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Accounting Roundup — July 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 July 2010.

Topics covered in this issue include the following:

Contingencies

  • FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies

Foreign Currency Matters

  • Foreign Currency Exchange Accounting Implications of Recent Government Actions in Venezuela
  • EITF Deliberates the Accounting for Multiple Foreign Currency Exchange Rates (Issue 10-B)

Intangibles — Goodwill and Other

  • EITF Deliberates How the Carrying Amount of a Reporting Unit Should Be Calculated When Performing Step 1 of the Goodwill Impairment Test (Issue 10-A)

Plan Accounting — Defined Benefit Pension Plans

  • FASB Ratifies Consensus-for-Exposure on Accounting for Participant Loans in Employee Benefit Plan Financial Statements (Issue 10-C)

Presentation of Financial Statements

  • FASB and IASB Propose Sweeping Changes to Financial Statement Presentation

Receivables

  • FASB Enhances Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses

Industry Accounting

  • EITF Reaches Final Consensus on Accounting for Costs Associated With Acquiring or Renewing Insurance Contracts (Issue 09-G)
  • EITF Deliberates Revenue Recognition for Health Care Entities (Issue 09-H)
  • EITF Reaches Final Consensus on Presentation of Insurance Claims and Related Insurance Recoveries for Health Care Entities (Issue 09-K)
  • EITF Reaches Final Consensus on Measuring Charity Care for Disclosure for Health Care Entities (Issue 09-L)
  • EITF Reaches Consensus-for-Exposure on Accounting for Certain Fees Associated With Recently Enacted Health Care Legislation (Issue 10-D)

Other Accounting

  • FASB Issues “Pre-Release” of 2011 U.S. GAAP Reporting Taxonomy for Public View
  • AICPA Issues Various Technical Practice Aids
  • Dodd-Frank Wall Street Reform and Consumer Protection Act Signed Into Law

Other SEC Matters

  • SEC Issues Proposed Rule on Mutual Fund Distribution Fees
  • SEC Issues C&DIs on Use of Credit Ratings
  • SEC Updates Financial Reporting Manual
  • SEC Publishes Concept Release on the U.S. Proxy System
  • CAQ Releases Highlights of SEC Regulations Committee’s April 6 Meeting

Other Auditing

  • ASB Issues Interpretation 8 of AT Section 101
  • ASB Issues Proposed SAS to Revise Applicability of SAS 116
  • ASB Issues Proposed SAS on Letters for Underwriters and Certain Other Requesting Parties
  • ASB Issues Proposed SAS on Interim Financial Information
  • ASB Issues Proposed SSARS on the Applicability of SSARSs
  • PCAOB Issues Proposed Standard on Audit Confirmations
  • PCAOB Issues Staff Practice Alert on Using the Work of Other Auditors and Engaging Assistants From Outside the Firm

GASB Matters

  • GASB Issues Guidelines for Reporting of SEA Performance Information

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 July 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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