The attached issue of Heads Up summarizes the April 17, 2007, meeting of the SEC Regulations Committee and the SEC staff, and features a discussion of the SEC staff's views on the FASB Interpretation No. 48 issues that affect interim reports.

Heads Up, published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP, provides in-depth summaries of recent accounting and financial reporting developments. 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 Heads Up should be directed to the Accounting Standards and Communications Group mailbox. We welcome and encourage your feedback.

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