Accounting Roundup — Second Quarter in Review — 2008
We’re pleased to announce the latest edition of Accounting Roundup . It has been a busy quarter for standard setters and regulators, particularly the Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC).
One project receiving particular attention involves Statement 140 and Interpretation 46(R). If Board decisions to date are adopted, enterprises involved with qualifying special-purpose entities will no longer be exempt from applying Interpretation 46(R) and enterprises involved with variable interest entities (even those that are not structured finance vehicles) will need to rethink their previous consolidation conclusions. Although the FASB has not yet issued Exposure Drafts related to this project, this quarter’s Accounting Roundup includes an article with the latest on this important development as well as a link to Deloitte’s related Heads Up.
Other items of note include:
- A final FASB Staff Position (FSP) concluding that certain unvested share-based payment awards are participating securities that require application of the two-class method for earnings-per-share calculations.
- A final FSP affecting financial statement presentation of convertible securities that may be settled in cash.
- A proposed FASB Statement that would enhance disclosures about loss contingencies.
Find the complete Second Quarter in Review — 2008 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: First Quarter in Review — 2008, Year in Review — 2007, and Third Quarter in Review — 2007.