstothefilingdeadlinesforABSofferingstoallowinvestorsmoretimetomakeinvestmentdecisions.

• EliminationofcurrentcreditratingreferencesinshelfeligibilitycriteriaandestablishmentofnewshelfeligibilitycriteriaforABS.

• RequirementthatprospectusesforpublicofferingsofABSandongoingperiodicreportscontainspecifiedasset-levelinformationabouteachoftheassetsinthepoolinataggeddataformatusingeXtensibleMarkupLanguage,withsomelimitedexceptions.

• NewinformationrequirementsforthesafeharborsforexemptofferingsandresalesofABS.

Next Steps:CommentsontheproposedruleareduebyAugust2,2010.•

SEC Publishes Final Rule on Adoption of Updated Edgar Filer Manual


Summary:OnApril1,2010,theSECpublishedFinalRule33-9115,whichrevisestheEDGARFilerManualtoreflectupdatestotheEDGARsystem.Therevisionsareprimarilybeingmadeto:

• SupporttheupgradeoftheMutualFundRisk/ReturnSummaryTaxonomy.

• Extendtheinteractivedata/XBRLvalidationrequirementstoallExhibit101attachments.

• MakeminorupdatestovalidationandprocessingofFormDandamendmentsto13F-HRand13F-NTsubmissiontypes.

TherulebecameeffectiveonApril8,2010.•

SEC Regulations Committee Releases Highlights of September 2009 Meeting


Summary:InApril2010,theSECRegulationsCommitteereleasedhighlightsofitsSeptember22,2009,meeting.Thesehighlightsincludediscussionofthefollowing:

• Considerationofcurrentfinancialreportingmatters.

• ImplementationandinterpretationofrecentSECreleases.

• Discussionofneworpendingaccountingstandardsandpronouncements.

• Currentpracticeissues.



http://www.sec.gov/rules/final/2010/33-9115.pdf

http://www.thecaq.org/resources/secregs/pdfs/highlights/2009_9_22_Regs_Committee_Minutes.pdf

10

SincetheSeptembermeeting,theSECstaffhastakenactiononanumberoftheissuesthatwerediscussedbyupdatingtheFinancialReportingManual,issuingC&DIs,andmakingseveralannouncements.•

Other Auditing

A Summary of the April 7–8 Meeting of the PCAOB’s Standing Advisory Group

Affects:Registeredpublicaccountingfirms.

Summary:AtitsApril7–8,2010,meeting,thePCAOB’sStandingAdvisoryGroup(SAG)discussedtwomainissues:responsibilitiesoftheprincipalauditorandtheauditor’sreportingmodel.Inaddition,theSAGreceivedreportsonstandard-settingactivities,includingasummaryofcommentsreceivedonthePCAOB’sreproposedriskassessmentstandards,emergingissues,anupdateonthePCAOB’sstandard-settingagenda,andprogressmadeinrespondingtotherecommendationsoftheU.S.DepartmentoftheTreasury’sAdvisoryCommitteeontheAuditingProfession.


PCAOB Issues Staff Audit Practice Alert on Significant Unusual Transactions


Summary:OnApril7,2010,thePCAOBissuedStaffAuditPracticeAlert5.Thealertremindspublic-companyauditorsabouttheir“responsibilitiestoassessandrespondtotheriskofmaterialmisstatementofthefinancialstatementsduetoerrororfraudposedbysignificantunusualtransactions.”ThealertalsosummarizesrelevantrequirementsfromexistingPCAOBauditingstandardsregardingsignificantunusualtransactionsthatauditorsshouldconsiderintheirreviewsofinterimfinancialinformationandauditsoffinancialstatements.•

PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees


Summary:OnMarch29,2010,thePCAOBissuedaproposedauditingstandardoncommunicationswithauditcommittees,whichwouldsupersedePCAOBAUSections380and310.ThePCAOB’sprimaryobjectivesinproposingthenewstandardareto(1)enhancetherelevanceandeffectivenessofthecommunicationsbetweentheauditorandtheauditcommitteeand(2)emphasizetheimportanceofeffective,two-waycommunicationsbetweentheauditorandtheauditcommitteetobetterachievetheobjectivesoftheaudit.

Next Steps:CommentsontheproposedauditingstandardareduebyMay28,2010.


AICPA Issues Standard for Reporting on Controls at a Service Organization

Affects:Serviceauditors.

Summary:InApril2010,theAICPAissuedSSAE16,whichprovidesserviceauditorswithguidanceonreportingonaserviceorganization’scontrolsandsupersedestheguidancefromSAS70.AspartoftheASBprojecttoconvergeaudit,attest,andquality-controlstandardswiththoseoftheIAASB,itwasdeterminedthattheguidanceforserviceauditorsshouldbemovedtotheSSAEsandthattheguidanceforuserauditorswouldberetainedintheSASs.

Next Steps:SSAE16iseffectiveforserviceauditors’reportsforperiodsendingonorafterJune15,2011.Earlierapplicationispermitted.•

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/5ece4a771eb38210VgnVCM100000ba42f00aRCRD.htm

http://pcaobus.org/Standards/QandA/04-07-2010_APA_5.pdf

http://pcaobus.org/Rules/Rulemaking/Docket030/Release_No_2010-001.pdf

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/100e75a0d1718210VgnVCM100000ba42f00aRCRD.htm

http://www.cpa2biz.com/AST/Main/CPA2BIZ_Primary/AuditAttest/Standards/SSAEs/PRDOVR~PC-023035/PC-023035.jsp

11

FASAB Matters

FASAB Issues Standard on Financial Reporting for Social Insurance Programs

Affects:U.S.federalgovernmententities.

