may 2010 accounting roundup - ias plus regarding accounting and auditing issues ... in our may 2010...

May 2010

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

Contents

Update — FASB/IASB Convergence• FASBandIASBIssueJointStatementonConvergence;SEC

ChairmanComments

Cash Flows• EffectofASUs2009-16and2009-17onPresentationofTrade

ReceivableFinancingArrangementsintheStatementofCashFlows(asRevised)

Comprehensive Income• FASBIssuesProposedGuidanceonPresentationofComprehensive

Income

Financial Instruments • FASBIssuesProposedASUonAccountingforFinancialInstruments• IASBIssuesExposureDraftonFairValueOptionforFinancial

Liabilities

Foreign Currency Matters• FASBReleasesASUonForeignCurrencyIssues

Other Accounting • RepresentativesoftheSEC,PCAOB,andFASBTestifyBefore

CongressRegardingAccountingandAuditingIssues• FASBAnnouncesMembersofNot-for-ProfitAdvisoryCommittee

Other SEC Matters• SECIssuesFinalRuleonAmendmenttoMunicipalSecurities

Disclosure• SECProposesConsolidatedAuditTrailSystemtoBetterTrack

MarketTrades• SECLaunchesNewWebPageonWorkPlanforGlobalAccounting

Standards

Other Auditing• ASBFinalizesClarifiedAuditingStandardonLawsandRegulations

Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EDT)unlessotherwisenoted):• Wednesday,June16,3:00p.m.(EDT):FinancialGuidanceDuring

M&ATransactions:WillYourInvestorsSeetheValue?

• Wednesday,June30:QuarterlyAccountingRoundup:AnUpdateofImportantDevelopments.

Don’tmissout—registerforthesewebcaststoday.

• AICPAIssuesTPAonCompilationandReviewEngagements• PCAOBSolicitsNominationsforStandingAdvisoryGroup

FASAB Matters• FASABIssuesExposureDraftonDeferredMaintenanceandRepairs

Other International• IASBIssuesAnnualImprovementstoIFRSs• IASCFoundationAnnouncesAppointmentstoIFRSInterpretations

Committee

Appendix A: Significant Adoption Dates and Deadlines

Appendix B: Recent Meetings

Appendix C: Glossary of Standards

Appendix D: Abbreviations

Deloitte Publications

Publication Title Affects

May 28, 2010, Heads Up FASB Issues Proposed ASU on Accounting for Financial Instruments

Entities with financial instruments.

May 27, 2010, Heads Up FASB Issues Proposed Guidance on Presentation of Other Comprehensive Income

Entities that report items of other comprehensive income.

May 12, 2010, Financial Reporting Alert (revised — originally issued on April 30, 2010)

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

Entities involved in trade receivable financing arrangements.

http://www.deloitte.com/view/en_US/us/Insights/Browse-by-Content-Type/dbriefs-webcasts/Financial-Executives/14af1ad2b2a57210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Insights/Browse-by-Content-Type/dbriefs-webcasts/Financial-Executives/14af1ad2b2a57210VgnVCM200000bb42f00aRCRD.htm

http://www.usdbriefs.com/calendar/thyme/thyme/event_view.php?eid=13722&instance=2010-6-30

http://www.usdbriefs.com/calendar/thyme/thyme/event_view.php?eid=13722&instance=2010-6-30

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/ce61a4898c0e8210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/fbea1ecab2bd8210VgnVCM200000bb42f00aRCRD.htm

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

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Update — FASB/IASB Convergence

FASB and IASB Issue Joint Statement on Convergence; SEC Chairman Comments

Affects:Allentities.

Summary:OnJune2,2010,theFASBandIASBissuedajointstatementannouncingtheirintentiontomodifytheirstrategytoimproveandconvergeIFRSsandU.S.GAAP.Thatstrategywasinitiallydocumentedinthe2006MemorandumofUnderstanding(MoU),whichwasupdatedin2008andreaffirmedinNovember2009.Detailsonhowtheboards’strategywillbemodifiedwerenotrevealed,buttheannouncementdidstatethatthepurposeofdevelopingamodifiedstrategywasto“prioritisethemajorprojectsintheMoUtopermitasharperfocusonissuesandprojectsthat[they]believewillbringaboutsignificantimprovementandconvergencebetweenIFRSandUSGAAP.”ThisjointstatementmayaffectthetimingofsomeoftheprojectsincludedinourMay2010AccountingRoundup—SpecialEdition,whichcontainsdetailsonandinsightsintotheMoUprojects.

Theboardsindicatedthattheirconstituentshadvoicedconcernsabouttheirabilityto“providehigh-qualityinputonthelargenumberofmajorexposuredraftsplannedforpublicationinthesecondquarter”of2010.Toaddresstheseconcerns,theboardsannouncedthattheywouldstaggertheissuanceofsignificantexposuredrafts(limitedtofourperquarter)andthetimingofroundtables(todiscusscommentswithconstituents).Inaddition,theboardswillissueaseparatedocumenttoobtaininputfromconstituentsregardingeffectivedatesandtransitionmethods.WhilethemodifiedplanwilllargelyretaintheJune2011targetedcompletiondate,afewprojectswillbeextendedintothesecondhalfof2011.Theboardsexpecttoreleaseanewworkplanidentifyingprojectsandtheirrevisedtargetdatesshortly.

