The attached issue of Accounting Roundup presents brief descriptions of pronouncements and other regulatory and professional developments in accounting and financial reporting that occurred during May 2007. Topics covered in this issue include the following:

FASB Developments

· FASB Clarifies Settlement of a Tax Position in an Interpretation 48 FSP

· Interpretation 46(R) FSP Issued for Investment Companies

· Hedge Accounting Project Added to Agenda

AICPA Developments

· Employee Benefit Plan Technical Practice Aids Issued

· Framework for AICPA Code of Professional Conduct Exposure Draft

· Proposed Revisions to Peer Review Standards

· Discussion Paper on Improving Clarity of ASB Standards

SEC Developments

· Management Guidance Provided on Sarbanes-Oxley Section 404

· Rule Changes Proposed on Capital Raising and Disclosure Requirements for Smaller Companies

· Extension of Comment Period for Proposed Broker-Dealer Rules

· SEC Provides Research Guides for Securities Laws and Public Companies

· Auditor Independence Brochure Made Available

· SEC Staff Warns Securities Industry Firms of Imposters

PCAOB Developments

· Auditing Standard Approved

· PCAOB Holds International Auditor Regulatory Institute

GASB Developments

· Statement on Pension Disclosures Issued

FASAB Developments

· Exposure Draft on Accounting for Federal Oil and Gas Resources

International Developments

· IASB Preliminary Views on Accounting for Insurance Contracts

· U.S. and European Union Agree to Work to Eliminate Financial Reporting Reconciliation

Other Developments

· OMB Issues 2007 A-133 Compliance Supplement

· Treasury Department Announces Initiatives to Improve Financial Reporting and Auditing Profession

Accounting Roundup, published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP, summarizes recent accounting and financial reporting developments and provides Internet links to related content. This newsletter is published periodically as developments warrant, and is intended for a general audience of financial professionals, including CFOs, controllers, and internal audit and accounting professionals.

Questions, comments, or suggestions concerning Accounting Roundup should be directed to the Accounting Standards and Communications Group mailbox. We welcome and encourage your feedback.