Summary: OnApril13,2010,theFASABissuedStatement37,whichrequires“additionaldiscussionandanalysisofsocialinsuranceprograms,enhancesthestatementofsocialinsurance,andcreatesanewfinancialstatementpresentingthecausesofchangeinthenetpresentvalueofthe75-yearopengroupsocialinsurancemeasure.”Thepurposeoftherevisedreportingrequirementsistosignificantlyimprovefinancialstatementusers’understandingofthestatusandresultsofoperationsofthegovernment’ssocialinsuranceprograms.

Next Steps:FASABStatement37iseffectivebeginninginfiscalyear2011.•

FASAB Issues Standard on Accounting for Federal Oil and Gas Resources

Affects:U.S.federalgovernmententitites.

Summary: OnApril13,2010,theFASABissuedStatement38,whichrequiresmorerobustaccountingforoilandgasresourcesthatareavailabletothefederalgovernment.Thestandardrequires“thevalueofthefederalgovernment’sestimatedpetroleumroyaltiesfromtheproductionoffederaloilandgasprovedreservestobereportedinascheduleofestimatedfederaloilandgaspetroleumroyalties.”Further,thestandardrequiresthe“valueofestimatedpetroleumroyaltyrevenuedesignatedforotherstobereportedinascheduleofestimatedfederaloilandgaspetroleumroyaltiestobedistributedtoothers.”

Next Steps:TheinformationrequiredbyFASABStatement38mustbereportedasrequiredsupplementaryinformationforperiodsbeginningafterSeptember30,2011.Earlierapplicationisencouraged.•

Other International

IASC Foundation Releases IFRS Taxonomy 2010

Affects:EntitiesthatapplyIFRSs.

Summary:OnApril30,2010,theIASCFoundationissuedtheIFRSTaxonomy2010,aconversionofIFRSsissuedasofJanuary1,2010,intoXBRL.The2010taxonomyisconsistentwithIFRSsandtheIFRSforSMEs.


Paul Pacter Appointed to the IASB

Affects:EntitiesthatapplyIFRSs.

Summary:OnApril15,2010,thetrusteesoftheIASCFoundationannouncedtheappointmentofPaulPactertotheIASB.Mr.Pacterwillserveatwo-yeartermfromJuly1,2010,toJune30,2012.HewillcontinuetochairtheSMEImplementationGrouponbehalfoftheIASB.Mr.Pacterhaspreviouslyservedinstandard-settingrolesatboththeIASBandtheFASB.


IASB and FASB Issue Quarterly Progress Report on Commitment to the Memorandum of Understanding


Summary:OnApril14,2010,theIASBandFASBpublishedaquarterlyreportoftheirprogresstowardconvergingIFRSsandU.S.GAAPthroughthefirstquarterof2010(i.e.,throughMarch31,2010).Thereportprovidesthestatusof,andmilestonesachievedfor,thefollowingconvergenceprojects:financialinstruments,consolidations,derecognition,fairvaluemeasurement,revenuerecognition,leases,financialinstrumentswithcharacteristicsofequity,andfinancialstatementpresentation.ThereportalsosummarizesexposuredraftsthattheIASBandtheFASBplantoissueinthesecondquarterof2010.ThetwoboardsareexpectedtopublishthenextprogressreportinJuly2010.•

http://www.fasab.gov/pdffiles/sffas_37final.pdf

http://fasab.gov/pdffiles/sffas_38_final.pdf

http://www.iasb.org/News/XBRL/IASC+Foundation+releases+IFRS+Taxonomy+2010.htm

http://www.iasb.org/News/Press+Releases/Paul+Pacter+appointed+to+the+IASB.htm

http://www.iasb.org/NR/rdonlyres/184E570C-808F-45B9-9710-8249A76A0677/0/April2010progressreport3.pdf

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

ASU2010-18,EffectofaLoanModificationWhentheLoanIsPartofaPoolThatIsAccountedforasaSingleAsset

EntitiesthatmodifyaloanthatiscurrentlyaccountedforunderASC310-30(formerlySOP03-3)aspartofapoolofloansthat,whenacquired,haddeterioratedincreditquality.

TheASUiseffectiveforanymodificationsofaloanorloansaccountedforwithinapoolinthefirstinterimorannualreportingperiodendingafterJuly15,2010,andwillbeappliedprospectively.Earlyapplicationispermitted.

ASU2010-17,MilestoneMethodofRevenueRecognition

Entitiesthatenterintoresearchanddevelopmentarrangementsinvolvingdeliverablesorunitsofaccountinginwhichavendorsatisfiesitsperformanceobligationsovertimeandalloraportionofthearrangementconsiderationiscontingentupontheachievementofamilestone.

TheASUiseffectiveforfiscalyears(andinterimperiodswithinthosefiscalyears)beginningonorafterJune15,2010.Earlyapplicationispermitted.Entitiescanapplythisguidanceprospectivelytomilestonesachievedafteradoption.However,retrospectiveapplicationtoallpriorperiodsisalsopermitted.

