october 2009 accounting roundup - ias plus · , deloitte’s webcast series that delivers practical...

October 2009

Accounting Roundup.Edited by Richard Paul and Angela Bacarella, Deloitte & Touche LLP

ContentsRevenue• FASBIssuesASUsonRevenueArrangementsWithMultiple

DeliverablesandSoftwareRevenueRecognition

Debt• FASBIssuesASUonAccountingforOwn-ShareLending

ArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing

Derivatives• FASBIssuesProposedASUonEmbeddedCreditDerivativeScope

Exception• IASBAmendsIAS32toClarifyRightsIssues

Other Accounting• IASCFoundationExposesIFRSforSMEsTaxonomyforPublic

Comment• AICPAPublishesWorkingDraftofOilandGasGuide• GAOIssuesReportonTroubledAssetReliefProgram

SEC MAttERS• SECFurtherDefersSection404(b)RequirementforNonaccelerated

Filers• SECStaffReleasesObservationsBasedonReviewofInteractive

DataFinancialStatements• SECProposesAmendmentstoRulesRequiringInternetAvailability

ofProxyMaterials• SECProposesRuletoProvideTemporaryFilingAccommodationfor

StaticPoolInformation• SECIssuesStaffAccountingBulletintoReviseGuidanceonOil-

andGas-ProducingActivities• SEC’sDivisionofCorporationFinanceIssuesComplianceand

DisclosureInterpretationsonOilandGasRules• SECStaffIssuesBulletinonShareholderProposals• SECIssuesFinalRuleAdoptingUpdatedEDGARFilerManual

Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatdeliverspracticalstrategiesyouneedtostayontopofimportantissues.Gainaccesstovaluableideasandcriticalinformationfromwebcastspresentedeachmonth.DbriefsalsoprovidesaconvenientandflexiblewaytoearnCPEcredit—rightatyourdesk.JoinDbriefstoreceivenotificationsaboutfuturewebcasts.ClickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EST)unlessotherwisenoted):• Wednesday,November4:AnEnterpriseWithoutBorders—

SubsidiaryandThird-PartyControlsandGovernancePractices.

• Monday,November9:BridgingtheValueGap:UsingContingentValueRightsasanM&ATool.

• Wednesday,November11:PracticalImplicationsoftheDownturn:IsItTooLatetoRevisitTransferPricingStrategies?

• Wednesday,November18,3:00p.m.(EST):InternationalTaxReform:TimeforaNewGlobalBusinessGamePlan?

• Thursday,November19:ContinuousControlsMonitoring:CanOneSizeFitAll?

• Tuesday,November24:EITFRoundup:HighlightsoftheNovemberMeeting.

Don’tmissout—registerforthesewebcaststoday.

Deloitte Publications

Publication Title Affects

October 27, 2009, Heads Up An Update on the FASB's and IASB's Joint Project on Financial Instruments

All entities.

October 23, 2009, Heads Up Reconfiguring the Scope of Software Revenue Recognition Guidance

All entities.

October 20, 2009, Heads Up Guidance on 167 Implementation Issues All entities.

October 15, 2009, Heads Up FASB Proposes Guidance on ASC 815 Scope Exception for Embedded Credit Derivatives

Entities with credit derivatives.

October 1, 2009, Heads Up Revenue Recognition: No Longer an Issue of Separation Anxiety

All entities.

October 1, 2009, Heads Up FASB Issues Guidance on Measuring Fair Value of Certain Alternative Investments

All entities.

Other Auditing

• ASBProposesVariousStatementsonAuditingStandards

Appendix A: Significant Adoption Dates and Deadlines

Appendix B: Recent Meetings

Appendix C: Glossary of Standards

Appendix D: Abbreviations

http://www.usdbriefs.com/calendar/thyme/thyme/event_view.php?eid=11736&instance=2009-11-4












http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/fc25dd1678794210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/bf03bdddf0384210VgnVCM200000bb42f00aRCRD.htm

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

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/74052b021b954210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/93bcc5c3fe014210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/a6b61e07ff114210VgnVCM100000ba42f00aRCRD.htm

2

Revenue

FASB Issues ASUs on Revenue Arrangements With Multiple Deliverables and Software Revenue Recognition

InOctober2009,theFASBissuedthefollowingASUs:

• ASU2009-13,Multiple-DeliverableRevenueArrangements.

• ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements.

BothASUswereconsensusesoftheEITFandratifiedbytheFASB.

ASU 2009-13 (Formerly Issue 08-1)1

AFFECTS: Entitiesthatenterintorevenuearrangementsconsistingofmultipledeliverables.

SUMMARY: ASU2009-13codifiestheconsensusinIssue08-1,whichsupersedesIssue00-21(codifiedinASC605-25).TheASUwasissuedinresponsetopracticeconcernsrelatedtotheaccountingforrevenuearrangementswithmultipledeliverablesunderIssue00-21andappliestoalldeliverablesincontractualarrangementsinallindustriesinwhichavendorwillperformmultiplerevenue-generatingactivities,exceptwhensomeoralldeliverablesinamultiple-deliverablearrangementarewithinthescopeofother,morespecificsectionsoftheCodification(e.g.,ASCs840,952,360-20(pre-CodificationguidancefromStatements13,45,and66)andothersectionsofASC605onrevenuerecognition(e.g.,pre-CodificationguidancefromSOPs81-1and97-2)).

Specifically,theASUaddressestheunitofaccountingforarrangementsinvolvingmultipledeliverables.Italsoaddresseshowarrangementconsiderationshouldbeallocatedtotheseparateunitsofaccounting,whenapplicable.However,guidanceondeterminingwhenthecriteriaforrevenuerecognitionaremetandonhowanentityshouldrecognizerevenueforagivenunitofaccountingarelocatedinothersectionsoftheCodification(e.g.,SABTopic13).AlthoughtheASUretainsthecriteriafromIssue00-21forwhendelivereditemsinamultiple-deliverablearrangementshouldbeconsideredseparateunitsofaccounting,itremovesthepreviousseparationcriterionunderIssue00-21thatobjectiveandreliableevidenceofthefairvalueofanyundelivereditemsmustexistforthedelivereditemstobeconsideredaseparateunitorseparateunitsofaccounting.

NEXT STEPS:TheASUiseffectiveforfiscalyearsbeginningonorafterJune15,2010.EntitiescanelecttoapplytheASU(1)prospectivelytonewormateriallymodifiedarrangementsafteritseffectivedateor(2)retrospectivelyforallperiodspresented.Earlyapplicationispermitted;however,iftheentityelectsprospectiveapplicationandearlyadoptstheASUafteritsfirstinterimreportingperiod,itmustalsodothefollowingintheperiodofadoption:(1)retrospectivelyapplytheASUasofthebeginningofthatfiscalyearand(2)disclosetheeffectoftheretrospectiveadjustmentsonthepriorinterimperiods’revenue,incomebeforetaxes,netincome,andearningspershare.

OTHER RESOURCES:Deloitte’sSeptember2009EITFSnapshotandOctober1,2009,HeadsUp.

ASU 2009-14 (Formerly Issue 09-3)2

AFFECTS:EntitiesthatselltangibleproductscontainingbothhardwareelementsandsoftwareelementsthatarecurrentlywithinthescopeofASC985-605(SOP97-2).

SUMMARY:ASU2009-14amendsASC985-605andASC985-605-15-3(Issue03-5)toexcludefromtheirscopealltangibleproductscontainingbothsoftwareandnonsoftwarecomponentsthatfunctiontogethertodelivertheproduct’sessentialfunctionality.Thatis,theentireproduct(includingthesoftwaredeliverablesandnonsoftwaredeliverables)wouldbeoutsidethescopeofASC985-605andwouldbeaccountedforunderotheraccountingliterature(e.g.,ASC605-25(asamendedbyASU2009-13)).Theconsensuswillincludefactorsthatentitiesshouldconsiderwhendeterminingwhetherthesoftwareandnonsoftwarecomponentsfunctiontogethertodelivertheproduct’sessentialfunctionalityandarethusoutsidetherevisedscopeofASC985-605.Inaddition,theconsensuswillincludeexamplesillustratinghowentitieswouldapplytherevisedscopeprovisions.

1 Thisarticle,whichfirstappearedinAccountingRoundup:ThirdQuarterinReview—2009,hasbeenupdatedtoreflecttherecentissuanceoftheASU.2 Seefootnote1.

http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175819777255&blobheader=application%2Fpdf


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/21b810fcb3aa3210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/93bcc5c3fe014210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/ba5b449311b24210VgnVCM100000ba42f00aRCRD.htm

3

NEXT STEPS:TheASUiseffectiveforfiscalyearsbeginningonorafterJune15,2010.EntitiescanelecttoapplytheASU(1)prospectivelytonewormateriallymodifiedarrangementsafteritseffectivedateor(2)retrospectivelyforallperiodspresented.Earlyapplicationispermitted;however,iftheentityelectsprospectiveapplicationandearlyadoptstheASUafteritsfirstinterimreportingperiod,itmustalsodothefollowingintheperiodofadoption:(1)retrospectivelyapplytheASUasofthebeginningofthatfiscalyearand(2)disclosetheeffectoftheretrospectiveadjustmentsonthepriorinterimperiods’revenue,incomebeforetaxes,netincome,andearningspershare.