Inresponsetotheboards’jointstatement,SECChairmanMaryL.SchapiroalsoissuedastatementonJune2,2010,acknowledgingthatthemodifiedplanshouldincreasethequalityofthestandardsandthefeedbackreceivedfromconstituents.SchapiroexpressedconfidencethattheprojecttimingchangesplannedbytheFASBandIASBwillnotnegativelyaffecttheCommission'sworkplan.Shestated,“IamconfidentthatwecontinuetobeonscheduleforaCommissiondeterminationin2011aboutwhethertoincorporateIFRSintothefinancialreportingsystemforU.S.issuers.”SeeDeloitte’sFebruary26,2010,HeadsUpfordetailsonandinsightsintotheSECannouncement.•

Cash Flows

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

Affects: Entitiesinvolvedintradereceivablefinancingarrangements.

Summary: ASUs2009-16and2009-17amendedtheguidanceinASC860andASC810,respectively.Recently,duringinformaldiscussions,theSECstaffshareditsviewsonaquestionthataroseregardingthepotentialimpacttheamendmentsmayhaveonthepresentationoftradereceivablefinancingarrangementsinthestatementofcashflows.

Other Resources:Deloitte’sMay12,2010,FinancialReportingAlert(revised—originallyissuedonApril30,2010).• Comprehensive Income

FASB Issues Proposed Guidance on Presentation of Comprehensive Income

Affects:Entitiesthatreportitemsofcomprehensiveincome.

Summary:OnMay26,2010,theFASBissuedforpubliccommentaproposedASUthatwouldamendASC220(formerlyStatement130)byrequiringallcomponentsofcomprehensiveincometobereportedinacontinuousfinancialstatement.TheproposedASUappliestoallentitiesthatprovideafullsetoffinancialstatementsthatreportfinancialposition,resultsofoperations,andcashflows.Inaddition,investmentcompanies,definedbenefitpensionplans,andotheremployeebenefitplansthatareexemptfromtherequirementstoprovideastatementofcashflowswouldbewithinthescopeofthenewguidance.

http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&cid=1176156919319





http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/1fc5eb47c9cb8210VgnVCM100000ba42f00aRCRD.htm

http://www.sec.gov/news/press/2010/2010-96.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/e47b7c63a5c07210VgnVCM200000bb42f00aRCRD.htm


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.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820761356&blobheader=application%2Fpdf

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UndertheproposedASU,anentitywoulddothefollowing:

1. Reportcomprehensiveincomeanditscomponentsinacontinuousfinancialstatement(whichmustbedisplayedasprominentlyasotherfullsetsoffinancialstatements)intwosections:(a)netincomeand(b)othercomprehensiveincome.

2. Displayatotalforeachsectionofnetincomeandothercomprehensiveincome.

3. Displayeachcomponentofnetincomeandeachcomponentofothercomprehensiveincomeinthefinancialstatement.

OnMay27,2010,theIASBalsoissuedanEDonthepresentationofothercomprehensiveincomethatwouldamendIAS1.TheproposalsintheIASB’sexposuredraftarelargelythesameastheprovisionsoftheFASB’sproposedASU.

Next Steps:CommentsontheproposedASUareduebySeptember30,2010.TheBoardexpectstoissueafinalASUinthefirsthalfof2011.TheFASBplanstoaligntheASU’seffectivedatewiththatinitsproposedASUonfinancialinstruments(alsoissuedonMay26).

Other Resources:Deloitte’sMay27,2010,HeadsUp.• Financial Instruments

FASB Issues Proposed ASU on Accounting for Financial Instruments

Affects:Entitieswithfinancialinstruments.

Summary:OnMay26,2010,theFASBissuedforpubliccommentaproposedASUcontainingacomprehensive,newmodelofaccountingforfinancialassetsandfinancialliabilitiesthataddresses(1)recognitionandmeasurement,(2)impairment,and(3)hedgeaccounting.Theproposalwouldsignificantlyaffecttheaccountingforabroadrangeoffinancialinstruments,includinginvestmentsindebtandequitysecurities,nonmarketableequityinvestments,loans,loancommitments,depositliabilities,tradepayables,tradereceivables,derivativefinancialinstruments,anddebtliabilities.TheproposedASUwouldalsosignificantlyexpandtheuseoffairvaluemeasurementsinthefinancialstatements.FinancialinstrumentsthataremeasuredatamortizedcostundercurrentU.S.GAAP,suchasheld-to-maturitysecurities,loansheldforinvestment,andcertainfinancialliabilities,wouldinsteadbemeasuredatfairvalueinthestatementoffinancialposition.Fairvalueaccountingwouldalsoapplytononmarketableequitysecuritiesthatarecurrentlysubjecttothecostmethodofaccountingandsomethatarecurrentlysubjecttotheequitymethodofaccounting.