ASU2010-16,AccrualsforCasinoJackpotLiabilities

EntitiesthathavegamingoperationswithinthescopeofASC924(formerlyAICPAAuditandAccountingGuide,Casinos).

TheASUiseffectiveforinterimandannualreportingperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.Acumulativecatch-upadjustmentwillberecordedinretainedearningsasofthebeginningoftheperiodinwhichtheASUisadopted.

ASU2010-15,HowInvestmentsHeldThroughSeparateAccountsAffectanInsurer’sConsolidationAnalysisofThoseInvestments

Insurancecompaniesthathaveamajorityinterestinaninvestmentfundthroughinterestsheldbytheseparateaccountsorthroughacombinationofinterestsheldbythegeneralandseparateaccounts.

TheASUiseffectiveforinterimandannualperiodsbeginningafterDecember15,2010,andmustbeappliedretrospectivelytoallpriorperiods.Earlyapplicationispermitted.

ASU2010-14,AccountingforExtractiveActivities—Oil&Gas—amendmentstoparagraph932-10-S99-1

Entitiesintheoilandgasindustry. ThisASUdoesnotcontainaneffectivedate.

ASU2010-13,EffectofDenominatingtheExercisePriceofaShare-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityTrades

Entitiesthatissueshare-basedpaymentawardswithexercisepricesincurrenciesthataredifferentfromtheentity’sfunctionalcurrencyandthepayrollcurrencyoftheemployees.

ThisASUiseffectiveforinterimandannualperiodsbeginningonorafterDecember15,2010,andwillbeappliedprospectively.Affectedentitieswillberequiredtorecordacumulativecatch-upadjustmenttotheopeningbalanceofretainedearningsforallawardsoutstandingasofthebeginningoftheannualperiodinwhichtheASUisadopted.Earlierapplicationispermitted.

ASU2010-12,AccountingforCertainTaxEffectsofthe2010HealthCareReformActs

SECregistrantswithaperiod-endbetweenMarch23,2010,andMarch30,2010.

ThisASUdoesnotcontainaneffectivedate.

ASU2010-11,ScopeExceptionRelatedtoEmbeddedCreditDerivatives

Allentities. TheASUiseffectiveonthefirstdayofthefirstfiscalquarterbeginningafterJune15,2010.Therefore,foracalendar-year-endentity,theASUbecomeseffectiveonJuly1,2010.EarlyapplicationispermittedatthebeginningofanyfiscalquarterbeginningafterMarch5,2010.

ASU2010-10,AmendmentsforCertainInvestmentFunds

Moneymarketmutualfundsandinterestsinmutualfunds,hedgefunds,privateequityfunds,andventurecapitalfunds.

TheASUiseffectiveasofthebeginningofthefirstannualperiodthatbeginsafterNovember15,2009,andforinterimperiodswithinthatfirstannualperiod.Earlyapplicationisnotpermitted.

ASU2010-09,AmendmentstoCertainRecognitionandDisclosureRequirements

Allentities. Forallentities(exceptconduitdebtobligors),theASUiseffective immediatelyforfinancialstatementsthatare(1)issuedoravailabletobeissuedor(2)revised.Forconduitdebtobligors,theASUiseffectiveforinterimandannualperiodsendingafterJune15,2010.

13

ASU2010-08,TechnicalCorrectionstoVariousTopics

Allentities. Theclarificationsoftheguidanceonembeddedderivativesandhedging(ASC815-15)areeffectiveforfiscalyearsbeginningafterDecember15,2009.Theamendmentstotheguidanceonaccountingforincometaxesinareorganization(ASC852-740)shouldbeappliedtoreorganizationswhosedateisonorafterthebeginningofthefirstannualreportingperiodbeginningonorafterDecember15,2008.AllotheramendmentsareeffectiveasofthefirstinterimorannualreportingperiodbeginningaftertheASU’sissuancedate(February2,2010).

ASU2010-07,Not-for-ProfitEntities:MergersandAcquisitions

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

ASU2010-06,ImprovingDisclosuresAboutFairValueMeasurements

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

ASU2010-05,EscrowedShareArrangementsandthePresumptionofCompensation

Allentities. ThisASUdoesnotcontainaneffectivedate.

ASU2010-04,AccountingforVariousTopics—TechnicalCorrectionstoSECParagraphs

Allentities. ThisASUdoesnotcontainaneffectivedate.

ASU2010-03,OilandGasReserveEstimationandDisclosures

Entitiesintheoilandgasindustry. EffectiveforannualreportingperiodsendingonorafterDecember31,2009.Anentityshouldapplytheadoptionoftheamendmentsasachangeinaccountingprincipleinseparablefromachangeinestimate.TheamendmentstoASC932specifytherequireddisclosuresfortheeffectofadoption.Earlyapplicationisnotpermitted.AnentitythatbecamesubjecttothedisclosurerequirementsofASC932asaresultofthechangetothedefinitionofsignificantoil-andgas-producingactivitiesispermittedtoapplythedisclosureprovisionsofASC932inannualperiodsbeginningafterDecember31,2009.

ASU2010-02,AccountingandReportingforDecreasesinOwnershipofaSubsidiary—aScopeClarification

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

ASU2010-01,AccountingforDistributionstoShareholderswithComponentsofStockandCash—aconsensusoftheFASBEmergingIssuesTaskForce

Entitiesthatprovidedistributionstoshareholdersintheformofstockandcash.