OTHER RESOURCES:Deloitte’sSeptember2009EITFSnapshotandOctober23,2009,HeadsUp.•Debt

FASB Issues ASU on Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing3

AFFECTS: Entitiesthatenterintoashare-lendingarrangementontheirownsharesincontemplationofaconvertibledebtofferingorotherfinancing(e.g.,anequityfinancing)inwhichtheshare-lendingarrangementisclassifiedinequity.

SUMMARY: ThisASU(ASU2009-15)wasaconsensusoftheEITFandratifiedbytheFASB.

TheASUrequiresanentitythatentersintoashare-lendingarrangementonitsownshares(thatareclassifiedinequitypursuanttootherauthoritativeaccountingguidance)incontemplationofaconvertibledebtissuance(orotherfinancing)toinitiallymeasuretheshare-lendingarrangementatfairvalueandtreatitasanissuancecostandtoexcludethesharesborrowedundertheshare-lendingarrangementfrombasicanddilutedEPS.Inaddition,undertheASU,ifitbecomesprobablethattheshare-lendingarrangementcounterpartywilldefaultonthearrangement(notreturntheentity’sshareswithinthespecifiedperiod),theissuingentityshouldrecordalossincurrentearningsthatisequaltothefairvalueofthesharesoutstandinglessanyrecoveries.Theentitywillcontinuetoadjustthelossuntilactualdefault.TheASUalsorequiresentitiestoprovidecertaindisclosuresabouttheshare-lendingarrangement.

NEXT STEPS:TheASUiseffectivefornewshare-lendingarrangementsissuedinperiodsbeginningonorafterJuly15,2009.Forallothershare-lendingarrangements,theASUiseffectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2009.TheASUshouldbeappliedretrospectivelytoarrangementsthatareoutstandingonitseffectivedate.

OTHER RESOURCES: Deloitte'sJune2009EITFSnapshot.•Derivatives

FASB Issues Proposed ASU on Embedded Credit Derivative Scope Exception

AFFECTS: Entitieswithcreditderivatives.

SUMMARY: OnOctober13,2009,theFASBissuedaproposedASU(arevisionofthepre-CodificationproposedImplementationIssueC22)thatclarifiesthescopeexceptioninASC815-15-15-9for“embeddedcreditderivativefeaturesrelatedtothetransferofcreditriskintheformofsubordinationofonefinancialinstrumenttoanother.”

NEXT STEPS: Iffinalized,theproposedASUwillbeeffectiveforthefirstfiscalquarterbeginningafterDecember15,2009.CommentsontheproposedASUareduebyNovember12,2009.

OTHER RESOURCES: Deloitte’sOctober15,2009,HeadsUp.•IASB Amends IAS 32 to Clarify Rights Issues

AFFECTS: EntitiesreportingunderIFRSs.

SUMMARY: OnOctober8,2009,theIASBissuedanamendmenttoIAS32toclarifytheclassificationofrightsissues.Previouspracticewastoaccountforrightsissuesthataredenominatedinacurrencyotherthanthefunctionalcurrencyoftheissuerasderivativeliabilities.Theamendmentrequiresanentitytoclassifysuchrightsissuesasequityregardlessofwhetherthecurrencyistheentity’sfunctionalcurrency,providedthattherightsissuesare“offeredproratatoallofanentity’sexistingshareholdersontheexerciseofwhichtheentitywillreceiveafixedamountofcashforafixednumberoftheentity’sownequityinstruments.”

3 Thisarticle,whichfirstappearedinAccountingRoundup:SecondQuarterinReview—2009,hasbeenupdatedtoreflecttherecentissuanceoftheASU.

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/21b810fcb3aa3210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/bf03bdddf0384210VgnVCM200000bb42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/article/15ba9d7318212210VgnVCM200000bb42f00aRCRD.htm


http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/74052b021b954210VgnVCM200000bb42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/b39edd79ec952210VgnVCM200000bb42f00aRCRD.htm

4

NEXT STEPS:TheamendmentiseffectiveforannualperiodsbeginningonorafterFebruary1,2010;earlyapplicationispermitted.

OTHER RESOURCES:Formoreinformation,seethepressreleaseontheIASB’sWebsite.•Other Accounting

IASC Foundation Exposes IFRS for SMEs taxonomy for Public Comment

AFFECTS:EntitiesreportingunderIFRSs.

SUMMARY:TheIASCFoundation’sXBRLteamissuedanEDofitsIFRSforSMEsTaxonomy,whichwouldtranslatetheIASB’sIFRSforSMEsintoXBRL.AlthoughbasedontheIFRSTaxonomy2009,theSMEtaxonomyissimplerandreflectsthereduceddisclosurerequirementsoftheIFRSforSMEs.

NEXT STEPS: CommentsontheEDareduebyNovember27,2009.

OTHER RESOURCES: AreviewpackagefortheEDisavailableontheIASB’sWebsite.FormoreinformationabouttheED,seethepressreleaseontheIASB’sWebsite.•

AICPA Publishes Working Draft of Oil and Gas Guide

AFFECTS: Entitiesintheoilandgasindustryandtheirauditors.

SUMMARY: OnOctober9,2009,theAICPApublishedaworkingdraftofasignificantlyrevisedversionofitsAuditandAccountingGuideEntitiesWithOilandGasProducingActivities.

NEXT STEPS:CommentsontheworkingdraftareduebyDecember11,2009.

OTHER RESOURCES: Formoreinformation,seetheAICPA’sWebsite.•GAO Issues Report on troubled Asset Relief Program

AFFECTS:Allentities.

SUMMARY:InOctober2009,theGAOissuedareportthatdiscussestheimpactoftheTroubledAssetReliefProgram(TARP)overthepastyearandpotentialchallengeswithitsfutureimplementation.Topicsaddressedincludethefollowing:

• TARP’scurrentstatus.

• TheU.S.DepartmentoftheTreasury’s“progressincreatinganeffectivemanagementstructure.”

• SignsthatmayprompttheDepartmentoftheTreasurytoextendtheprogram.

OTHER RESOURCES:Formoreinformation,seethesummaryontheGAO’sWebsite.•SEC Matters

SEC Further Defers Section 404(b) Requirement for Nonaccelerated Filers

AFFECTS:Nonacceleratedfilersandtheirauditors.

SUMMARY:OnOctober2,2009,theSECannouncedthatitwillallownonacceleratedfilersanadditionalsix-monthdeferral(fromyearsendingonorafterDecember15,2009,toyearsendingonorafterJune15,2010)fromcomplyingwithSECrulesissuedinresponsetoSection404(b)oftheSarbanes-OxleyActof2002(the“Act”).Theserulesrequirethatissuers’“annualreportsincludeanauditor’sattestationreportontheissuer’sinternalcontroloverfinancialreporting.”

TheSECalsoreleasedtheresultsofthecost-benefitstudyconductedbyitsOfficeofEconomicAnalysis,whichindicatedthatthe2007reforms(i.e.,managementguidanceissuedbytheSECandPCAOBAuditingStandard5)hadreducedthecostofSection404compliance.TheSEC,ingrantingtheadditionaldeferral,determinedittobeappropriateandreasonabletoallowmoretimefornonacceleratedfilersandtheirauditorstobetterplanfortherequiredauditorattestation.

Calendar-year-endissuersmustnowcomplywiththeSection404(b)requirementasofDecember31,2010.Allissuersareneverthelesscurrentlyrequiredtoincludemanagement’sreportoninternalcontroloverfinancialreportinginallannualreportsonForm10-K,inaccordancewithSection404(a)oftheAct.

http://www.iasb.org/News/Press+Releases/IASB+amends+the+accounting+for+rights+issues.htm

http://www.iasb.org/XBRL/IFRS+Taxonomy/Review+Package.htm

http://www.iasb.org/XBRL/IFRS+Taxonomy/Exposure+Draft+and+Comment+Letters/Exposure+Draft+and+Comment+Letters.htm

http://www.aicpa.org/download/exposure/FINAL_CLEAN_AAG_OGP_OH.pdf

https://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Accounting+Standards/Working+Draft+of+Entities+with+Oil+and+Gas+Producing+Activities+Guide.htm

http://www.gao.gov/new.items/d1016.pdf

http://www.gao.gov/products/GAO-10-16

http://www.sec.gov/news/studies/2009/sox-404_study.pdf

5

OTHER RESOURCES:Formoreinformation,seethepressreleaseontheSEC’sWebsiteandDeloitte’sOctober2,2009,FinancialReportingAlert.•

SEC Staff Releases Observations Based on Review of Interactive Data Financial Statements

AFFECTS:SECregistrants.

