Accounting Policy and Practice Report Standards Index

FINANCIAL ACCOUNTING STANDARDS BOARD

– Accounting Standards Codification (ASC)

– – ASC 932, Extractive Industries — Oil and Gas, amendments proposed to conform to SEC guidance, 718; proposed amendment issued for comment, 843

– Accounting Standards Updates (ASU)

– – ASU 2009-03, FASB update to various SEC guidance in codification system, 806
– – ASU 2009-04, Redeemable equity instruments, update to ASC 480, 806
– – ASU 2009-05, Measurement of liabilities at fair value, 806
– – ASU 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Non-Public Entities, 831; final guidance issued revising disclosure requirements, 842; effective date clarified, 938
– – ASU 2009-07, Accounting for Various Topics, Technical Corrections to SEC Paragraphs, FASB seeks comments on proposed amendment to accounting and disclosure requirements to align with SEC rule, 843; update issued, 892
– – ASU 2009-08, Earnings Per Share, Amendments to Section 260-10-S99, technical corrections update issued, 892
– – ASU 2009-09, Accounting for Investments—Equity Method and Joint Ventures and Accounting for Equity-Based Payments to Non-Employees, Amendments to Sections 323-10-S99 and 505-50-S99, technical corrections update issued, 892
– – ASU 2009-10, Financial Services—Broker and Dealer Investments—Other, Amendments to Subtopic 940-325, technical corrections update issued, 892
– – ASU 2009-11, Extractive Industries—Oil and Gas, Amendment to Section 932-10-S99, technical corrections update issued, 892
– – ASU 2009-12, Fair Value Measurements and Disclosures (Topic 820), Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), guidance issued, 891
– – ASU 2009-13, Revenue Recognition (Topic 605), Multiple-Deliverable Revenue Arrangements (EITF Issue 08-1), final guidance issued, 933
– – ASU 2009-14, Software (Topic 985), Certain Revenue Arrangements That Include Software Elements (EITF Issue 09-3), final guidance issued, 933
– – ASU 2009-15, Accounting for Own-Share Lending Arrangements Entered into in Contemplation of Convertible Debt Issuance or Other Financing (EITF Issue 09-1), final guidance issued, 934

– FASB Staff Positions (FSP)

– – FSP APB 14-1, Convertible Debt Instruments that may be Settled Upon Conversion (Including Partial Cash Settlements), SEC staff views offered by CAQ, 523
– – FSP EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, SEC staff views offered by CAQ, 523
– – FSP EITF 99-20-1, Amendments to Impairment and Interest Income Measurement Guidance of EITF Issue No. 99-20, final staff guidance on impairment of debt securities cleared by FASB, 22; FASB releases, 81; summary, 256
– – FSP FAS 107-1 and APB 28-1 (ASC 825), Interim Disclosures about Fair Value of Financial Instruments, approved by FASB, 345; further discussion, 349; speedy process defended by FASB chair, 450
– – FSP FAS 107-a, Disclosures about Certain Financial Assets, proposed staff guidance to expand fair value disclosure, 24; Linsmeier comments on, 25; meeting to discuss criticism and other comments held, 83
– – FSP FAS 107-b and APB 28-a, Interim Disclosures about Fair Value of Financial Instruments, proposed staff guidance, 119; summary, 256; guidance cleared by FASB, effective for 2nd quarter, 298; investor advocates, security analysts criticize proposals, 299; IASB requests views on FASB documents, 315
– – FSP FAS 115-2, FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments, final guidance issued, 345; further discussion, 349; PCAOB practice alert issued, 405; speedy process defended by FASB chair, 450; FHFA report to Congress, 474; summary, 564
– – FSP FAS 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation of Other-Than-Temporary Impairments, draft guidance issued, 255; IASB to seek input from interested parties, 264; guidance cleared by FASB, effective for 2nd quarter, 298; investor advocates, security analysts criticize proposals, 299; IASB requests views on FASB documents, 315
– – FSP FAS 132(R)-1, Employers' Disclosures About Pensions and Other Postretirement Benefits, increased transparency required, final guidance issued, 29
– – FSP FAS 140-4 and FIN 46(R)-8, Disclosures by Public Entities (Enterprises) About Transfers of Financial Assets and Interests in Variable Interest Entities, final guidance requires robust disclosures of asset transfers and VIEs, 26; staff ordered to begin final drafting, 494
– – FSP FAS 141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in Business Combination That Arise From Contingencies, comments sought on proposed guidance, 30; FASB-sponsored investors' group says guidance flawed, 88; FASB steps back from fair value in FSP on acquired contingency accounting, 207; FASB publishes final staff guidance, 300
– – FSP FAS 157-3, Determining Fair Value of Financial Asset When Market for That Asset Is Not Active, practitioners not comfortable with approach, 167; analysis, 197; revised proposal on gauging liabilities to be offered, 207; clarification of fair value in troubled markets, 256; summary, 563
– – FSP FAS 157-4, Determining Fair Value When Volume and Level of Activity for Asset or Liability Have Significantly Decreased and Identifying Transactions That Not Orderly, final guidance issued, 345; further discussion, 349; PCAOB practice alert issued, 405; speedy process defended by FASB chair, 450; FHFA report to Congress, 474; summary, 563; Congressional Oversight Panel finds continued uncertainty from changed methodology, 777
– – FSP FAS 157-e, Determining Whether Market Not Active and Transaction not Distressed, draft guidance issued, 255; IASB to seek input from interested parties, 264; guidance cleared by FASB, effective for 2nd quarter, 298; investor advocates, security analysts criticize proposals, 299
– – FSP FAS 157-f, Measuring Liabilities Under FASB Statement No. 157, staff guidance proposal issued, 438; summary, 563; codification update issued, 806
– – FSP FAS 157-g, Estimating Fair Value of Investments in Investment Companies That Have Calculated Net Asset Value per Share in Accordance with AICPA Audit and Accounting Guide, Investment Companies, proposed guidance issued, 527; final guidance expected soon, 717
– – FSP FIN 48-2, Effective Date of FASB Interpretation No. 48 for Nonpublic Enterprises, final guidance issued, 28