EffectiveforinterimandannualperiodsendingonorafterDecember15,2009.

ASU2009-17,ImprovementstoFinancialReportingbyEnterprisesInvolvedWithVariableInterestEntities

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

ASU2009-16,AccountingforTransfersofFinancialAssets

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

14

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.

ASC715-20-65-2(FSPFAS132(R)-1,"Employers’DisclosuresAboutPostretirementBenefitPlanAssets")

Entitieswithpostretirementbenefitplanassets.

EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2009.ThetechnicalamendmentbecameeffectiveonDecember30,2008.

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

Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

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

Allpublicentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

Projects in Request-for-Comment Stage

ProposedASU,MeasuringCharityCareforDisclosure

Entitiesinthehealthcareindustrythatprovidecharitycare.

CommentsdueMay17,2010.

ProposedASU,PresentationofInsuranceClaimsandRelatedInsuranceRecoveries

Entitiesinthehealthcareindustry. CommentsdueMay17,2010.

ProposedConceptsStatement,ConceptualFrameworkforFinancialReporting:TheReportingEntity

Allentities. CommentsdueJuly16,2010.

15

AICPA/AcSEC Affects Status


SAS120,RequiredSupplementaryInformation Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.

SAS119,SupplementaryInformationinRelationtotheFinancialStatementsasaWhole

Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.

SAS118,OtherInformationinDocumentsContainingAuditedFinancialStatements

Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.Earlyapplicationispermitted.

SAS117,ComplianceAudits Auditorsofgovernmentalentities. EffectiveforcomplianceauditsforfiscalperiodsendingonorafterJune15,2010.Earlyapplicationispermitted.

SAS116,InterimFinancialInformation Auditors. EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.

SAS115,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit

Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2009.Earlyapplicationispermitted.

SAS,TheAuditor'sCommunicationWithThoseChargedWithGovernance(Redrafted)

Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.

SAS,AuditDocumentation(Redrafted) Auditors. EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.

SSARS19,CompilationandReviewEngagements Accountantsthatprovidecompilationorreviewservices.

EffectiveforcompilationsandreviewsoffinancialstatementsforperiodsendingonorafterDecember15,2010.Earlyimplementationofcertainrequirementsandguidancerelatedtocompilationsperformedbyaccountantswhoarenotindependentispermitted.

SSARS18,ApplicabilityofStatementsonStandardsforAccountingandReviewServices

Accountantsthatprovidecompilationorreviewservices.

EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.

SSAE16,ReportingonControlsataServiceOrganization

Serviceauditors. Effectiveforserviceauditors’reportsforperiodsendingonorafterJune15,2011.Earlierapplicationispermitted.


ProposedSAS,ConsiderationofOmittedProceduresAftertheReportReleaseDate

Auditors. CommentsdueMay31,2010.

ProposedSAS,ConsistencyofFinancialStatements


ProposedSAS,ReportsonApplicationofRequirementsofanApplicableFinancialReportingFramework


SEC Affects Status


SAB113(revisesorrescindsportionsoftheinterpretiveguidanceinSABTopic12,“OilandGasProducingActivities”)

SECregistrants. EffectiveNovember4,2009.

FinalRule,ShareholderApprovalofExecutiveCompensationofTARPRecipients(34-61335)

SECregistrantsthatarerecipientsoffinancialassistanceundertheTARP.

EffectiveFebruary18,2010.

FinalRule,AmendmenttoMunicipalSecuritiesDisclosure(34-59062)

Brokers,dealers,andmunicipalsecuritiesdealers.

EffectiveJuly1,2009.

FinalRule,AdoptionofUpdatedEDGARFilerManual(33-9115)

SECregistrants. EffectiveApril8,2010.

FinalRule,AmendmentstoRulesRequiringInternetAvailabilityofProxyMaterials(33-9108)

SECregistrants. EffectiveMarch29,2010.

InterpretiveRelease,CommissionGuidanceRegardingDisclosuresRelatedtoClimateChange(33-9106)

SECregistrants. EffectiveFebruary8,2010.

16

FinalRule,ProxyDisclosureEnhancements,Correction(33-9089A)


FinalRule,ProxyDisclosureEnhancements(33-9089)


FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9077)

SECregistrants. EffectiveOctober30,2009.

FinalRule,InternalControlOverFinancialReportinginExchangeActPeriodicReportsofNon-AcceleratedFilers(33-9072)

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

FinalRule,InteractiveDataforMutualFundRisk/ReturnSummary(33-9006)

Mutualfunds. Effectiveforinitialregistrationstatementsandpost-effectiveamendmentsthatareannualupdatestopost-effectiveregistrationstatementsthatbecomeeffectiveafterJanuary1,2011.

FinalRule,InteractiveDatatoImproveFinancialReporting(33-9002)

SECregistrants(otherthaninvestmentcompanies).

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

FinalRule,EnhancedDisclosureandNewProspectusDeliveryOptionforRegisteredOpen-EndManagementInvestmentCompanies(33-8998)

Registeredopen-endmanagementinvestmentcompanies.

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

FinalRule,IndexedAnnuitiesandCertainOtherInsuranceContracts(33-8996)

Insurancecompaniesandentitieswithannuities.