SUMMARY: OnOctober6,2009,thestaffoftheSEC'sOfficeofInteractiveDisclosurereleasedobservationsbasedonitsinitialreviewofinteractivedatafilessubmittedbythefirstphase-ingroupoffilers.Thesummaryidentifies"certainmattersfilersshouldconsiderastheypreparefuturesubmissionstofurtherimprovethequalityofthosesubmissions."Topicscoveredinclude:

• Issuesentitiesmayencounterwhentryingtoconformtheinteractivedata(XBRL)filestotheHTML/ASCIIfinancialstatements.

• Usingappropriatestandardelementsandcontextreferences(whichdifferentiatetheelements)withinthetaxonomyandcreatingnewelementsonlywhennecessary.

• Ensuringthatnegativevaluesanddecimalattributes(i.e.,whetheramountsareaccuratelyrounded)areenteredcorrectly.

Theobservationsarethestaff'sviewsandarenotrules,regulations,orstatementsoftheSEC.•SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials


SUMMARY:OnOctober15,2009,theSECissuedaproposedrulethatwouldamendtheproxyrulesundertheSecuritiesExchangeActof1934toimprovethenotice-and-accessmodel,establishedin2007,forfurnishingproxymaterialstoshareholdersovertheInternet.Specifically,theproposedamendmentswould:

• Allowfor“additionalflexibilityregardingtheformatoftheNoticeofInternetAvailabilityofProxyMaterials[(the‘Notice’)]thatissenttoshareholders.”

• Provide“guidanceaboutthecurrentrequirementfortheNoticetoidentifythemattersintendedtobeactedonattheshareholders’meeting.”

• Includea“newrulethatwillpermitissuersandsolicitingshareholderstoincludeexplanatorymaterialsregardingtheprocessofreceivingandreviewingproxymaterialsandvoting.”

• Revisethe“timeframefordeliveringaNoticetoshareholderswhenasolicitingpersonotherthantheissuerreliesonthenotice-onlyoption.”

NEXT STEPS:CommentsontheproposedruleareduebyNovember20,2009.•SEC Proposes Rule to Provide temporary Filing Accommodation for Static Pool Information


SUMMARY: OnOctober19,2009,theSECissuedaproposedrulethatwouldamendRule312ofRegulationS-T,which“providesatemporaryfilingaccommodationforfilingswithrespecttoasset-backedsecuritiesthatallowsstaticpoolinformationrequiredtobedisclosedinaprospectustobeprovidedonanInternetWebsiteundercertainconditions.”Theproposedrulewouldextendthedeadlineforapplicationofthetemporaryaccommodationbyoneyear,fromDecember31,2009,toDecember31,2010.

NEXT STEPS:CommentsontheproposedruleareduebyNovember23,2009.•SEC Issues Staff Accounting Bulletin to Revise Guidance on Oil- and Gas-Producing Activities

AFFECTS:SECregistrantsthatengageinoil-andgas-producingactivities.

SUMMARY:OnOctober30,2009,theSECissuedaStaffAccountingBulletinthatrevisesSABTopic12“tomaketherelevantinterpretiveguidanceconsistentwithcurrentauthoritativeaccountingandauditingguidance”andtheSEC’sfinalruleonmodernizationofoilandgasreporting,whichwasissuedonDecember31,2008.Amendmentsinclude:

• “[C]hangingthepriceusedindeterminingquantitiesofoilandgasreserves;

http://www.sec.gov/news/press/2009/2009-213.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/d364407f2f614210VgnVCM100000ba42f00aRCRD.htm

http://www.deloitte.com/view/en_US/us/Services/audit-enterprise-risk-services/Financial-Statement-Internal-Control-Audit/Accounting-Standards-Communications/article/d364407f2f614210VgnVCM100000ba42f00aRCRD.htm

http://www.sec.gov/spotlight/xbrl/staff-review-observations.shtml

http://www.sec.gov/rules/proposed/2009/33-9073.pdf

http://www.sec.gov/rules/proposed/2009/33-9074.pdf

http://www.sec.gov/interps/account/sab113.htm

http://www.sec.gov/rules/final/2008/33-8995.pdf

6

• [E]liminatingtheoptiontousepost-quarter-endpricestoevaluatewrite-offsofexcesscapitalizedcostsunderthefullcostmethodofaccounting;

• [R]emovingtheexclusionofunconventionalmethodsusedinextractingoilandgasfromoilsandsorshaleasanoilandgasproducingactivity;and,

• [R]emovingcertainquestionsandinterpretativeguidancewhicharenolongernecessary.”

NEXT STEPS:TheamendmentsmustbeappliedprospectivelytoregistrationstatementsfiledonorafterJanuary1,2010(orForms10-Kand20-FforfiscalyearsendingonorafterDecember31,2009),exceptforthetechnicalamendmenttoTopic3,whichmustbeappliedretroactivelyinconjunctionwiththeapplicationofFinalRule33-9026.

OTHER RESOURCES:Formoreinformation,seethepressreleaseontheSEC’sWebsite.•SEC’s Division of Corporation Finance Issues Compliance and Disclosure Interpretations on Oil and Gas Rules

AFFECTS:SECregistrantsthatengageinoil-andgas-producingactivities.

SUMMARY:OnOctober26,2009,theSEC’sDivisionofCorporationFinanceissuednewcomplianceanddisclosureinterpretationsontheoilandgasrulesinRegulationsS-XandS-K.Theinterpretationsincludedefinitionsofcertaintermsusedinthenewrulesaswellasinformationaboutrequireddisclosures.•

SEC Staff Issues Bulletin on Shareholder Proposals


SUMMARY:OnOctober27,2009,thestaffoftheDivisionofCorporationFinanceissuedalegalbulletinthatprovidesguidanceontheapplicationofRule14a-8tocertainshareholderproposals.Specifically,thebulletinaddresses:

• The“applicationofRule14a-8(i)(7)toproposalsrelatingtorisk.”

• The“applicationofRule14a-8(i)(7)toproposalsfocusingonsuccessionplanningforacompany'schiefexecutiveofficer(CEO).”

• The“mannerinwhichshareholderproponentsandcompaniescannotifyusthattheywillbesubmittingcorrespondenceinconnectionwithano-actionrequest.”•

SEC Issues Final Rule Adopting Updated EDGAR Filer Manual


SUMMARY:OnOctober26,2009,theSECissuedafinalruleadoptingrevisionstotheEDGARFilerManual.Accordingtothefinalrule,therevisionswill:

• “[E]nforceadditionalXBRLvalidationrequirementstoimprovethequalityofXBRLexhibits.”

• “[A]llowfilerstoelectronicallysubmitthewithdrawalofapplicationforexemptiveorotherrelieffromtheInvestmentCompaniesActassubmissiontypesAPPWDandAPPWD/A.”

• “[A]llowfilerstoaddSubjectCompanyrelatedinformationforthesubmissiontypesF-6,F-6/A,F-6EF,andF-6POS.”

ThefinalrulebecameeffectiveonOctober30,2009.•Other Auditing

ASB Proposes Various Statements on Auditing Standards

AFFECTS:Allentitiesandtheirauditors.

SUMMARY:TheASBissuedthefollowingproposedSASs:

• TermsofEngagementandWrittenRepresentations.

• ForminganOpinionandReportingonFinancialStatements;ModificationstotheOpinionintheIndependentAuditor’sReport;andEmphasisofMatterParagraphsandOtherMatterParagraphsintheIndependentAuditor’sReport.


http://www.sec.gov/news/press/2009/2009-228.htm

http://www.sec.gov/divisions/corpfin/guidance/oilandgas-interp.htm

http://www.sec.gov/divisions/corpfin/guidance/oilandgas-interp.htm

http://www.sec.gov/interps/legal/cfslb14e.htm


http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statements+on+Auditing+Standards+Terms+of+Engagement+and+Written+Representations.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statements+on+Auditing+Standards+Auditors+Reports.htm



7

• ReportingonComplianceWithAspectsofContractualAgreementsorRegulatoryRequirementsinConnectionWithAuditedFinancialStatements(Redrafted).

• SpecialConsiderations—AuditsofFinancialStatementsPreparedinAccordanceWithSpecialPurposeFrameworks;andSpecialConsiderations—AuditsofSingleFinancialStatementsandSpecificElements,Accounts,orItemsofaFinancialStatement.

• EngagementstoReportonSummaryFinancialStatements.

• ReportingonFinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry.

TheproposedSASsarepartofboththeASB’sClarityProjectanditseffortstoconvergewithInternationalStandardsonAuditing(ISAs).