– FASB Technical Bulletins

– – 01-01, Effective Date for Certain Financial Institutions of Certain Provisions of Statement 140 Related to Isolation of Transferred Financial Assets, guidance rescinded, 82; proposed changes proceed, 810

– Financial Accounting Concepts (CON)

– – CON 7, Using Cash Flow Information and Present Value in Accounting Measurements, definition used in tentative insurance guidance, 353

– Financial Accounting Standards (FAS)

– – FAS 5, Accounting for Contingencies (ASC 450), loan loss allowance disclosures, discussion begin on revising, 261; FASB considers delaying effective date, 771
– – FAS 69, Disclosures about Oil and Gas Producing Activities, amendment project added to agenda, 166
– – FAS 95, Statement of Cash Flows, technical amendments to be proposed, 82
– – FAS 107, Disclosure about Fair Value of Financial Instruments (ASC 825), tentative scope decisions made, 768
– – FAS 109, Accounting for Income Taxes (ASC 740), IAS 12 comparison, overview, SplRpt (6/26/09)
– – FAS 114, Accounting by Creditors for Impairment of Loan

– – – CAQ white paper addressing restructured loans issued, 40
– – – Loan loss allowance disclosures, discussion begin on revising, 261

– – FAS 115, Accounting for Certain Investments in Debt and Equity Securities (ASC 320)

– – – Chamber of Commerce recommends changes, 177
– – – EITF Issue 99-20 made consistent with, 22
– – – Other-than-temporary impairments discussed, 256

– – FAS 123(R), Share-Based Payment, reconciliation with IFRS 2 discussed, 181
– – FAS 130, Reporting Comprehensive Income, classification system in FASB/IASB financial statement presentation discussion paper, objections by constituents discussed, 388 et seq.
– – FAS 133, Accounting for Derivative Instruments and Hedging Activities (ASC 815)

– – – Scope exception to Para. 14B clarifies application only to embedded credit derivatives, 25; clarification of bifurcation guidance proposed, 82; effective date deferred, 208; narrower exception to be proposed by FASB, 530; revised proposal tightening embedded credit derivative exception issued by FASB, 934
– – – Technical amendments to be proposed, 82; clarification of Step 3 added, 810

– – FAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities

– – – Amendments expected soon, 10
– – – Credit crisis impact, Herz discusses, 5
– – – Current rulemaking course to continue, revised standard expected in late winter, 27
– – – FHFA report to Congress, 474
– – – Final rules expected by June, progress detailed, 350
– – – Joint work plan with IASB in progress, 307
– – – Off-balance sheet activities, FASB closer to final drafting of amended rules, progress detailed, 483; bank regulators collaborating with FASB on guidance, 494
– – – Qualified special-purpose entity designation eliminated in proposed changes, 121; sale accounting criteria tightened, staff recommendation endorsed, 208; shared power, kick-out right provisions in consolidations fine-tuned, 260
– – – Replacement standard, FAS 166 to be issued soon, 532
– – – U.S. Chamber of Commerce urges delaying effective date of amendments, says changes may exacerbate problems, 545

– – FAS 141(R), Business Combinations (ASC 805)

– – – Accounting and reporting rules significantly changed, analysis, 705 et seq.
– – – BNA adds new portfolio, 457
– – – Consolidations of VIEs, criteria changed, 121
– – – Fair value application impact in 2009 discussed, 76
– – – Real estate business modifications to be proposed, 576
– – – SEC adopted technical corrections to rules and forms to align with FASB standards, 396; SAB 112 issued updated SEC guidance to align with, 523
– – – Technical amendments to be proposed, 82

– – FAS 142, Goodwill and Other Intangible Assets, technical amendments to be proposed, 82; amendments expected soon, 211; amendments issued, 481
– – FAS 144 (ASC 360), Accounting for Impairment or Disposal of Long-Lived Assets, “held for sale” classification likely to be used for fair value of alternative investments, 717
– – FAS 155, Accounting for Certain Hybrid Financial Instruments, examples revised in proposed Implementation Issue C22, 82
– – FAS 157, Fair Value Measurements (ASC 820)