Rule151AshouldbeappliedtoindexedannuitiesissuedonorafterJanuary12,2011.Rule12h-7willbecomeeffectiveonMay1,2009.

FinalRule,ModernizationofOilandGasReporting(33-8995)

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

FinalRule,CustodyofFundsorSecuritiesofClientsbyInvestmentAdvisers(IA-2968)

Registeredinvestmentadvisers. EffectiveMarch12,2010.

FinalRule,MoneyMarketFundReform(IC-29132)

Moneymarketfunds. EffectiveMay5,2010.


ProposedRule,ProposedAmendmentstoRule610ofRegulationNMS(34-61902)

SECregistrants. CommentsdueJune21,2010.

ProposedRule,LargeTraderReportingSystem(34-61908)

SECregistrants. CommentsdueJune22,2010.

ProposedRule,Asset-BackedSecurities(34-61858)

SECregistrants. CommentsdueAugust2,2010.

PCAOB Affects Status


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.

17

Project in Request-for-Comment Stage

ProposedAuditingStandard,CommunicationsWithAuditCommittees

Registeredpublicaccountingfirms. CommentsdueMay28,2010.

GASB/GAO Affects Status


Statement58,AccountingandFinancialReportingforChapter9Bankruptcies

Governmentalentities. EffectiveforperiodsbeginningafterJune15,2009;retroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.

Statement57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans

Governmentalentities. Provisionsrelatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.ProvisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.EarlierapplicationofthisStatementisencouraged.

Statement54,FundBalanceReportingandGovernmentalFundTypeDefinitions

Governmentalentities. EffectiveforfinancialstatementsforperiodsbeginningafterJune15,2010.Earlyadoptionisencouraged.

Statement53,AccountingandFinancialReportingforDerivativeInstruments

Governmentalentitieswithderivativeinstruments.

EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.

Statement51,AccountingandFinancialReportingforIntangibleAssets

Governmentalentitieswithintangibleassets.

EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.

GAOInterimGuidance,ReportingDeficienciesinInternalControlforGAGASFinancialAuditsandAttestationEngagements

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


ProposedStatement,TheFinancialReportingEntity,anAmendmentofGASBStatementsNo.14andNo.34.

Governmentalentities. CommentsdueJune30,2010.

ProposedStatement,CodificationofAccountingandFinancialReportingGuidanceContainedinPre-November30,1989FASBandAICPAPronouncements

Governmentalentities. CommentsdueJuly31,2010.

FASAB Affects Status


Statement38,AccountingforFederalOilandGasResources

U.S.federalgovernmententities. TheinformationrequiredbyFASABStatement38mustbereportedasrequiredsupplementaryinformationforperiodsbeginningafterSeptember30,2011.Earlierapplicationisencouraged.

Statement37,SocialInsurance:AdditionalRequirementsforManagement’sDiscussionandAnalysisandBasicFinancialStatements

U.S.federalgovernmententities. Effectivebeginninginfiscalyear2011.

Statement36,ReportingComprehensiveLong-TermFiscalProjectionsfortheU.S.Government

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

Statement35,EstimatingtheHistoricalCostofGeneralProperty,Plant,andEquipment—AmendingStatementsofFederalFinancialAccountingStandards6and23

U.S.federalgovernmententities. Therequirementsinthisstandardwereeffectiveuponissuance.

Statement34,TheHierarchyofGenerallyAcceptedAccountingPrinciples,IncludingtheApplicationofStandardsIssuedbytheFinancialAccountingStandardsBoard

U.S.federalgovernmententities. Therequirementsinthisstandardwereeffectiveuponissuance.

18

Statement33,Pensions,OtherRetirementBenefits,andOtherPostemploymentBenefits:ReportingtheGainsandLossesFromChangesinAssumptionsandSelectingDiscountRatesandValuationDates

U.S.federalgovernmententities. EffectiveforfiscalyearsbeginningafterSeptember30,2009.

TechnicalBulletin2006-1,RecognitionandMeasurementofAsbestos-RelatedCleanupCosts

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

International Standards Affects Status


IFRS9,FinancialInstruments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlierapplicationispermitted.

IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.

EffectiveasofJuly9,2009.

Improvements to IFRSs—acollectionofamendmentstotwelveInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010.Earlyapplicationispermitted.

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

AmendmentstoIFRS2,GroupCash-settledShare-basedPaymentTransactions

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010;theamendmentsmustbeappliedretrospectively.Earlyapplicationispermitted.

IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.

AmendmentstoIFRS1,LimitedExemptionFromComparativeIFRS7DisclosuresforFirst-timeAdopters

EntitiesthatapplyIFRSs. EffectiveonJuly1,2010.Earlierapplicationispermitted.

AmendmentstoIFRS1,AdditionalExemptionsforFirst-timeAdopters

EntitiesthatapplyIFRSs. EffectiveJanuary1,2010.Earlierapplicationispermitted.

AmendmentstoIAS39,FinancialInstruments:MeasurementandRecognition—EligibleHedgedItems

EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.

AmendmentstoIFRIC9andIAS39,EmbeddedDerivatives

EntitiesthatapplyIFRSs. EffectiveforannualperiodsendingonorafterJune30,2009.Theamendmentsshouldbeappliedretrospectively.