NEXT STEPS:TheproposedSASswouldbeeffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2010.CommentsonallproposedSASsareduebyDecember31,2009,exceptforTermsofEngagementandWrittenRepresentations,onwhichcommentsareduebyJanuary15,2010.•

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Auditors+Reports+Reporting+on+Compliance.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Auditors+Reports+Reporting+on+Compliance.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statements+on+Auditing+Standards+Special+Reports+Special+Considerations.htm



http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Special+Reports+Summary+Financial+Statements.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Another+Country.htm

http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/Audit+and+Attest+Standards/Exposure+Drafts+of+Proposed+Statements/Proposed+Statement+on+Auditing+Standards+Another+Country.htm

8

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

FASB Affects Status

Significant Adoption Dates

ASU2009-12,Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Allentities. EffectiveforfinancialstatementsissuedforinterimandannualperiodsendingafterDecember15,2009.Earlierapplicationispermitted.

ASU2009-11,Extractive Activities — Oil and Gas—amendmenttoSection932-10-S99(SECUpdate)

Allentities. TheASUdoesnotcontainaneffectivedate.

ASU2009-10,Financial Services — Broker and Dealers: Investments — Other —amendmenttoSubtopic940-325(SECUpdate)


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.

ASC810(Statement167,AmendmentstoFASBInterpretationNo.46(R))

Allentities. EffectiveforfiscalyearsbeginningafterNovember15,2009.

ASC860(Statement166,AccountingforTransfersofFinancialAssets—anamendmentofFASBStatementNo.140)

Allentities. EffectiveforfinancialassettransfersthatoccurinfiscalyearsbeginningafterNovember15,2009.

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

ASC958(Statement164,Not-for-Profit Entities: Mergers and Acquisitions —includinganamendmentofFASBStatementNo.142)

Not-for-profitentities. EffectiveprospectivelyformergersthatoccuratorafterthebeginningofaninitialreportingperiodthatbeginsonorafterDecember15,2009,andforacquisitionsthatoccuratorafterthebeginningofthefirstannualreportingperiodthatbeginsonorafterDecember15,2009.Earlyapplicationisprohibited.

ASC944(Statement163,Accounting for Financial Guarantee Insurance Contracts —aninterpretationofFASBStatementNo.60)

EntitieswithinthescopeofStatement60thatissuefinancialguaranteeinsurance(andreinsurance)contracts.

EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2008(andallinterimperiodswithinthosefiscalyears),exceptforsomedisclosuresabouttheinsuranceenterprise’srisk-managementactivities.Requiresthatdisclosuresabouttherisk-managementactivitiesoftheinsuranceenterprisebeeffectiveforthefirstperiod(includinginterimperiods)beginningaftertheStatement’sissuance.Exceptforthosedisclosures,earlyapplicationisnotpermitted.

ASC815-10-50(Statement161,Disclosures About Derivative Instruments and Hedging Activities —anamendmentofFASBStatementNo.133)

Allentities. EffectiveforfinancialstatementsissuedforfiscalyearsandinterimperiodsbeginningafterNovember15,2008,withearlyapplicationencouraged.

9

ASC810(transitional:ASC810-10-65-1)(Statement160,Noncontrolling Interests in Consolidated Financial Statements —anamendmentofARBNo.51)

Allentitiesthatprepareconsolidatedfinancialstatements,exceptnot-for-profitorganizations.

Effectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2008.Thestandardshouldbeappliedprospectively.Presentationanddisclosurerequirementsshouldbeappliedretrospectivelyforallperiodspresented.Earlyadoptionisprohibited.

ASC715(Statement158,Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans—anamendmentofFASBStatementsNo.87,88,106,and132(R))

Allemployerswithdefinedbenefitpensionorotherpostretirementplans.

Recognitionoftheassetandliabilityrelatedtofundedstatusofaplananddisclosures:•Forentitieswithpubliclytradedequitysecurities,effectiveforfiscalyearsendingafterDecember15,2006.

•Forallotherentities,effectiveforfiscalyearsendingafterJune15,2007.

Forallentities,changeinmeasurementdateiseffectiveforfiscalyearsendingafterDecember15,2008.Earlyadoptionispermitted.

ASC820(Statement157,Fair Value Measurements)

Allentities. EffectiveforfiscalyearsbeginningafterNovember15,2007,andinterimperiodswithinthoseyears.Earlieradoptionispermitted,providedthatnofinancialstatementshaveyetbeenissuedwithinthatfiscalyear.ASC820(FSPFAS157-2)deferstheStatement’seffectivedateforcertainnonfinancialassetsandliabilitiestofiscalyearsbeginningafterNovember15,2008,andinterimperiodswithinthoseyears.ThisStatementrequiresprospectiveapplication,withtheexceptionofcertainfinancialinstrumentslistedinparagraph37forwhichtheStatementrequiresretrospectiveapplication.

ASC805(Statement141(R),Business Combinations)

Allentitiesexceptnot-for-profitorganizations,combinationsbetweenentitiesundercommoncontrol,andformationsofjointventures.

EffectiveprospectivelyforbusinesscombinationsforwhichtheacquisitiondateisonorafterthebeginningofthefirstannualreportingperiodbeginningonorafterDecember15,2008.Earlyadoptionisprohibited.

ASC740(Interpretation48,Accounting for Uncertainty in Income Taxes —aninterpretationofFASBStatementNo.109)

AllentitieswithtaxpositionsaccountedforunderASC740(Statement109).

Forpublicentities,effectiveforfiscalyearsbeginningafterDecember15,2006.Forcertainnonpublicentities,ASC740(FSPFIN48-3)deferstheeffectivedateuntilfiscalyearsbeginningafterDecember15,2008.

ASC715-20(FSPFAS158-1,“ConformingAmendmentstotheIllustrationsinFASBStatementsNo.87,No.88,andNo.106andtotheRelatedStaffImplementationGuides”)

Allemployerswithdefinedbenefitpensionplansorotherpostretirementplans.

EffectiveconcurrentlywiththerequirementsofASC715(Statement158).

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

Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

ASC820(transitional:820-10-65-2)(FSPFAS157-3,“DeterminingtheFairValueofaFinancialAssetWhentheMarketforThatAssetIsNotActive”)

Allentities. EffectiveasofOctober10,2008,andapplicabletopriorperiodsforwhichfinancialstatementshavenotyetbeenissued.EntitiesmustaccountforrevisionstofairvalueestimatesresultingfromtheadoptionoftheFSPasachangeinaccountingestimateunderASC250(Statement154),butdonotneedtoprovidethedisclosuresrequiredbythatStatement.

ASC820(transitional:820-10-65-1)(FSPFAS157-1,“ApplicationofFASBStatementNo.157toFASBStatementNo.13andOtherAccountingPronouncementsThatAddressFairValueMeasurementsforPurposesofLeaseClassificationorMeasurementUnderStatement13”)

Allentities. EffectiveupontheinitialadoptionofASC820(Statement157).

ASC350-30-35-1(FSPFAS142-3,“DeterminationoftheUsefulLifeofIntangibleAssets”)

Allentitieswithrecognizedintangibleassets.

EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.Earlyadoptionisprohibited.TheguidanceondeterminingtheusefullifeofarecognizedintangibleassetmustbeappliedprospectivelyonlytointangibleassetsacquiredaftertheFSP’seffectivedate.Disclosurerequirementsareappliedprospectively.

10

ASC805-20-25-18A(FSPFAS141(R)-1,"AccountingforAssetsAcquiredandLiabilitiesAssumedinaBusinessCombinationThatAriseFromContingencies")


EffectiveprospectivelyforbusinesscombinationsforwhichtheacquisitiondateisonorafterthebeginningofthefirstannualreportingperiodbeginningonorafterDecember15,2008.Earlyadoptionisprohibited.

ASC860-10-50(FSPFAS140-4andFIN46(R)-8,“DisclosuresbyPublicEntities(Enterprises)AboutTransfersofFinancialAssetsandInterestsinVariableInterestEntities”)


Effectiveforthefirstreportingperiod(interimorannual)endingafterDecember15,2008.

ASC860-10-35-2and860-10-40-42(FSPFAS140-3,“AccountingforTransfersofFinancialAssetsandRepurchaseFinancingTransactions”)

Entitiesthatenterintorepurchasefinancingtransactions.

EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterNovember15,2008,andinterimperiodswithinthosefiscalyears.Earlyapplicationisnotpermitted.ThisFSPmustbeappliedprospectivelytoinitialtransfersandrepurchasefinancingsforwhichtheinitialtransferisexecutedonorafterthebeginningofthefiscalyearinwhichthisFSPisapplied.

ASC815-10-50(FSPFAS133-1andFIN45-4,“DisclosuresAboutCreditDerivativesandCertainGuarantees:AnAmendmentofFASBStatementNo.133andFASBInterpretationNo.45;andClarificationoftheEffectiveDateofFASBStatementNo.161”)

Sellersofcreditderivativesandguarantors.

