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 November 2007. Topics covered in this issue include the following: FASB Developments FASB Revises Business Combination and Noncontrolling Interests Accounting FASB, FAF, and AICPA Support Transition of U.S. Public Companies to Accounting Standards Set by One Global Standard Setter FASB Proposes to Delay Effective Date of Interpretation 48, Uncertain Tax Positions, for Private Entities FASB Proposes to Partially Defer Fair Value Statement 157, Considers Implementation Issues FASB Proposes FSP to Exclude Leases From Scope of Fair Value Statement 157 and Revises Lease Accounting’s Fair Value Definition FASB Proposes FSP for Indefinite Deferral of SOP 07-1 Affecting Investment Company Accounting FASB Proposes FSP Amending the Factors Considered in Determining an Intangible Asset’s Useful Life FASB Issues Proposal to Simplify and Improve Reporting for Financial Instruments With Characteristics of Equity
EITF Developments EITF Issue No. 07-1, “Accounting for Collaborative Arrangements” EITF Issue No. 07-4, “Application of the Two-Class Method Under FASB Statement No. 128, Earnings per Share, to Master Limited Partnerships” EITF Issue No. 07-5, “Determining Whether and Instrument (or an Embedded Feature) Is Indexed to an Entity’s Own Stock” EITF Issue No. 07-6, “Accounting for the Sale of Real Estate Subject to the Requirements of FASB Statement No. 66, Accounting for Sales of Real Estate, When the Agreement Includes a Buy-Sell Clause” EITF Discusses FASB’s Approach for Updating Issue No. 98-5, “Accounting for Convertible Securities With Beneficial Conversion Features or Contingently Adjustable Conversion Ratios”
SEC Developments SEC Removes Reconciliation Requirement, Approves Rules for Smaller Public Companies SEC Issues SAB Providing Views About Written Loan Commitments Accounted for at Fair Value SEC Proposes Mandatory Electronic Submission of Certain Investment Company Applications and Filings SEC Approves Amendments to PCAOB Rules Governing Inspection Frequency SEC Seeks Feedback Regarding Web-Based Tools Used to Access Public-Company Disclosures About Business Activities in or With Countries Identified as State Sponsors of Terrorism SEC Appoints Wayne Carnall as Chief Accountant of the Division of Corporation Finance
GASB Developments GASB Issues Statement No. 52, Land and Other Real Estate Held as Investments by Endowments
International Developments IASC Announces Governance Proposals to Enhance Its Public Accountability
Links to additional information are provided for most topics. Accounting Roundup, published by Deloitte & Touche LLP, briefly describes recent U.S. regulatory and professional developments in the field of accounting. In each issue, visitors find summaries with hyperlinks to more detailed information. Accounting Roundup acts as a resource guide for accounting, financial, investment, legal, tax, and other business professionals. Find the complete November 2007 issue of Accounting Roundup in the PDF attachment below. Or visit our Accounting Roundup Archive, where you can access past issues and other special editions, including: Third Quarter in Review — 2007, Second Quarter in Review — 2007, and First Quarter in Review — 2007. |