AmendmentstoIAS32,FinancialInstruments:Presentation—ClassificationofRightsIssues

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterFebruary2,2010.Earlyapplicationispermitted.

IAS27(revised),ConsolidatedandSeparateFinancialStatements

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

IAS24,RelatedPartyDisclosures EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2011.Earlierapplicationispermitted.

IFRICInterpretation19,ExtinguishingFinancialLiabilitiesWithEquityInstruments

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

IFRICInterpretation18,TransfersofAssetsFromCustomers

EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.

IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners

EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.

19

AmendmentstoIFRIC14,PrepaymentsofaMinimumFundingRequirement

EntitiesthatapplyIFRSs. AnentityshouldapplythoseamendmentsforannualperiodsbeginningonorafterJanuary1,2011.Earlierapplicationispermitted.Ifanentityappliestheamendmentsforanearlierperiod,itshoulddisclosethatfact.

ISA810(Revised/Redrafted),Engagements to Report on Summary Financial Statements

AuditorssubjecttoInternationalStandardsonAuditing.

EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.

ISA805(Revised/Redrafted),Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement



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



20

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,FinancialInstruments:AmortisedCostandImpairment

EntitiesthatapplyIFRSs. CommentsdueJune30,2010.

ExposureDraft,ConceptualFrameworkforFinancialReporting:TheReportingEntity

Allentities. CommentsdueJuly16,2010.

DiscussionPaper,ExtractiveActivities Entitiesthatengageinextractiveactivities.

CommentsdueJuly30,2010.

ExposureDraft,DefinedBenefitPlans—ProposedAmendmentstoIAS19

Entitieswithdefinedbenefitplans. CommentsdueSeptember6,2010.

21

Appendix B: Recent Meetings

Recent FASB Meetings

TojumptotheminutesofaFASBmeeting,clickalinkbelow.

April 14, 2010

TheBoarddiscussedthefollowingtopics:

• SECStaffAnnouncement.

• DisclosuresAboutCertainLossContingencies.

• DisclosuresAboutanEmployer’sParticipationinaMultiemployerPlan.

• InsuranceContracts.

• StatementofComprehensiveIncome.

April 20, 2010

ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:

• Leases.

• Consolidation.

April 21, 2010


• Leases.


• Derecognition

April 22, 2010


• FinancialStatementPresentation.


• Leases.

April 28, 2010

TheBoarddiscussedthefollowingtopics:

• DisclosuresAboutCreditQualityandtheAllowanceforCreditLosses.

• AccountingforFinancialInstruments.

FASB Project Summaries and Meeting Minutes

Projectsummaries,handoutsdistributedateachmeeting,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.

Recent EITF Meetings

NoEITFmeetingswereheldinApril2010.ThenextmeetingisscheduledforMay6,2010.

Recent ASB Meetings

NoASBmeetingswereheldinApril2010.ThenextmeetingisscheduledforMay3–6,2010.

http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&cid=1176156797869








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

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

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

22

Recent AcSEC Meetings

April 6, 2010

TheAcSECdiscussedthefollowingtopics:

• SECIFRSWorkPlan.

• CheapStockPracticeAid.

• HealthCareGuide.

TheagendaisavailableontheAcSEC’sWebsite.

April 7, 2010

TheAcSECdiscussedthefollowingtopics:

• PropertyandCasualtyInsuranceGuide.

• OilandGasGuide.

• IFRSGuide.

• CasinoGuide.

TheagendaisavailableontheAcSEC’sWebsite.

Recent FASAB Meetings

April 28, 2010

TheFASABdiscussedthefollowingtopics:

• AdministrativeMatters.

• MeasurementAttributes.

• TechnicalAgenda.

• FederalEntity.

• DeferredMaintenanceandAssetImpairment.

• SubsequentEvents.

• ChangestoPoliciesandProcedures.

• SteeringCommitteeMeeting.

TheagendaisavailableontheFASAB’sWebsite.

April 29, 2010

TheFASABdiscussedthefollowingtopics:

• FederalReportingModel.

• EvaluatingExistingStandards—EarmarkedFunds.

TheagendaisavailableontheFASAB’sWebsite.

Recent GASB Meetings

April 20, 2010

TheGASBdiscussedthefollowingtopics:

• ServiceConcessionArrangements.

• PensionAccountingandFinancialReporting.

• FinancialInstrumentsOmnibus.

• TechnicalPlan.

http://www.aicpa.org/download/members/Div/acctstd/general/0406_ACSEC_Agenda_Materials/acsecagenda042010.pdf

http://www.aicpa.org/download/members/Div/acctstd/general/0406_ACSEC_Agenda_Materials/acsecagenda042010.pdf

http://www.fasab.gov/pdffiles/2010_april_agenda.pdf

http://www.fasab.gov/pdffiles/2010_april_agenda.pdf

23

Recent IASB Meetings

April 8, 2010

TheIASBdiscussedthefollowingtopics:

• AnnualImprovements.

• TerminationBenefits—AmendmentstoIAS19.

• FairValueMeasurement.

TheagendaisavailableontheIASB’sWebsite.

April 20, 2010

ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:

• Leases.

• Consolidation.


April 21, 2010

ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopic:

• Leases.


• Derecognition.


April 22, 2010


• FinancialInstruments:ClassificationandMeasurement.

• Leases.