TheprovisionsoftheFSPthatamendASC815(Statement133andInterpretation45)areeffectiveforreportingperiods(annualorinterim)endingafterNovember15,2008.Earlyapplicationisencouragedtoprovidecomparativesatinitialadoption.TheclarificationoftheeffectivedateofASC815-10-50(Statement161)iseffectiveonSeptember12,2008.

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

Entitieswithpostretirementbenefitplanassets.

EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2009.ThetechnicalamendmentbecameeffectiveonDecember30,2008.

ASC958-205(FSPFAS117-1,“EndowmentsofNot-for-ProfitOrganizations:NetAssetClassificationofFundsSubjecttoanEnactedVersionoftheUniformPrudentManagementofInstitutionalFundsAct,andEnhancedDisclosuresforAllEndowmentFunds”)

Not-for-profitorganizations. EffectiveforfiscalyearsendingafterDecember15,2008.Earlierapplicationispermittedprovidedthatannualfinancialstatementsforthatfiscalyearhavenotbeenpreviouslyissued.

ASC320(FSPFAS115-2andFAS124-2,“RecognitionandPresentationofOther-Than-TemporaryImpairments”)

Allentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

ASC820-10-50(FSPFAS107-1andAPB28-1,“InterimDisclosuresAboutFairValueofFinancialInstruments”)

Allpublicentities. EffectiveforinterimandannualperiodsendingafterJune15,2009,withearlyadoptionpermittedundercertaincircumstances.

ASC740-10-65-1(FSPFIN48-3,“EffectiveDateofFASBInterpretationNo.48forCertainNonpublicEnterprises”)

Nonpublicentities. EffectiveDecember30,2008.

ASC260-10-45-60(FSPEITF03-6-1,“DeterminingWhetherInstrumentsGrantedinShare-BasedPaymentTransactionsAreParticipatingSecurities”)

Entitieswithshare-basedpayments. EffectiveforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.Prior-periodEPSdatamustbeadjustedretrospectively.Earlyadoptionisnotpermitted.

ASC325-40(FSPEITF99-20-1,“AmendmentstotheImpairmentGuidanceofEITFIssueNo.99-20”)

Entitieswithbeneficialinterestsincertainsecuritizedfinancialassets.

EffectiveforinterimandannualperiodsendingafterDecember15,2008.TheFSPshouldbeappliedprospectively.RetrospectiveapplicationofthisFSPtoapriorinterimorannualperiodisprohibited.

ASC470-20(FSPAPB14-1,“AccountingforConvertibleDebtInstrumentsThatMayBeSettledinCashUponConversion(IncludingPartialCashSettlement)”)

Allentitieswithconvertibledebtinstruments.

Effectiveforfinancialstatementsissuedforfiscalyears(andinterimperiodswithinthesefiscalyears)beginningafterDecember15,2008.Earlyadoptionisnotpermitted.Exceptasdiscussedinparagraph36,theFSPshouldbeappliedretrospectivelytoallpastperiodspresented.

Project in Request-for-Comment Stage

ProposedASU,ScopeExceptionRelatedtoEmbeddedCreditDerivatives

Entitieswithcreditderivatives. CommentsdueNovember12,2009.

11

EITF Affects Status


ASU2009-15,AccountingforOwn-ShareLendingArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing(Issue09-1)

Entitiesthatenterintoashare-lendingarrangementontheirownsharesincontemplationofaconvertibledebtofferingorotherfinancing.

Effectivefornewshare-lendingarrangementsissuedinperiodsbeginningonorafterJuly15,2009.Forallothershare-lendingarrangements,theASUiseffectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2009,withretrospectiveapplicationtothosearrangementsoutstandingontheeffectivedate.

ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements—aconsensusoftheFASBEmergingIssuesTaskForce(Issue09-3)

Allentities. EffectiveforfiscalyearsbeginningonorafterJune15,2010.Earlyapplicationispermitted.

ASU2009-13,Multiple-DeliverableRevenueArrangements—aconsensusoftheFASBEmergingIssuesTaskForce(Issue08-1)

Allentities. EffectiveforfiscalyearsbeginningonorafterJune15,2010.Earlyapplicationispermitted.

ASC815-40-15-5CandASC815-10-15-77(Issue08-8,“AccountingforanInstrument(oranEmbeddedFeature)WithaSettlementAmountThatIsBasedontheStockofanEntity’sConsolidatedSubsidiary”)

Reportingentitiesthatenterintofreestandingfinancialinstruments(orinstrumentsthatcontainembeddedfeatures)forwhichthepayofftothecounterpartyisindexed,inwholeorinpart,tothestockofaconsolidatedsubsidiary.

TocoincidewiththeeffectivedateofStatement160,effectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2008.Attransition,thecarryingvalueoftheinstrument(orseparatedembeddedfeature)previouslyclassifiedasaliabilitywillbereclassifiedtononcontrollinginterest.Earlyadoptionisnotpermitted.

ASC350-30-25-5(Issue08-7,“AccountingforDefensiveIntangibleAssets”)

EntitiesthatwillacquireintangibleassetsaftertheeffectivedateofStatement141(R),whentheentityhasnointentionofactivelyusing,orintendstodiscontinueuseof,theintangibleassetbutholdsit(locksitup)topreventothersfromobtainingaccesstoit(i.e.,adefensiveintangibleasset).

TocoincidewiththeeffectivedateofASC805(Statement141(R)),effectivefordefensiveintangibleassetsacquiredinfiscalyearsbeginningonorafterDecember15,2008.

ASC323(Issue08-6,“EquityMethodInvestmentAccountingConsiderations”)

Entitiesthatacquireorholdinvestmentsaccountedforundertheequitymethod.

TocoincidewiththeeffectivedatesofASC805(Statements141(R)and160),effectivefortransactionsoccurringinfiscalyears,andinterimperiodswithinthosefiscalyears,beginningonorafterDecember15,2008.Earlyadoptionisnotpermitted.

ASC820-10-25-1(Issue08-5,“Issuer’sAccountingforLiabilitiesMeasuredatFairValueWithaThird-PartyCreditEnhancement”)

Entitiesthatincurliabilitiesthathaveinseparablethird-partycreditenhancements,whentheliabilityismeasuredordisclosedatfairvalue.

EffectivebeginninginthefirstreportingperiodafterDecember15,2008.ThisIssueistobeappliedprospectively,withtheeffectofinitialapplicationincludedinthechangeinfairvalueoftheliabilityintheperiodofadoption.Earlyapplicationispermitted.

ASC470-20-65-2(Issue08-4,“TransitionGuidanceforConformingChangestoIssueNo.98-5”)

Entitiesthatissueconvertibledebtsecuritiesandconvertiblepreferredstock.

EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember15,2008,withearlyadoptionpermitted.Theimpactofapplyingtheconformingchanges,ifany,mustbepresentedretrospectively,withacumulative-effectadjustmenttoretainedearningsasofthebeginningofthefirstperiodpresented.

ASC840-10-05-9A(Issue08-3,“AccountingbyLesseesforMaintenanceDeposits”)

Entitiesthatarelessees. EffectiveforfiscalyearsbeginningafterDecember15,2008(andinterimperiodswithinthesefiscalyears).TheIssuemustbeappliedbyrecognizingthecumulativeeffectofthechangeinaccountingprincipleintheopeningbalanceofretainedearningsasofthebeginningofthefiscalyearinwhichtheIssueisinitiallyapplied.Earlierapplicationisnotpermitted.

ASC815-40(Issue07-5,“DeterminingWhetheranInstrument(orEmbeddedFeature)IsIndexedtoanEntity’sOwnStock”)

Entitieswithderivativeinstruments. EffectiveforfiscalyearsbeginningafterDecember15,2008(andinterimperiodswithinthesefiscalyears).TheIssuemustbeappliedtooutstandinginstrumentsasofthebeginningofthefiscalyearinwhichtheIssueisadoptedasacumulative-effectadjustmenttotheopeningbalanceofretainedearningsforthatfiscalyear.Earlierapplicationisnotpermitted.

ASC260-10-45-71(Issue07-4,“ApplicationoftheTwo-ClassMethodUnderFASBStatementNo.128toMasterLimitedPartnerships”)

Masterlimitedpartnerships. EffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.Earlierapplicationisnotpermitted.ThisIssueshouldbeappliedretrospectivelyforallfinancialstatementspresented.

12

ASC808(Issue07-1,“AccountingforCollaborativeArrangements”)

Entitiesparticipatingincollaborativearrangements.

EffectiveforfiscalyearsbeginningafterDecember15,2008,andinterimperiodswithinthosefiscalyears.ThisIssueshouldbeappliedretrospectivelytoallpriorperiodspresentedforallcollaborativearrangementsexistingasoftheeffectivedate.