TheFASBwilldiscusstheproposedASUduringalivewebcastonWednesday,June30,2010,from2:00p.m.to3:00p.m.(EDT).

Next Steps:CommentsontheproposedASUareduebySeptember30,2010.TheproposedASUdoesnotcurrentlyhaveaneffectivedate.TheFASBplanstodecideontheeffectivedatewhenitconsidersthecommentsreceivedontheproposedstandard.

Other Resources:Deloitte’sMay28,2010,HeadsUp.•

IASB Issues Exposure Draft on Fair Value Option for Financial Liabilities

Affects: EntitiesreportingunderIFRSs.

Summary: OnMay11,2010,theIASBissuedforpubliccommentanEDonthepresentationofgainsandlossesonliabilitiesdesignatedunderthefairvalueoption.TheEDispartoftheIASB’splantoimproveandsimplifytheaccountingforfinancialinstruments.UndertheED,anentitythathasdesignatedfinancialliabilitiesatfairvaluethroughprofitorlossunderthefairvalueoptionwouldnolongerpresentinprofitorlossa(1)gainfromadeteriorationintheentity’sowncreditriskor(2)lossfromanimprovementintheentity’sowncreditrisk.Instead,gainsandlossesarisingfromchangesintheentity’sowncreditriskwouldbepresentedinothercomprehensiveincome.

Next Steps:CommentsontheEDareduebyJuly16,2010.

Other Resources:DeloitteToucheTohmatsu'sMay2010IASPlusnewsletter.•

http://www.iasb.org/NR/rdonlyres/58DEA5EA-8CFC-45A7-910E-A55F9B7EA04F/0/ED_OCI_May10.pdf

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/fbea1ecab2bd8210VgnVCM200000bb42f00aRCRD.htm


http://www.fasb.org/cs/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176156903633

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/ce61a4898c0e8210VgnVCM200000bb42f00aRCRD.htm

http://www.iasb.org/NR/rdonlyres/B72D8EB9-64D0-4766-9EEE-3A27EE2A9617/0/EDFairValueOptionforFinancialLiabilities_WEBSITE.pdf

http://www.iasplus.com/iasplus/1005fvoliabilities.pdf

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Foreign Currency Matters

FASB Releases ASU on Foreign Currency Issues

Affects: EntitieswithoperationsinVenezuela.

Summary: OnMay11,2010,theFASBissuedASU2010-19,whichcodifiestheSECstaffannouncementmadeattheMarch18,2010,EITFmeeting.TheASU“providestheSECstaff’sviewsoncertainforeigncurrencyissuesrelatedtoinvestmentsinVenezuela.”TheseissuesrelatetoVenezuela’shighlyinflationarystatus.

TheASUbecameeffectiveonMarch18,2010.

Other Resources:Deloitte’sMarch31,2010,FinancialReportingAlert.•

Other Accounting

Representatives of the SEC, PCAOB, and FASB Testify Before Congress Regarding Accounting and Auditing Issues

Affects: Allentities.

Summary: OnMay21,2010,JamesL.Kroeker,chiefaccountantintheSEC’sOfficeoftheChiefAccountant;DanielL.Goelzer,actingchairmanofthePCAOB;andRobertH.Herz,chairmanoftheFASB,testifiedbeforetheU.S.HouseofRepresentativesFinancialServicesSubcommitteeonCapitalMarkets,Insurance,andGovernmentSponsoredEntitiesregardingpendingproposalsandemergingissuesassociatedwithaccountingandauditingstandards.Intheirremarks,Mr.KroekerandMr.HerztouchedonconvergenceofU.S.andglobalfinancialreportingstandardsaswellasrecentaccountingandreportingchallenges,includingsecuritizationsandotherinvolvementswithspecial-purposeentities,fairvalue,andimpairments.Mr.GoelzertestifiedaboutthePCAOB’sresponsetoauditissuesassociatedwiththefinancialcrisis,itsstandard-settinginitiatives,andtheSupremeCourtcasechallengingtheBoard’sconstitutionality.

Other Resources:Formoreinformation,seethetestimoniesofMr.Kroeker,Mr.Goelzer,andMr.HerzontheSEC’s,PCAOB’s,andFASB’sWebsites,respectively.•

FASB Announces Members of Not-for-Profit Advisory Committee

Affects:Not-for-profitentities.

Summary:OnMay18,2010,theFASBannouncedthefirst17membersofitsnewlyformedNot-for-ProfitAdvisoryCommittee(NAC).TheNACistaskedwithobtainingfeedbackfromthenot-for-profitsectoron(1)existingfinancialreportingguidance,(2)currentandproposedtechnicalagendaprojects,and(3)longer-termmattersaffectingthesector;theNACwill,inturn,providethatfeedbacktotheFASB.TheNACisexpectedtomeetinpublicsessionsabouttwotothreetimeseachyear.