– – – Additional measurement and disclosure guidance added, 166; summary, 256
– – – College and university endowment funds, comptrollers struggle to gauge fair value under, 83
– – – Credit crisis impact, Herz discusses, 5
– – – Distressed assets, further guidance on determining fair value recommended by FASB Valuation Resource Group, 167
– – – Draft guidance issued, 255; IASB to seek input from interested parties, 264
– – – Enhanced disclosures, FASB plans 3rd quarter release, 396; exposure draft released, included sensitivity analysis, comments sought, 804; FASB valuation group warns of issues with sensitivity analysis, 897
– – – FASB and IASB to seek elimination of differences, 971
– – – House bill to suspend mark-to-market accounting introduced, 362
– – – Impact of, analysis, 563 et seq.
– – – Joint guidance clarifications issued by FASB and SEC on urgent questions in troubled market, 256
– – – Release delayed to allow informal trials of proposed beefed up disclosures, 483
– – – Retirement plan assets, fair valuation issues outlined in SPARK Inst. report, 777
– – – SEC study issued backing fair value reporting, 10; further details of study, 17; summary, 256
– – – Sensitivity analysis to be included in FASB draft disclosure guidance, 716
– – – Suggestions and concerns continue to roll in for more guidance, 199

– – FAS 158, Employers' Accounting for Defined Benefit Pensions and Other Postretirement Plans, technology firm requests reconsideration of method if determining discount rate, 312
– – FAS 159, Fair Value Option for Financial Assets and Financial Liabilities (ASC 825), tentative scope decisions made, 768
– – FAS 160, Noncontrolling Interests in Consolidated Financial Statements (ASC 810)

– – – Decreases in ownership of business or nonprofit activity, inconsistencies clarified in FASB proposal, 806
– – – Partial sale and deconsolidation provisions to be clarified, 398; exposure draft modifying scope for real estate businesses to be proposed, 576
– – – SEC adopts technical corrections to rules and forms to align with FASB standards, 396; SAB 112 issued updated SEC guidance to align with, 523
– – – SEC staff views offered by CAQ, 523
– – – Technical amendments to be proposed, 82; EITF project on application of to be broadened, 166
– – – Variable interest entity consolidations, SEC watching for firms skirting rules, 623

– – FAS 162, Hierarchy of Generally Accepted Accounting Principles, amendment exposure draft to be issued soon, 213; exposure draft issued, 301; codification to be launched July 1, 526
– – FAS 164, Not-for-Profit Entities: Mergers and Acquisitions, new accounting standard issued, 481; nonprofits need to pay attention to new standard, FASB panel says, 897
– – FAS 165, Subsequent Events, new standard issued, 526
– – FAS 166, Accounting for Transfer of Financial Assets (ASC 860), new standard to be issued soon on off-balance sheet activities, 532; standard issued, 573; new standard likely to balloon balance sheets, Credit Suisse analysis shows, 594; webcast scheduled to discuss amendments, 773; webcast discusses specifics as determining if securitizations recorded as borrowing, 810; FASB asks for comments on asset-consolidation rules, 811; implementation guidance needed, analysts say, 967
– – FAS 167, Amendments to FIN 46(R) (ASC 810), new standard to be issued soon on off-balance sheet activities, 532; standard issued, 573; new standard likely to balloon balance sheets, Credit Suisse analysis shows, 594; SEC actively watching for firms skirting off-balance sheet rules, 623; webcast scheduled to discuss amendments, 773; webcast discusses specifics as determining if securitizations recorded as borrowing, 810; FASB asks for comments on asset-consolidation rules, 810; SEC expresses continued concern about adoption of, 840; implementation guidance needed, analysts say, 967
– – FAS 168, FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles (ASC 105-10), standard issued, 617

– Interpretations (FIN)

– – FIN 14, Reasonable Estimation of Amount of Loss, technical amendments to be proposed, 82
– – FIN 46(R), Consolidation of Variable Interest Entities, current rulemaking course to continue, revised standard expected in late winter, 27; shared power, kick-out right provisions in consolidations fine-tuned, 260; joint work plan with IASB in progress, 307; FHFA report to Congress, 474; replacement standard, FAS 167 to be issued soon, 532; U.S. Chamber of Commerce urges delaying effective date, says changes may exacerbate problems, 545
– – FIN 48, Accounting for Uncertainty in Income Taxes (ASC 740-10)

– – – Nonpublic entities, deferral date extended, 28; guidance expected by June, 352; proposed guidance issued, 482; guidance for passthroughs and not-for-profits, staff to move ahead on drafting final ballot, 621; final guidance for private, passthroughs and not-for-profits issued, entities still not ready, 831; analysis of private company adoption, multistate tax position issues, 880 et seq.; effective date clarified, 938
– – – PCFRC and FASB discuss, 90
– – – Tax reserve rules not being met by one third of large firms, Seigel report shows, 46
– – – Technical amendments to be proposed, 82