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Accounting Roundup — April 2010


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 April 2010.

Topics covered in this issue include the following:

Cash Flows

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


  • CAQ Publishes Alert on ICFR Requirements for Entities Newly Consolidated Under Statement 167 (Codified in ASC 810)
  • CAQ Publishes Alert on Statement 167 (Codified in ASC 810) Practice Issues

Distinguishing Liabilities From Equity

  • An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity

Fair Value Measurements and Disclosures

  • Valuation Resource Group Discusses Four Topics at April 12 Meeting
  • Financial Reporting Considerations Related to Implementation of Fair Value Measurement Disclosures Required by ASU 2010-06

Income Taxes

  • SEC Staff Announcement on Accounting for the Different Enactment Dates of the Health Care Reform Bill and Reconciliation Measure
  • Significant Changes to Statute of Limitations Under the HIRE Act


  • FASB Issues ASU on the Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset

Retirement Benefits

  • IASB Issues Exposure Draft on Improvements to Defined Benefit Accounting
  • Health Care Legislation — Impact on Employee Benefits Accounting

Revenue Recognition

  • FASB Issues ASU on Milestone Method of Revenue Recognition

Stock Compensation

  • FASB Issues ASU on the Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades

Transfers and Servicing

  • FASB Chairman Sends Letter to House Financial Services Committee Explaining Accounting Guidance Relevant to Lehman Accounting Practices

Industry Accounting

  • FASB Issues ASU on Accruals for Casino Base Jackpot Liabilities
  • FASB Issues ASU on How Investments Held Through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments
  • FASB Issues ASU to Amend SEC Content Within Oil and Gas Guidance
  • FASB Issues Exposure Draft on Measuring Charity Care for Disclosure
  • FASB Issues Exposure Draft on Presentation of Insurance Claims and Related Insurance Recoveries
  • IASB Publishes Discussion Paper on Extractive Activities

Other Accounting

  • A Summary of the Financial Reporting and Disclosure Implications of the Health Care Reform Legislation
  • FAF/FASB and XBRL US Labs Announce Research Initiative
  • FAF Names Louis Matherne as FASB Chief of Taxonomy Development

Other SEC Matters

  • SEC Issues Proposed Rule on Large Trader Reporting System GASB Developments
  • SEC Issues Proposed Rule on Access to Listed Options Exchanges
  • SEC Issues Proposed Rule on Asset-Backed Securities
  • SEC Publishes Final Rule on Adoption of Updated Edgar Filer Manual
  • SEC Regulations Committee Releases Highlights of September 2009 Meeting

Other Auditing

  • A Summary of the April 7–8 Meeting of the PCAOB’s Standing Advisory Group
  • PCAOB Issues Staff Audit Practice Alert on Significant Unusual Transactions
  • PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees
  • AICPA Issues Standard for Reporting on Controls at a Service Organization

FASAB Matters

  • FASAB Issues Standard on Financial Reporting for Social Insurance Programs
  • FASAB Issues Standard on Accounting for Federal Oil and Gas Resources

Other International

  • IASC Foundation Releases IFRS Taxonomy 2010
  • Paul Pacter Appointed to the IASB
  • IASB and FASB Issue Quarterly Progress Report on Commitment to the Memorandum of Understanding

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 April 2010 issue of Accounting Roundup in the PDF attachment. Or visit our Accounting Roundup Archive, where you can access past issues and other special editions, including:  Year in Review — 2009, Third Quarter in Review — 2009, Second Quarter in Review — 2009, and First Quarter in Review — 2009.


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