Other Resources:Formoreinformation,seethepressreleaseontheFASB’sWebsite.•

Other SEC Matters

SEC Issues Final Rule on Amendment to Municipal Securities Disclosure

Affects: Brokers,dealers,ormunicipalsecuritiesdealers.

Summary: OnMay27,2010,theSECissuedafinalrulethatamendscertainrequirementsregardingtheinformationtobemadeavailableforprimaryofferingsofmunicipalsecurities.Theamendments:

[R]equireabroker,dealer,ormunicipalsecuritiesdealertoreasonablydeterminethattheissuerorobligatedpersonhasagreedtoprovidenoticeofspecifiedeventsinatimelymannernotinexcessoftenbusinessdaysaftertheevent’soccurrence;amendthelistofeventsforwhichanoticeistobeprovided;andmodifytheeventsthataresubjecttomaterialitydeterminationbeforetriggeringarequirementtoprovidenoticetotheMunicipalSecuritiesRulemakingBoard.Inaddition,theamendmentsreviseanexemptionfromtheRuleforcertainofferingsofmunicipalsecuritieswithputfeatures.

Next Steps: Therulewillbecomeeffective60daysafteritspublicationintheFederalRegister.•


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/597f90cf2a5b7210VgnVCM100000ba42f00aRCRD.htm

http://www.sec.gov/news/testimony/2010/ts052110jlk.htm

http://pcaobus.org/News/Speech/Pages/05212010_Goelzer_HFSC_Testimony.aspx


http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176156887034

http://www.sec.gov/rules/final/2010/34-62184a.pdf

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SEC Proposes Consolidated Audit Trail System to Better Track Market Trades

Affects: Self-regulatoryorganizations(SROs)composedofnationalexchanges,theFinancialIndustryRegulatoryAuthorityInc.(FINRA),andbrokersanddealerstradingonnationalexchangesandsubjecttoFINRArules.

Summary: OnMay26,2010,theSECissuedaproposedrulethatwouldrequireSROstoestablishaconsolidatedaudittrailsystem.Thegoaloftheproposedruleistoaddresspotentialgapsinregulators’abilitiestodetectillegaltradingactivityinvolvingmultiplemarketsandproducts.Problemswiththeexistingsystemincludesignificantvolumesresultingfromcomputerizedtradingandthelackofuniformityin,andcross-marketcompatibilityof,currentSROaudittrails.Undertheproposedrule,SROswouldfilejointlywiththeCommission,within90daysofapprovaloftheproposedrule,anationalmarketsystem(NMS)plantocreate,implement,andmaintainaconsolidatedaudittrail.Inaddition,SROswouldberequiredtoprovidecertaindatatoacentralrepositorywithinonetotwoyearsaftertheNMSplanbecomeseffective.

Next Steps: CommentsontheproposedruleareduebyAugust9,2010.•

SEC Launches New Web Page on Work Plan for Global Accounting Standards

Affects:Allentities.

Summary:Recently,theSECaddedtoitsWebsiteapageregardingtheconsiderationsrelatedtoincorporatingIFRSsintotheU.S.financialreportingsystemfordomesticissuers.InFebruary2010,theSECdirectedthestafftoexecutea"WorkPlan"outliningadetailedsetofduediligenceactivitiesdesignedtoprovidetheCommissionwiththeinformationitneedstomakeadeterminationin2011ontheuseofIFRSsintheUnitedStates.ThenewSpotlightpagecontainsvariousSECdocumentsrelatedtoIFRSsandisintendedtoprovideupdatesontheSEC’sprogressontheWorkPlan.Further,whiletheSECdidnotsolicitformalfeedbackontheWorkPlan,thisnewpageoffersamechanismforconstituentstoprovidecommentstotheCommission.

Other Resources:Deloitte'sFebruary26,2010,HeadsUp.•

Other Auditing

ASB Finalizes Clarified Auditing Standard on Laws and Regulations

Affects: Auditors.

Summary: InMay2010,theASBissuedaclarifiedSASthatsupersedesAUSection317.TheclarifiedSASaddressesanauditor’sresponsibilitytoconsideranentity’scompliancewithprovisionsoflawsandregulationsinanauditoffinancialstatements.TheSASdistinguishesbetweenprovisionsthathaveadirecteffectonfinancialstatementsandthosethatdonot.

TheclarifiedSASispartofboththeASB’sClarityProject(anattempttomakeU.S.GAASeasiertoread,understand,andapply)anditseffortstoconvergewiththeIAASB’sInternationalStandardsonAuditing(ISAs).

Next Steps:TheclarifiedSASiseffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.•

AICPA Issues TPA on Compilation and Review Engagements

Affects: Accountantsthatprovidecompilationorreviewservices.