• FinancialInstruments:HedgeAccounting

TherewasalsoajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:

• FinancialStatementPresentation.


• Leases.


April 23, 2010



• SweepIssues.


Recent IFRIC Meetings

NoIFRICmeetingswereheldinApril2010.ThenextmeetingisscheduledforMay6–7,2010.

http://www.iasb.org/NR/rdonlyres/53A3AF28-9F8E-40B8-B298-66D693A06F24/0/Agenda8Aprilposted31March.pdf

http://www.iasb.org/NR/rdonlyres/9A73F706-A618-4789-B5FF-00A19BFDD1EC/0/0410agendapublic.pdf




24

Appendix C: Glossary of StandardsFASBAccountingStandardsUpdateNo.2010-18,EffectofaLoanModificationWhentheLoanIsPartofaPoolThatIsAccountedforasaSingleAsset—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2010-17,MilestoneMethodofRevenueRecognition—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2010-16,AccrualsforCasinoJackpotLiabilities—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2010-15,HowInvestmentsHeldThroughSeparateAccountsAffectanInsurer’sConsolidationAnalysisofThoseInvestments—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2010-14,AccountingforExtractiveActivities—OilandGas—amendmentstoparagraph932-10-S99-1

FASBAccountingStandardsUpdateNo.2010-13,EffectofDenominatingtheExercisePriceofaShare-BasedPaymentAwardintheCurrencyoftheMarketinWhichtheUnderlyingEquitySecurityTrades—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2010-12,AccountingforCertainTaxEffectsofthe2010HealthCareReformActs

FASBAccountingStandardsUpdateNo.2010-06,ImprovingDisclosuresAboutFairValueMeasurements

FASBProposedAccountingStandardsUpdate,MeasuringCharityCareforDisclosure—aconsensusoftheFASBEmergingIssuesTaskForce

FASBProposedAccountingStandardsUpdate,PresentationofInsuranceClaimsandRelatedInsuranceRecoveries—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsCodificationTopic954,HealthCareEntities

FASBAccountingStandardsCodificationSubtopic944-80,FinancialServices—Insurance—SeparateAccounts

FASBAccountingStandardsCodificationTopic932,ExtractiveActivities—OilandGas

FASBAccountingStandardsCodificationTopic924,Entertainment—Casinos

FASBAccountingStandardsCodificationTopic820,FairValueMeasurementsandDisclosures

FASBAccountingStandardsCodificationTopic815,DerivativesandHedging

FASBAccountingStandardsCodificationTopic810,Consolidation

FASBAccountingStandardsCodificationSubtopic810-10,Consolidation—Overall

FASBAccountingStandardsCodificationTopic718,Compensation—StockCompensation

FASBAccountingStandardsCodificationSubtopic310-40,Receivables—TroubledDebtRestructuringsbyCreditors

FASBAccountingStandardsCodificationSubtopic310-30,Receivables—LoansandDebtSecuritiesAcquiredWithDeterioratedCreditQuality

FASBStatementNo.167,AmendmentstoFASBInterpretationNo.46(R)

FASBStatementNo.157,FairValueMeasurements

FASBStatementNo.133,AccountingforDerivativeInstrumentsandHedgingActivities

AICPAStatementofPosition03-3,AccountingforCertainLoansorDebtSecuritiesAcquiredinaTransfer

AICPAStatementonAuditingStandardsNo.70(AUSection324),ServiceOrganizations

AICPAStatementonStandardsforAttestationEngagementsNo.16,ReportingonControlsataServiceOrganization

SECRegulationS-X,Rule4-10,“FinancialAccountingandReportingforOilandGasProducingActivitiesPursuanttotheFederalSecuritiesLawsandtheEnergyPolicyandConservationActof1975”

SECRegulationS-X,Rule3-14,“SpecialInstructionsforRealEstateOperationstoBeAcquired”

SECRegulationS-X,Rule3-05,“FinancialStatementsofBusinessesAcquiredortoBeAcquired”

25

SECFinalRuleReleaseNo.33-9115,AdoptionofUpdatedEdgarFilerManual

SECFinalRuleReleaseNo.33-8995,ModernizationofOilandGasReporting

SECProposedRuleReleaseNo.34-61908,LargeTraderReportingSystem

SECProposedRuleReleaseNo.34-61902,ProposedAmendmentstoRule610ofRegulationNMS

SECProposedRuleReleaseNo.34-61858,Asset-BackedSecurities

SECStaffFrequentlyAskedQuestions,Management’sReportonInternalControlOverFinancialReportingandCertificationofDisclosureinExchangeActPeriodicReports

PCAOBAUSection380,“CommunicationsWithAuditCommittees”

PCAOBAUSection310,“AppointmentoftheIndependentAuditor”

PCAOBStaffAuditPracticeAlertNo.5,AuditorConsiderationsRegardingSignificantUnusualTransactions

PCAOBProposedReleaseNo.2010-001,ProposedAuditingStandardRelatedtoCommunicationsWithAuditCommitteesandRelatedAmendmentstoCertainPCAOBAuditingStandards

CenterforAuditQualityAlertNo.2010-21,NewStandardonAccountingforVariableInterestEntities—Section404Considerations

CenterforAuditQualityAlertNo.2010-20,NewStandardonAccountingforVariableInterestEntities—TransitionQuestionsforSECRegistrants

