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Accounting Roundup — January 2009

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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 January 2009.

Topics covered in this issue include the following:

Investment in Debt and Equity Securities

FASB Issues Amendments to OTTI Model for Certain Investments in Securitization

Derivative Instruments and Hedging Activities

FASB Issues Proposed Derivatives Implementation Guidance
SEC Provides Temporary Exemptions for Eligible Credit Default Swaps
IASB Proposes Amendments to Clarify the Accounting for Embedded Derivatives

Debt (Issuer Accounting)

CAQ Issues White Paper on Loan Modifications

Fair Value Measurements

FASB Issues Proposed FSP on Interim Disclosures About Fair Value of Financial Instruments
AICPA Issues Draft Issues Paper on Alternative Investments
SEC Finalizes Study of Mark-to-Market Accounting

Consolidations

IASB Proposes New Consolidation Standard

Income Taxes

FASB Issues FSP on Deferral of Interpretation 48

Pensions and Other Postemployment Benefits

FASB Expands Disclosures About Postretirement Plan Assets

Revenue Transactions — General

FASB and IASB Issue Discussion Paper on Revenue Recognition
IFRIC Issues Interpretation on Customer Contributions

Other Accounting

AICPA Issues Technical Practice Aid on Prospective Unlocking
AICPA Issues Technical Practice Aid on Nonregistered Investment Partnerships
AICPA Issues Technical Practice Aid on Determining Financial Statement Preparer
FASAB Releases Exposure Draft on GAAP Hierarchy for Federal Entities
IASC Foundation Publishes 2009 IFRS XBRL Taxonomy for Public Comment
IASB Reexposes Proposed Standard on Related Parties

Other SEC Matters

SEC Approves Revisions to Modernize Oil and Gas Reporting Requirements
SEC Approves Rules Requiring Registrants to Submit Interactive Data
SEC Issues Rule to Define “Annuity Contract” and “Optional Annuity Contract”
SEC Issues Final Rule on Disclosures and Prospectus Delivery for Certain Mutual Funds
SEC Issues Report on 21st Century Disclosure Initiative
SEC Issues New Compliance and Disclosure Interpretations

Other Auditing

PCAOB Issues Statement on Registration for Auditors of Nonpublic Broker-Dealers
PCAOB Issues Staff Guidance on Auditing ICFR for Smaller Public Companies
AICPA Issues Proposed SASs on Required Supplementary and Other Information
AICPA Issues Proposed SAS on Compliance Audits
AICPA Issues SAS Clarifying Audit Documentation
AICPA Issues Interpretation on Reporting on the Design of Internal Controls

Other Developments

GAO Releases Study of the U.S. Financial Regulatory System

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 January 2009 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: Year in Review — 2008, Third Quarter in Review — 2008, Second Quarter in Review — 2008, and First Quarter in Review — 2008.

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