Summary: InMay2010,theAICPAissuedaTPA(nonauthoritativeAICPAstafftechnicalquestionandanswer)onanaccountant’sreportingresponsibilityregardingsubsequentdiscoveryoffactsinacompilationorreviewengagement.TheTPAclarifiesthemeaningofthephrase“whereapplicable”inparagraph79(a)ofARSection100.•

http://www.sec.gov/rules/proposed/2010/34-62174.pdf

http://www.sec.gov/spotlight/globalaccountingstandards.shtml


http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Resources/AudAttest/AudAttestStndrds/ASBClarity/DownloadableDocuments/Clarified_SASs/Clarified SAS Laws and Regs_Effective Date Change_Clean.pdf

http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Resources/DownloadableDocuments/FINAL_TPA_TIS 9150 27.pdf

6

PCAOB Solicits Nominations for Standing Advisory Group

Affects: Allentities.

Summary: OnMay3,2010,thePCAOBannouncedthatitisnowacceptingnominationstoitsStandingAdvisoryGroup(SAG),anorganizationthatadvisesthePCAOBonitsstandard-settingactivities.TheSAGcurrentlyhas30members.ThenominationprocessisopenforsubmissionsbyanyindividualororganizationthroughJune17,2010.IndividualsappointedtotheSAGwouldserveforthetwo-yeartermof2011–2012.AppointmentswillbeannouncedbytheendofOctober2010.

Other Resources:Formoreinformation,seethepressreleaseonthePCAOB’sWebsite.• FASAB Matters

FASAB Issues Exposure Draft on Deferred Maintenance and Repairs

Affects:U.S.federalgovernmententities.

Summary:OnMay4,2010,theFASABissuedforpubliccommentanEDofaproposedStatementondeferredmaintenanceandrepairsthatwouldamendStatement6.TheproposedStatementwould“(1)clarifythatdeferredmaintenancereportingincludesdeferredrepairs,(2)revisetheexamplesofmaintenanceandrepairactivitiestobetterreflectcurrentpracticesandencompassactivitiesassociatedwithequipmentand(other)personalproperty,and(3)addressissuesrelatedtothedistinctionbetweenmaintenance,repairsandnewcapitalexpenditures.”

Next Steps:CommentsontheEDareduebyJune25,2010.TheproposedamendmentswouldbeeffectiveforperiodsbeginningafterSeptember30,2011.

Other Resources:Formoreinformation,seethepressreleaseontheFASAB’sWebsite.• Other International

IASB Issues Annual Improvements to IFRSs

Affects: EntitiesreportingunderIFRSs.

Summary:OnMay6,2010,theIASBissuedImprovementstoIFRSs,whichcontainsamendmentstosevenIFRSs.TheamendmentsresultfromtheIASB’sannualimprovementsprocess,whichfocuseson“necessary,butnon-urgent,amendmentstoIFRSthatwillnotbeincludedaspartofamajorproject.”TheamendmentsincludetheproposalsfromtheIASB’sAugust2009EDaswellasanamendmenttoIFRS1relatedtorate-regulatedentities.

Next Steps:TheamendmentsareeffectiveforannualperiodsbeginningonorafterJanuary1,2011,unlessotherwisenoted.Earlierapplicationispermitted.

Other Resources:DeloitteToucheTohmatsu'sMay2010IASPlusnewsletter.•IASC Foundation Announces Appointments to IFRS Interpretations Committee

Affects:EntitiesreportingunderIFRSs.

Summary:OnMay4,2010,thetrusteesoftheIASCFoundationannouncedappointmentstotheIFRSInterpretationsCommittee(previouslyknownasIFRIC).Theappointmentsandtermsareasfollows:

• RobertGarnetthasbeenreappointedaschairmanforanadditionaltwoyears.

• GuidoFladt(PwC),BerndHacker(formerlyofSiemens),andAndrewVials(KPMG)havebeenreappointedforadditionalthree-yearterms.

• FeilongLi,controllerofChina’slargestproducerofoffshorecrudeoilandnaturalgas,hasbeenappointedforathree-yearterm.HereplacesDarrellScott,whowillbeginhistermasamemberoftheIASBinOctober2010.

Other Resources: Formoreinformation,seethepressreleaseontheIASB’sWebsite.•

http://pcaobus.org/News/Releases/Pages/05032010_NominationsForSAG.aspx

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

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

http://www.iasplus.com/iasplus/1005improvements.pdf

http://www.iasb.org/News/Press+Releases/IFRS+Interpretations+Committee+appointments.htm

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

FASB Affects Status

Significant Adoption Dates

ASU2010-19,ForeignCurrencyIssues:MultipleForeignCurrencyExchangeRates

EntitieswithoperationsinVenezuela. EffectiveMarch18,2010.

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.EarlyapplicationispermittedatthebeginningofthefirstfiscalquarterbeginningafterMarch5,2010.

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.

8

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.

9

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

ProposedConceptsStatement,ConceptualFrameworkforFinancialReporting:TheReportingEntity

Allentities. CommentsdueJuly16,2010.

ProposedASU,StatementofComprehensiveIncome

Entitiesthatreportitemsofcomprehensiveincome.

CommentsdueSeptember30,2010.

