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Accounting Roundup — November 2010


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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 November 2010.

Topics covered in this issue include the following:

Business Combinations

  • FASB Ratifies Final Consensus on Disclosures of Supplementary Pro Forma Information for Business Combinations (Issue 10-G)

Compensation — Retirement Benefits

  • FASB Delays Effective Date for Proposed ASU on Disclosures About an Employer’s Participation in Multiemployer Plans

Consolidation

  • EITF Deliberates Accounting for Deconsolidation of a Subsidiary That Is In-Substance Real Estate (Issue 10-E)

Fair Value Measurements

  • Valuation Resource Group Discusses Four Topics at November 1 Meeting

Financial Instruments

  • Constituents Share Views on the FASB’s Financial Instruments Project

Health Care Entities

  • FASB Ratifies Final Consensus on Revenue Recognition for Health Care Entities (Issue 09-H)
  • EITF Suspends Discussion of Accounting for Legal Costs Associated With Medical Malpractice and Similar Claims (Issue 10-F)

Income Taxes

  • Foreign Account Tax Compliance Act (FATCA) Added to Internal Revenue Code

Intangibles — Goodwill and Other

  • FASB Ratifies Final Consensus on How the Carrying Amount of a Reporting Unit Should Be Calculated When Performing Step 1 of the Goodwill Impairment Test (Issue 10-A)

Other Expenses

  • FASB Ratifies Final Consensus on Fees Paid to the Federal Government by Pharmaceutical Manufacturers and Consensus-for-Exposure on Annual Fee Assessed on Health Insurers (Issue 10-D)

Transfers and Servicing

  • FASB Issues Proposed ASU on Reconsideration of Effective Control for Repurchase Agreements

Other Accounting

  • FASB and IASB Issue Progress Report on Convergence of Accounting Standards
  • FAF Appoints New Members to FASAC
  • IASB and EFRAG Meet to Review IASB’s Work Plan
  • IFRS Foundation Seeks Input on Its Future Strategy
  • IFRS Foundation Releases Interim IFRS Taxonomy
  • IFRS Foundation Conducts Review of Interpretations Committee
  • FAF Announces Post-Implementation Review Process
  • FAF Appoints New Members to Board of Trustees
  • FAF Names New President and CEO

Other SEC Matters

  • SEC Issues Three Proposed Rules on Security-Based Swaps
  • SEC Issues Order Extending Temporary Conditional Exemptions for NRSROs From Requirements of Exchange Act Rule 17g-5
  • SEC Issues Extension of Temporary Rule Facilitating Operation of Central Counterparties to Clear and Settle Credit Default Swaps
  • SEC Issues President’s Working Group Report on Money Market Fund Reform
  • SEC Issues Final Rule on Risk Management Controls for Brokers or Dealers With Market Access
  • SEC Issues Proposed Rule on Implementing Whistleblower Provisions
  • SEC Issues Proposed Rule on Implementing Amendments to the Investment Advisers Act of 1940
  • SEC Issues Proposed Rule on Exemptions for Advisers

Other Auditing

  • AICPA Issues Technical Practice Aid
  • ASB Issues AT Section 801
  • PCAOB Holds International Auditor Regulation Institute
  • ASB Issues Proposed SAS on Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country
  • ASB Issues SQCS (Redrafted) on a Firm’s System of Quality Control

GASB Matters

  • GASB Issues Exposure Draft on Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position
  • FAF Appoints New Chairman of the GASAC

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 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.

 

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