AICPA/AcSEC Affects Status


SAS116,InterimFinancialInformation Auditors. EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.

SAS115,CommunicatingInternalControlRelatedMattersIdentifiedinanAudit

Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2009.Earlyapplicationispermitted.

SAS,TheAuditor'sCommunicationWithThoseChargedWithGovernance(Redrafted)

Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.

SAS,AuditDocumentation(Redrafted) Auditors. EffectiveforauditsoffinancialstatementsbeginningonorafterDecember15,2010.

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

Auditors. EffectiveApril28,2009.

SSAE15,AnExaminationofanEntity’sInternalControlOverFinancialReportingThatIsIntegratedWithanAuditofItsFinancialStatements

Entitiesandtheirauditors. EffectivewhenthesubjectmatterorassertionisasoforforaperiodendingonorafterDecember15,2008.Earlyapplicationispermitted.

SSARS18,ApplicabilityofStatementsonStandardsforAccountingandReviewServices

Accountantsthatprovidecompilationorreviewservices.

EffectiveforreviewsofinterimfinancialinformationforinterimperiodsbeginningonorafterDecember15,2009.Earlyapplicationispermitted.

SSARS17,OmnibusStatementonStandardsforAccountingandReviewServices—2008

Accountantsthatprovidecompilationorreviewservices.

EffectiveforcompilationsandreviewsforperiodsendingonorafterDecember15,2008.Earlyapplicationispermitted.

Projects in Request-for-Comment Stage

ProposedSAS,TermsofEngagementandWrittenRepresentations

Auditors. CommentsdueJanuary15,2010.

ProposedSAS,ForminganOpinionandReportingonFinancialStatements

Auditors. CommentsdueDecember31,2009.

ProposedSAS,ModificationstotheOpinionintheIndependentAuditor’sReport;andEmphasisofMatterParagraphsandOtherMatterParagraphsintheIndependentAuditor’sReport


ProposedSAS,ReportingonComplianceWithAspectsofContractualAgreementsorRegulatoryRequirementsinConnectionWithAuditedFinancialStatements(Redrafted)


ProposedSAS,SpecialConsiderations—AuditsofFinancialStatementsPreparedinAccordanceWithSpecialPurposeFrameworks;andSpecialConsiderations—AuditsofSingleFinancialStatementsandSpecificElements,Accounts,orItemsofaFinancialStatement


ProposedSAS,EngagementstoReportonSummaryFinancialStatements


ProposedSAS,ReportingonFinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry


ProposedSAS, Related Parties Auditors. CommentsdueDecember15,2009.

ProposedSAS,Audits of Group Financial Statements (Including the Work of Component Auditors)


13

SEC Affects Status


FinalRule,AmendmentstoRulesforNationallyRecognizedStatisticalRatingOrganizations(34-59342)

Nationallyrecognizedstatisticalratingorganizations.

EffectiveApril10,2009.

FinalRule,AmendmenttoMunicipalSecuritiesDisclosure(34-59062)

Brokers,dealers,andmunicipalsecuritiesdealers.

EffectiveJuly1,2009.

FinalRule,ExemptionFromRegistrationUnderSection12(g)oftheSecuritiesExchangeActof1934forForeignPrivateIssuers(34-58465)

Foreignprivateissuers. EffectiveOctober10,2008.

FinalRule,AdoptionofUpdatedEdgarFilerManual(33-9077)

Allregistrants. EffectiveOctober30,2009.

FinalRule,InternalControlOverFinancialReportinginExchangeActPeriodicReportsofNon-AcceleratedFilers(33-9072)

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


Allregistrants. EffectiveApril23,2009.

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




FinalRule,AttachingAuthenticatingDocumentstoOnlineFormIDApplications(33-9013)

PublicentitiesthatfileFormID. EffectiveMarch16,2009.

FinalRule,AdjustmentstoCivilMonetaryPenaltyAmounts(33-9009)

Allregistrants. EffectiveMarch3,2009.

FinalRule,InteractiveDataforMutualFundRisk/ReturnSummary(33-9006)

Mutualfunds. Effectiveforinitialregistrationstatementsandpost-effectiveamendmentsthatareannualupdatestopost-effectiveregistrationstatementsthatbecomeeffectiveafterJanuary1,2011.

FinalRule,InteractiveDatatoImproveFinancialReporting(33-9002)

Allregistrants(otherthaninvestmentcompanies).

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

InterimFinalTemporaryRule,TemporaryExemptionsforEligibleCreditDefaultSwapstoFacilitateOperationofCentralCounterpartiestoClearandSettleCreditDefaultSwaps(33-8999)

Entitieswithinvestmentsincertaincreditdefaultswaps.

EffectiveJanuary22,2009,throughSeptember25,2009.

FinalRule,EnhancedDisclosureandNewProspectusDeliveryOptionforRegisteredOpen-EndManagementInvestmentCompanies(33-8998)

Registeredopen-endmanagementinvestmentcompanies.

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

FinalRule,IndexedAnnuitiesandCertainOtherInsuranceContracts(33-8996)

Insurancecompaniesandentitieswithannuities.

Rule151AshouldbeappliedtoindexedannuitiesissuedonorafterJanuary12,2011.Rule12h-7willbecomeeffectiveonMay1,2009.

FinalRule,ModernizationofOilandGasReporting(33-8995)

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

FinalRule,MandatoryElectronicSubmissionofApplicationsforOrdersUndertheInvestmentCompanyActandFilingsMadePursuanttoRegulationE(33-8981)

Investmentcompanies. EffectiveJanuary1,2009.

FinalRule,ForeignIssuerReportingEnhancements(33-8959)

Foreignprivateissuers. EffectiveDecember6,2008.

14

FinalRule,CommissionGuidanceandRevisionstotheCross-BorderTenderOffer,ExchangeOffer,RightsOfferings,andBusinessCombinationRulesandBeneficialOwnershipReportingRulesforCertainForeignInstitutions(33-8957)

Foreignprivateissuers. EffectiveDecember8,2008.

FinalRule,AmendmentstoRulesRegardingManagement’sReportonInternalControlOverFinancialReporting(33-8809)

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

InterimFinalTemporaryRule,TemporaryExemptionforLiquidationofCertainMoneyMarketFunds(IC-28487)

Registeredopen-endmanagementinvestmentcompanies.

EffectiveNovember26,2008,throughOctober18,2009.

SECLetter,OfficeoftheChiefAccountant Entitieswithinvestmentsinperpetualpreferredsecurities.

TheOCA’sviewsapplytointerimandannualfinancialstatementsissuedafterOctober14,2008(thedateoftheletter).

Project in Request-for-Comment Stage

ProposedRule,ExtensionofFilingAccommodationforStaticPoolInformationinFilingsWithRespecttoAsset-BackedSecurities(33-9074)

Allregistrants. CommentsdueNovember23,2009.

ProposedRule,AmendmentstoRulesRequiringInternetAvailabilityofProxyMaterials(33-9073)

Allregistrants. CommentsdueNovember20,2009.

ProposedRule,CreditRatingsDisclosure(33-9070)

Allregistrants. CommentsdueDecember14,2009.

PCAOB Affects Status


PCAOBRuleRelease34-60107,RulesonPeriodicReportingbyRegisteredPublicAccountingFirms

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

PCAOBRuleRelease34-60108,RulesonSucceedingtoRegistrationStatusofPredecessorFirm

Registeredpublicaccountingfirmsinvolvedinmergersorchangestotheregisteredfirm’slegalform.

RuleapprovedbytheSEConAugust13,2009;effective60daysafterSECapproval.Thefirmswillbesubjecttothespecialreportingobligations90daysafterSECapproval.

BoardStatement,PCAOBRegistrationProcessforAuditorsofNon-PublicBroker-Dealers

Auditorsofnonpublicbroker-dealers. EffectiveforfinancialstatementsissuedforfiscalyearsendingafterDecember31,2008.

AuditingStandard6,EvaluatingConsistencyofFinancialStatements

Allpublicentitiesandregisteredpublicaccountingfirms.

EffectiveNovember15,2008.

AnamendmenttoRule3523,TaxServicesforPersonsinFinancialReportingOversightRoles

Registeredpublicaccountingfirms. EffectiveAugust22,2008;however,thisRulewillnotapplytotaxservicesprovidedonorbeforeDecember31,2008,whentheservicesareprovidedduringtheauditperiodandcompletedbeforethebeginningoftheprofessionalengagementperiod.

GASB/GAO Affects Status


Statement56,CodificationofAccountingandFinancialReportingGuidanceContainedintheAICPAStatementsonAuditingStandards

Governmentalentities. EffectiveApril16,2009.

Statement55,TheHierarchyofGenerallyAcceptedAccountingPrinciplesforStateandLocalGovernments

Governmentalentities. EffectiveApril2,2009.