10

ProposedASU,AccountingforFinancialInstrumentsandRevisionstotheAccountingforDerivativeInstrumentsandHedgingActivities

Entitieswithfinancialinstruments. CommentsdueSeptember30,2010.

AICPA/FinREC 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,ConsiderationofLawsandRegulationsinanAuditofFinancialStatements(Redrafted)

Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.

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.

SEC Affects Status


SAB113(revisesorrescindsportionsoftheinterpretiveguidanceinSABTopic12,“OilandGasProducingActivities”)

SECregistrants. EffectiveNovember4,2009.

FinalRule,AmendmenttoMunicipalSecuritiesDisclosures(34-62184A)

Brokers,dealers,ormunicipalsecuritiesdealers.

Effective60daysafterpublicationintheFederalRegister.

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.

11

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,ConsolidatedAuditTrail(34-62174)

Self-regulatoryorganizationscomposedofnationalexchanges,theFinancialIndustryRegulatoryAuthorityInc.(FINRA),andbrokersanddealerstradingonnationalexchangesandsubjecttoFINRArules

CommentsdueAugust9,2010.

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.

12

PCAOBRuleRelease34-60107,RulesonPeriodicReportingbyRegisteredPublicAccountingFirms

Registeredpublicaccountingfirms. RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval,andthefirstannualreportingrequirementswillbeduebyJune30,2009,forthe12-monthperiodendingMarch31,2009.

PCAOBRuleRelease34-60108,RulesonSucceedingtoRegistrationStatusofPredecessorFirm

Registeredpublicaccountingfirmsinvolvedinmergersorchangestotheregisteredfirm’slegalform.

RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval.

GASB/GAO Affects Status


Statement58,AccountingandFinancialReportingforChapter9Bankruptcies

Governmentalentities. EffectiveforperiodsbeginningafterJune15,2009;retroactiveapplicationisrequiredforallpriorperiodspresentedduringwhichagovernmentwasinbankruptcy.

Statement57,OPEBMeasurementsbyAgentEmployersandAgentMultiple-EmployerPlans

Governmentalentities. Provisionsrelatedtotheuseandreportingofthealternativemeasurementmethodareeffectiveimmediately.ProvisionsrelatedtothefrequencyandtimingofmeasurementsareeffectiveforactuarialvaluationsfirstusedtoreportfundedstatusinformationinOPEBplanfinancialstatementsforperiodsbeginningafterJune15,2011.EarlierapplicationofthisStatementisencouraged.

Statement54,FundBalanceReportingandGovernmentalFundTypeDefinitions

Governmentalentities. EffectiveforperiodsbeginningafterJune15,2010.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. EffectiveforperiodsbeginningafterSeptember30,2011.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.

13

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.

Project in Request-for-Comment Stage

ExposureDraft,DefinitionalChangesRelatedtoDeferredMaintenanceandRepairs:AmendingStatementofFederalFinancialAccountingStandards6,AccountingforProperty,PlantandEquipment

U.S.federalgovernmententities. CommentsdueJune25,2010.

International Standards Affects Status


IFRS9,FinancialInstruments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlierapplicationispermitted.

IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.

EffectiveasofJuly9,2009.

ImprovementstoIFRSs—acollectionofamendmentstosevenInternationalFinancialReportingStandards

EntitiesreportingunderIFRSs. TheamendmentsareeffectiveforannualperiodsbeginningonorafterJanuary1,2011,unlessotherwisenoted.Earlierapplicationispermitted.

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.

14

IFRICInterpretation19,ExtinguishingFinancialLiabilitiesWithEquityInstruments

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

IFRICInterpretation18,TransfersofAssetsFromCustomers

EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.

IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners

EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.

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.


15

ISA510(Redrafted),InitialAuditEngagements—OpeningBalances



ISA505(Revised/Redrafted),ExternalConfirmations



ISA501(Redrafted),AuditEvidence—SpecificConsiderationsforSelectedItems



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

EntitiesreportingunderIFRSs. CommentsdueJune30,2010.

ExposureDraft,ConceptualFrameworkforFinancialReporting:TheReportingEntity

Allentities. CommentsdueJuly16,2010.

ExposureDraft,FairValueOptionforFinancialLiabilities

EntitiesreportingunderIFRSs. CommentsdueJuly16,2010.

DiscussionPaper,ExtractiveActivities Entitiesthatengageinextractiveactivities.

CommentsdueJuly30,2010.

ExposureDraft,DefinedBenefitPlans—ProposedAmendmentstoIAS19

Entitieswithdefinedbenefitplans. CommentsdueSeptember6,2010.

ExposureDraft,PresentationofItemsofOtherComprehensiveIncome—ProposedAmendmentstoIAS1

EntitiesreportingunderIFRSs. CommentsdueSeptember30,2010.

16

Appendix B: Recent Meetings

Recent FASB Meetings

TojumptotheminutesofaFASBmeeting,clickalinkbelow.

May 4, 2010

ThiswasajointmeetingwiththeIASB.Theboardsdiscussedthefollowingtopics:

• Consolidation.