FASABStatementNo.37,SocialInsurance:AdditionalRequirementsforManagement’sDiscussionandAnalysisandBasicFinancialStatements

FASABStatementNo.38,AccountingforFederalOilandGasResources

IAS19,EmployeeBenefits

IASBExposureDraft,DefinedBenefitPlans—ProposedAmendmentstoIAS19

IASBDiscussionPaper,ExtractiveActivities

26

Appendix D: Abbreviations ABSs asset-backedsecurities

AcSEC AccountingStandardsExecutiveCommittee

AICPA AmericanInstituteofCertifiedPublicAccountants

AML anti–moneylaundering

ASB AuditingStandardsBoard

ASC FASBAccountingStandardsCodification

ASU FASBAccountingStandardsUpdate

AU U.S.AuditingStandards

C&DIs complianceanddisclosureinterpretations

CAQ CenterforAuditQuality

CPE continuingprofessionaleducation

EDGAR ElectronicDataGathering,Analysis,andRetrievalSystem

EDT EasternDaylightTime

EITF EmergingIssuesTaskForce

FAF FinancialAccountingFoundation

FAQs frequentlyaskedquestions

FAS FinancialAccountingStandard

FASAB FederalAccountingStandardsAdvisoryBoard

FASB FinancialAccountingStandardsBoard

FCPA ForeignCorruptPracticesAct

GAAP generallyacceptedaccountingprinciples

GAO GovernmentAccountabilityOffice

GASB GovernmentalAccountingStandardsBoard

IAASB InternationalAuditingandAssuranceStandardsBoard

IAS InternationalAccountingStandard

IASB InternationalAccountingStandardsBoard

IASC InternationalAccountingStandardsCommittee

ICFR internalcontroloverfinancialreporting

IFRIC InternationalFinancialReportingInterpretationsCommittee

IFRS InternationalFinancialReportingStandard

IRS InternalRevenueService

ISA InternationalStandardonAuditing

ISQC InternationalStandardonQualityControl

MD&A Management'sDiscussionandAnalysis

OPEB otherpostemploymentbenefits

PCAOB PublicCompanyAccountingOversightBoard

Q&A questionandanswer

SAB StaffAccountingBulletin

SAG StandingAdvisoryGroup

27

SAS StatementonAuditingStandards

SEC SecuritiesandExchangeCommission

SMEs smallandmedium-sizedentities

SOP StatementofPosition

SSAE StatementonStandardsforAttestationEngagements

SSARS StatementonStandardsforAccountingandReviewServices

XBRL eXtensibleBusinessReportingLanguage

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SubscriptionsIfyouwishtoreceiveHeads UpandotheraccountingpublicationsissuedbyDeloitte’sAccountingStandardsandCommunicationsGroup,pleaseregisteratwww.deloitte.com/us/subscriptions.

Technical Library: The Deloitte Accounting Research ToolDeloittemakesavailable,onasubscriptionbasis,accesstoitsonlinelibraryofaccountingandfinancialdisclosureliterature.CalledTechnicalLibrary:TheDeloitteAccountingResearchTool,thelibraryincludesmaterialfromtheFASB,theEITF,theAICPA,thePCAOB,theIASB,andtheSEC,inadditiontoDeloitte’sownaccountingandSECmanualsandotherinterpretiveaccountingandSECguidance.

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ConclusionsoftheFASB,GASB,IASB,andIFRICaresubjecttochangeatfuturemeetingsandgenerallydonotaffectcurrentaccountingrequirementsuntilanofficialposition(e.g.,AccountingStandardsUpdateorIFRS)isissued.Officialpositionsaredeterminedonlyafterextensivedeliberationanddueprocess,includingaformalvote.

FurtherinformationaboutthestandardsetterscanbefoundontheirrespectiveWebsitesasfollows:www.fasb.org(FASB);www.fasb.org/eitf/agenda.shtml(EITF);www.aicpa.org(AICPA);www.sec.gov(SEC);www.fasab.gov(FASAB);www.gasb.org(GASB);andwww.iasb.org—oronwww.iasplus.com/index.htm(IASBandIFRIC).

AccountingRoundupispreparedbytheNationalOfficeAccountingStandardsandCommunicationsGroupofDeloitte.Thepurposeofthispublicationistobrieflydescribekeyregulatoryandprofessionaldevelopmentsthathaverecentlyoccurredinthefieldofaccountingandtoprovidelinkstolocationswhereadditionalinformationcanbefoundoneachtopic.Readersseekingadditionalinformationaboutatopicshouldreviewtheinformationreferredtointhehyperlinksandnotrelysolelyonthedescriptionsincludedinthiscommunication.

ThispublicationcontainsgeneralinformationonlyandDeloitteisnot,bymeansofthispublication,renderingaccounting,business,financial,investment,legal,tax,orotherprofessionaladviceorservices.Thispublicationisnotasubstituteforsuchprofessionaladviceorservices,norshoulditbeusedasabasisforanydecisionoractionthatmayaffectyourbusiness.Beforemakinganydecisionortakinganyactionthatmayaffectyourbusiness,youshouldconsultaqualifiedprofessionaladvisor.Deloitte,itsaffiliates,andrelatedentitiesshallnotberesponsibleforanylosssustainedbyanypersonwhoreliesonthispublication.

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