Statement54,FundBalanceReportingandGovernmentalFundTypeDefinitions

Governmentalentities. EffectiveforfinancialstatementsforperiodsbeginningafterJune15,2010.Earlyadoptionisencouraged.

Statement53,AccountingandFinancialReportingforDerivativeInstruments

Governmentalentitieswithderivativeinstruments.

EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.

Statement51,AccountingandFinancialReportingforIntangibleAssets

Governmentalentitieswithintangibleassets.

EffectiveforperiodsbeginningafterJune15,2009.Earlyadoptionisencouraged.

15

Statement45,AccountingandFinancialReportingbyEmployersforPostemploymentBenefitsOtherThanPensions

Governmententitieswithpostretirementbenefitsotherthanpensions.

Effectivefor: • Phase1governmentsinperiodsbeginning

afterDecember15,2006. • Phase2governmentsinperiodsbeginning

afterDecember15,2007. • Phase3governmentsinperiodsbeginning

afterDecember15,2008.

GASBTechnicalBulletin2008-1,DeterminingtheAnnualRequiredContributionAdjustmentforPostemploymentBenefits

Governmententitieswithpostretirementbenefits.

EffectiveforfinancialstatementsforperiodsendingafterDecember15,2008,orconcurrentlywiththeinitialadoptionofStatement45,whicheverislater.Earlyapplicationispermitted.

GAOInterimGuidance,ReportingDeficienciesinInternalControlforGAGASFinancialAuditsandAttestationEngagements

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

FASAB Affects Status


Statement33,Pensions,OtherRetirementBenefits,andOtherPostemploymentBenefits:ReportingtheGainsandLossesFromChangesinAssumptionsandSelectingDiscountRatesandValuationDates

U.S.federalgovernmententities. EffectiveforfiscalyearsbeginningafterSeptember30,2009.

TechnicalBulletin2006-1,RecognitionandMeasurementofAsbestos-RelatedCleanupCosts

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

International Standards Affects Status


IFRSforSmallandMedium-sizedEntities Smallandmedium-sizedentitiesthatapplyIFRSs.

EffectiveasofJuly9,2009.

ImprovementstoIFRSs—acollectionofamendmentstoInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. MostimprovementsareeffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.Theamendmentsshouldbeappliedretrospectively.

AmendmentstoIFRIC9andIAS39,EmbeddedDerivatives

EntitiesthatapplyIFRSs. EffectiveforannualperiodsendingonorafterJune30,2009.Theamendmentsshouldbeappliedretrospectively.

Improvements to IFRSs—acollectionofamendmentstotwelveInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010.Earlyapplicationispermitted.

IFRS8,OperatingSegments EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

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

AmendmentstoIFRS2,GroupCash-settledShare-basedPaymentTransactions

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2010;theamendmentsmustbeappliedretrospectively.Earlyapplicationispermitted.

AmendmentstoIFRS2,Share-basedPayment:VestingConditionsandCancellations

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

IFRS1,First-timeAdoptionofInternationalFinancialReportingStandards

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.

AmendmentstoIAS39,FinancialInstruments:MeasurementandRecognition—EligibleHedgedItems

EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJuly1,2009.Earlyapplicationispermitted.

AmendmentstoIAS32,FinancialInstruments:Presentation—ClassificationofRightsIssues

EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterFebruary2,2010.Earlyapplicationispermitted.

AmendmentstoIAS32,FinancialInstruments:Presentation,andIAS1,PresentationofFinancialStatements—PuttableFinancialInstrumentsArisingonLiquidationandObligations

EntitieswithfinancialinstrumentsthatmeetthedefinitionofafinancialliabilitybutrepresenttheresidualinterestinthenetassetsoftheentityandthatapplyIFRSs.

EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

16

IAS27(revised),ConsolidatedandSeparateFinancialStatements

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

AmendmenttoIAS23,BorrowingCosts EntitiesthatapplyIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2009.Earlyapplicationispermitted.

IFRICInterpretation18,TransfersofAssetsFromCustomers

EntitiesthatapplyIFRSs. EffectiveprospectivelyfortransfersofassetsreceivedonorafterJuly1,2009.However,limitedretrospectiveapplicationispermitted.

IFRICInterpretation17,DistributionsofNon-cashAssetstoOwners

EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJuly1,2009.

IFRICInterpretation16,HedgesofaNetInvestmentinaForeignOperation

EntitiesthatapplyIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterOctober1,2008.

IFRICInterpretation15,AgreementsfortheConstructionofRealEstate

EntitiesthatapplyIFRSs. EffectiveretrospectivelyforannualperiodsbeginningonorafterJanuary1,2009.

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

AuditorssubjecttoInternationalStandardsonAuditing.

EffectiveforauditsoffinancialstatementsforperiodsbeginningonorafterDecember15,2009.

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



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.


17

ISA520(Redrafted),AnalyticalProcedures AuditorssubjecttoInternationalStandardsonAuditing.


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.

Projects in Request-for-Comment Stage

ExposureDraft,ImprovementstoIFRSs EntitiesthatapplyIFRSs. CommentsdueNovember24,2009.

ExposureDraft,Proposals for Enhanced Public Accountability

EntitiesthatapplyIFRSs. CommentsdueNovember30,2009.

ExposureDraft,ManagementCommentary EntitiesthatapplyIFRSs. CommentsdueMarch1,2010.

18

Appendix B: Recent Meetings

Recent FASB Meetings

TojumptotheminutesofaFASBmeeting,clickalinkbelow.

October 7, 2009

TheBoarddiscussedthefollowingtopic:

• FinancialStatementPresentation.

October 14, 2009

TheBoarddiscussedthefollowingtopics:

• AccountingforFinancialInstruments.


• DisclosuresAboutCreditQualityandtheAllowanceforCreditLosses.

October 26–28, 2009

TheBoarddiscussedthefollowingtopics:

• RevenueRecognition.

• ReportingDiscontinuedOperations.

• AccountingforFinancialInstruments.

• Consolidation.

• FinancialInstrumentsWithCharacteristicsofEquity.

• OtherComprehensiveIncome.


• FairValueMeasurement.

• InsuranceContracts.

• Leases.

• TechnicalPlan.

• IncomeTaxes.

FASB Project Summaries and Meeting Minutes

Projectsummaries,handoutsdistributedateachmeeting,FASBmeetingminutes,andsummariesofFASBmeetingsandrecentactionsareavailableontheFASB’sWebsite.

Recent EItF Meetings

NoEITFmeetingswereheldinOctober2009.ThenextmeetingisscheduledforNovember19,2009.MaterialsforthatmeetingareavailableontheFASB'sWebsite.

Recent ASB Meetings

October 26–29, 2009

TheASBdiscussedthefollowingtopics:

• InternalControl.

• SupplementaryInformation.

• RiskAssessment.

• AUSection625,Redrafted.

http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FProjectUpdatePage&cid=900000011110







http://www.fasb.org/research_projects.shtml#consolidations






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

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

http://www.fasb.org/board_meeting_minutes/board_meeting_minutes.shtml

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

http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137520

19

• SpecificItems.

• Specialists.

• AnalyticalProcedures.

• ServiceOrganizations.

• AssociationWithFinancialStatements.

• Consistency.

• Auditor’sReportResearch.

• OmittedProcedures.

TheagendaisavailableontheAICPA’sWebsite.

Recent AcSEC Meetings

NoAcSECmeetingswereheldinOctober2009.ThenextmeetingisscheduledforNovember17,2009.

Recent FASAB Meetings

October 21–22, 2009

TheFASABdiscussedthefollowingtopics:

• Measurement.

• DeferredMaintenanceandAssetImpairment.

• SocialInsurance.

• NaturalResources.

• FederalReportingModel.

• FederalEntity.

• AppropriateSourceofGAAP.

• AICPAOmnibus.

TheagendaisavailableontheFASAB’sWebsite.

Recent GASB Meetings

October 6–8, 2009

TheGASBdiscussedthefollowingtopics:

• PensionAccountingandFinancialReporting.

• CodificationofFASBPronouncementsIssuedBeforeNovember30,1989.

• ReexaminationofStatement14(FinancialReportingEntity).

• ConceptualFramework:RecognitionandMeasurementAttributes.

• OPEBImplementationIssues.

• Chapter9Bankruptcies.

• ServiceConcessionArrangements.

October 27, 2009

TheGASBdiscussedthefollowingtopics:

• Chapter9Bankruptcies.

• CodificationofFASBPronouncementsIssuedBeforeNovember30,1989.

TheagendasareavailableontheGASB’sWebsite.

http://www.aicpa.org/download/auditstd/2009102629_Agenda_Materials/2009_10_ASB_Agenda.pdf

http://www.fasab.gov/pdffiles/2009_octagenda.pdf

http://www.gasb.org/calendar/meetings.html

20

Recent IASB Meetings

October 6, 2009

TheIASBdiscussedthefollowingtopics:

• FinancialInstruments—ReplacementofIAS39.