• StatementofComprehensiveIncome.

• ConceptualFramework—Measurement.

May 5, 2010

TheFASBdiscussedthefollowingtopics:

• RevenueRecognitionandLeases.

• InsuranceContracts.

May 11, 2010

TheFASBdiscussedthefollowingtopics:

• AccountingforFinancialInstruments.

• FinancialInstrumentsWithCharacteristicsofEquity.

May 17, 2010


• RevenueRecognition.

• ConceptualFramework:ObjectiveandQualitativeCharacteristics.

May 18, 2010


• Leases.


May 19, 2010


• Leases.


• Consolidation.

FASB Project Summaries and Meeting Minutes

Projectsummaries,handoutsdistributedateachmeeting,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.

Recent EITF Meetings

NoEITFmeetingswereheldinMay2010.ThenextmeetingisscheduledforJuly29,2010.











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

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

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

17

Recent ASB Meetings

May 3, 2010

TheASBdiscussedthefollowingtopics:

• ClarityProjectUpdate.

• RestrictedReports.

• LettersforUnderwriters.

• FilingsUnderFederalSecuritiesStatutes.

• InterimFinancialStatements.

• AssociationWithFinancialStatements.

• SubsequentEvents.

TheagendaisavailableontheASB’sWebsite.

May 4, 2010


• GroupAudits.

• QualityControl—SQCS.

• QualityControl—SAS.

• SpecialReports.


May 5, 2010


• SpecialReports.

• RelatedParties.


May 6, 2010


• InterimFinancialStatements.

• FilingsUnderFederalSecuritiesStatutes.

• LettersforUnderwriters.

• AuditingAccountingEstimates.


Recent FinREC Meetings

May 25, 2010

TheFinRECdiscussedthefollowingtopics:

• ReportingEntityConceptExposureDraft.

• HealthCareGuide—Tax-ExemptFinancing.

• COBRAPremiums.

• BusinessCombinationsIssue.

TheagendaisavailableontheFinREC’sWebsite.

http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Community/AuditingStandardsBoard/ASBMeetings/Pages/ASB Meeting Agenda and Materials May 2010.aspx

http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Community/AuditingStandardsBoard/ASBMeetings/DownloadableDocuments/May 2010 ASB Meeting/2010_05_ASB_Agenda.pdf



http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Community/FinREC/FinRECMeetings/DownloadableDocuments/AcSEC%20Agenda%20for%20May%202010%20meeting.pdf

18

May 26, 2010

TheFinRECdiscussedthefollowingtopics:

• RiskTransfer/ContractBoundary.

• PropertyandLiabilityInsuranceGuide—PremiumDeficiencies.

TheagendaisavailableontheFinREC’sWebsite.

Recent FASAB Meetings

NoFASABmeetingswereheldinMay2010.ThenextmeetingisscheduledforJune23–24,2010.

Recent GASB Meetings

June 1, 2010

TheGASBdiscussedthefollowingtopics:

• PensionAccountingandFinancialReporting.

• ServiceConcessionArrangements.

• FinancialInstrumentsOmnibus.

Recent IASB Meetings

May 4, 2010

ThiswasajointmeetingwiththeFASB.Theboardsdiscussedthefollowingtopics:

• Consolidation.

• StatementofComprehensiveIncome.

• ConceptualFramework—Measurement.

TheagendaisavailableontheIASB’sWebsite.

May 17, 2010


• RevenueRecognition.

• ConceptualFramework:QualitativeCharacteristics.


May 18, 2010


• Leases.



May 19, 2010


• Leases.


• Consolidation.

http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Community/FinREC/FinRECMeetings/DownloadableDocuments/AcSEC%20Agenda%20for%20May%202010%20meeting.pdf

http://www.iasb.org/NR/rdonlyres/7EE1D9E0-A085-41FD-AB64-E1A5008F94FE/0/040510agendapublic.pdf

http://www.iasb.org/NR/rdonlyres/9FBB4D31-57A9-4A93-8C7C-6160090778A1/0/0510agendapublic.pdf


19

TheIASBdiscussedthefollowingtopics:

• IFRSInterpretationCommitteeUpdate.

• AnnualImprovements.

• AccountingforFinancialInstruments:HedgeAccounting.


May 20, 2010

TheIASBdiscussedthefollowingtopics:

• ManagementCommentary.

• Consolidation.

• JointArrangements.

• AccountingforFinancialInstruments:HedgeAccounting.


Recent IFRIC Meetings

May 6, 2010

TheIFRICdiscussedthefollowingtopics:

• Property,Plant,andEquipment.

• Share-basedPayment.

• First-timeAdoptionofInternationalFinancialReportingStandards.

• Non-currentAssetsHeldforSaleandDiscontinuedOperations.

• AccountingandReportingbyRetirementBenefitPlans.

• PresentationofFinancialStatements.

• InvestmentProperty.

• BusinessCombinations.