• FinancialInstruments—RecognitionandMeasurement.

• FinancialInstruments:Phase3—HedgeAccounting.

October 15–16, 2009



• FinancialInstruments—ReplacementofIAS39.

• FinancialInstruments:Phase3—HedgeAccounting.

October 19–23, 2009



• FairValueMeasurement.

• Consolidation.


• InsuranceContracts.

• CreditRiskinLiabilityMeasurement.

• Liabilities—AmendmentstoIAS37.

• PostemploymentBenefits.

• OtherComprehensiveIncome.

• Derecognition.

TheagendaisavailableontheIASB’sWebsite.

October 26–28, 2009

ThiswasajointmeetingwiththeIASB.SeeRecentFASBMeetingsabove.

Recent IFRIC Meetings

NoIFRICmeetingswereheldinOctober2009.ThenextmeetingisscheduledforNovember3,2009.

http://www.iasb.org/NR/rdonlyres/9F426096-A1A2-47A9-87A0-C41C22356E7E/0/1009agendapublic.pdf

21

Appendix C: Glossary of StandardsASC985-605,Software:RevenueRecognition

ASC952,Franchisors

ASC840,Leases

ASC820,FairValueMeasurementsandDisclosures

ASC815,DerivativesandHedging

ASC605,RevenueRecognition

ASC605-25,RevenueRecognition:Multiple-ElementArrangements

ASC360-20,RealEstateSales

ASU2009-15,AccountingforOwn-ShareLendingArrangementsinContemplationofConvertibleDebtIssuanceorOtherFinancing

ASU2009-14,CertainRevenueArrangementsThatIncludeSoftwareElements

ASU2009-13,Multiple-DeliverableRevenueArrangements

ProposedASU,ScopeExceptionRelatedtoEmbeddedCreditDerivatives

FASBStatementNo.167,AmendmentstoFASBInterpretationNo.46(R)

FASBStatementNo.66,AccountingforSalesofRealEstate

FASBStatementNo.45,AccountingforFranchiseFeeRevenue

FASBStatementNo.13,AccountingforLeases

ProposedStatement133ImplementationIssueNo.C22,“ScopeExceptions:ExceptionRelatedtoEmbeddedCreditDerivatives”

EITFIssueNo.09-3,“CertainRevenueArrangementsThatIncludeSoftwareElements”

EITFIssueNo.08-1,“RevenueArrangementsWithMultipleDeliverables”

EITFIssueNo.03-5,“ApplicabilityofAICPAStatementofPosition97-2toNon-SoftwareDeliverablesinanArrangementContainingMore-Than-IncidentalSoftware”

EITFIssueNo.00-21,“RevenueArrangementsWithMultipleDeliverables”

AICPAProfessionalStandards,AUSection625,“ReportsontheApplicationofAccountingPrinciples”

AICPAStatementofPosition97-2,SoftwareRevenueRecognition

AICPAStatementofPosition81-1,AccountingforPerformanceofConstruction-TypeandCertainProduction-TypeContracts

ProposedAICPAStatementonAuditingStandards,TermsofEngagementandWrittenRepresentations

ProposedAICPAStatementonAuditingStandards,ForminganOpinionandReportingonFinancialStatements:ModificationstotheOpinionintheIndependentAuditor’sReport;andEmphasisofMatterParagraphsandOtherMatterParagraphsintheIndependentAuditor’sReport

ProposedAICPAStatementonAuditingStandards,ReportingonComplianceWithAspectsofContractualAgreementsorRegulatoryRequirementsinConnectionWithAuditedFinancialStatements(Redrafted)

ProposedAICPAStatementonAuditingStandards,SpecialConsiderations—AuditsofFinancialStatementsPreparedinAccordanceWithSpecialPurposeFrameworks;andSpecialConsiderations—AuditsofSingleFinancialStatementsandSpecificElements,Accounts,orItemsofaFinancialStatement

ProposedAICPAStatementonAuditingStandards,EngagementstoReportonSummaryFinancialStatements

ProposedAICPAStatementonAuditingStandards,ReportingonFinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry

AICPAWorkingDraftofRevisedAuditandAccountingGuide,EntitiesWithOilandGasProducingActivities

SECStaffAccountingBulletinTopic13,“RevenueRecognition”

22

SECStaffAccountingBulletinTopic12,“OilandGasProducingActivities,”

SECStaffAccountingBulletinTopic3,“SeniorSecurities”

SECFinalRuleReleaseNo.33-9077,AdoptionofUpdatedEDGARFilerManual

SECFinalRuleReleaseNo.33-8995,ModernizationofOilandGasReporting

SECReport,StudyoftheSarbanes-OxleyActof2002Section404InternalControlOverFinancialReportingRequirements

SECProposedRuleReleaseNo.33-9073,AmendmentstoRulesRequiringInternetAvailabilityofProxyMaterials

SECProposedRuleReleaseNo.33-9074,ExtensionofFilingAccommodationforStaticPoolInformationinFilingsWithRespecttoAsset-BackedSecurities

PCAOBAuditingStandardNo.5,AnAuditofInternalControlOverFinancialReportingThatIsIntegratedWithanAuditofFinancialStatements

GASBStatementNo.14,TheFinancialReportingEntity

GAOReport,TroubledAssetReliefProgram:OneYearLater,ActionsAreNeededtoAddressRemainingTransparencyandAccountabilityChallenges

IFRS,IFRSforSMEs

IAS39,FinancialInstruments:RecognitionandMeasurement

IAS37,Provisions,ContingentLiabilitiesandContingentAssets

IAS32,FinancialInstruments:Presentation

IASCExposureDraft,IFRSforSMEsTaxonomy

23

Appendix D: Abbreviations AcSEC AccountingStandardsExecutiveCommittee

AICPA AmericanInstituteofCertifiedPublicAccountants

ASB AuditingStandardsBoard

ASC FASBAccountingStandardsCodification

ASU FASBAccountingStandardsUpdate

AU U.S.AuditingStandards

CEO chiefexecutiveofficer

CPE continuingprofessionaleducation

ED exposuredraft

EDGAR ElectronicDataGathering,Analysis,andRetrievalSystem

EST EasternStandardTime

EITF EmergingIssuesTaskForce

EPS earningspershare

FAS FinancialAccountingStandard

FASAB FederalAccountingStandardsAdvisoryBoard

FASB FinancialAccountingStandardsBoard

FIN FASBInterpretation

FSP FASBStaffPosition

GAAP generallyacceptedaccountingprinciples

GAO GovernmentAccountabilityOffice

GASB GovernmentalAccountingStandardsBoard

IAS InternationalAccountingStandard

IASB InternationalAccountingStandardsBoard

IASC InternationalAccountingStandardsCommittee

IFRIC InternationalFinancialReportingInterpretationsCommittee

IFRS InternationalFinancialReportingStandard

ISA InternationalStandardonAuditing

M&A mergersandacquisitions

OPEB otherpostemploymentbenefits

PCAOB PublicCompanyAccountingOversightBoard

SAB StaffAccountingBulletin

SAS StatementonAuditingStandards

SEC SecuritiesandExchangeCommission

SMEs smallandmedium-sizedentities

SOP StatementofPosition

TARP TroubledAssetReliefProgram

XBRL extensiblebusinessreportinglanguage

Asusedinthisdocument,“Deloitte”meansDeloitte&ToucheLLP,asubsidiaryofDeloitteLLP.Pleaseseewww.deloitte.com/us/aboutforadetaileddescriptionofthelegalstructureofDeloitteLLPanditssubsidiaries.

Copyright©2009DeloitteDevelopmentLLC.Allrightsreserved.

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.

Updatedeverybusinessday,TechnicalLibraryhasanintuitivedesignandnavigationsystemthat,togetherwithitspowerfulsearchfeatures,enableuserstoquicklylocateinformationanytime,fromanycomputer.Inaddition,TechnicalLibrarysubscribersreceiveTechnically Speaking,theweeklypublicationthathighlightsrecentadditionstothelibrary.

Formoreinformation,includingsubscriptiondetailsandanonlinedemonstration,visitwww.deloitte.com/us/techlibrary.

ConclusionsoftheFASB,GASB,IASB,andIFRICaresubjecttochangeatfuturemeetingsandgenerallydonotaffectcurrentaccountingrequirementsuntilanofficialposition(e.g.,Statement,Interpretation,StaffPosition,orIFRS)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.

www.deloitte.com/us/about

http://deloitte.12hna.com/preferences/?A11=12&S9=460,a

www.deloitte.com/us/techlibrary

http://www.fasb.org

http://www.fasb.org/eitf/agenda.shtml

http://www.aicpa.org

http://www.sec.gov

http://www.fasab.gov

http://www.gasb.org

http://www.iasb.org

http://www.iasplus.com/index.htm