May 7, 2010

TheIFRICdiscussedthefollowingtopics:

• Share-basedPayment.

• FinancialReportinginHyperinflationaryEconomies.

• FinancialInstruments:RecognitionandMeasurement.

• Property,Plant,andEquipment.

• PresentationofFinancialStatements.

• FinancialInstruments:Presentation.

• IncomeTaxes.




http://www.iasb.org/NR/rdonlyres/CAD5CD8D-1D6B-482C-979E-D3C69E7D8764/0/IFRICAgendaMay2010.pdf

http://www.iasb.org/NR/rdonlyres/CAD5CD8D-1D6B-482C-979E-D3C69E7D8764/0/IFRICAgendaMay2010.pdf

20

Appendix C: Glossary of StandardsFASBAccountingStandardsUpdateNo.2010-19,ForeignCurrencyIssues:MultipleForeignCurrencyExchangeRates—anannouncementmadebythestaffoftheU.S.SecuritiesandExchangeCommission

FASBAccountingStandardsUpdateNo.2010-17,MilestoneMethodofRevenueRecognition—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2010-16,AccrualsforCasinoJackpotLiabilities—aconsensusoftheFASBEmergingIssuesTaskForce

FASBProposedAccountingStandardsUpdate,AccountingforFinancialInstrumentsandRevisionstotheAccountingforDerivativeInstrumentsandHedgingActivities

FASBProposedAccountingStandardsUpdate,StatementofComprehensiveIncome

FASBAccountingStandardsCodificationTopic860,TransfersandServicing

FASBAccountingStandardsCodificationTopic810,Consolidation

FASBAccountingStandardsCodificationTopic220,ComprehensiveIncome

FASBStatementNo.130,ReportingComprehensiveIncome

AICPAStatementonAuditingStandards(Redrafted),ConsiderationofLawsandRegulationsinanAuditofFinancialStatements

AICPATechnicalPracticeAids,TISSection9500.27,“TheAccountant’sReportingResponsibilityWithRespecttoSubsequentDiscoveryofFactsExistingattheDateoftheReport.”

AICPAProfessionalStandards,AUSection317,“IllegalActsbyClients”

AICPAProfessionalStandards,ARSection100,“CompilationandReviewofFinancialStatements”

SECFinalRuleReleaseNo.34-62184A,AmendmenttoMunicipalSecuritiesDisclosures

SECProposedRuleReleaseNo.34-62174,ConsolidatedAuditTrail

FASABExposureDraft,DefinitionalChangesRelatedtoDeferredMaintenanceandRepairs:AmendingStatementofFederalFinancialAccountingStandards6,AccountingforProperty,PlantandEquipment

IFRS9,FinancialInstruments

IFRS7,FinancialInstruments—Disclosures

IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards

IAS39,FinancialInstruments:RecognitionandMeasurement

IAS1,PresentationofFinancialStatements

IASBExposureDraft,FairValueOptionforFinancialLiabilities

IASBExposureDraft,PresentationofItemsofOtherComprehensiveIncome—ProposedAmendmentstoIAS1

21

Appendix D: Abbreviations AICPA AmericanInstituteofCertifiedPublicAccountants

ASB AuditingStandardsBoard

ASC FASBAccountingStandardsCodification

ASU FASBAccountingStandardsUpdate

AU U.S.AuditingStandards

COBRA ConsolidatedOmnibusBudgetReconciliationAct

CPE continuingprofessionaleducation

ED exposuredraft

EDT EasternDaylightTime

EITF EmergingIssuesTaskForce

FAS FinancialAccountingStandard

FASAB FederalAccountingStandardsAdvisoryBoard

FASB FinancialAccountingStandardsBoard

FINRA FinancialIndustryRegulatoryAuthorityInc.

FinREC FinancialReportingExecutiveCommittee(formerlyknownasAcSEC)

GAAP generallyacceptedaccountingprinciples

GAAS generallyacceptedauditingstandards

GAO GovernmentAccountabilityOffice

GASB GovernmentalAccountingStandardsBoard

IAASB InternationalAuditingandAssuranceStandardsBoard

IAS InternationalAccountingStandard

IASB InternationalAccountingStandardsBoard

IASC InternationalAccountingStandardsCommittee

IFRIC InternationalFinancialReportingInterpretationsCommittee

IFRS InternationalFinancialReportingStandard

ISA InternationalStandardonAuditing

ISQC InternationalStandardonQualityControl

MoU MemorandumofUnderstanding

NAC Not-for-ProfitAdvisoryCommittee

NMS nationalmarketsystem

PCAOB PublicCompanyAccountingOversightBoard

SAB StaffAccountingBulletin

SAG StandingAdvisoryGroup

SAS StatementonAuditingStandards

SEC SecuritiesandExchangeCommission

SOP StatementofPosition

22

SQCS StatementonQualityControlStandards

SRO self-regulatoryorganization

SSAE StatementonStandardsforAttestationEngagements

SSARS StatementonStandardsforAccountingandReviewServices

TPA TechnicalPracticeAid

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