Printable version (PDF) 

FAIR VALUE

– Alternative investments

See ALTERNATIVE INVESTMENTS

– Available-for sale model, constituent concerns discussed, 478
– Banking groups criticize fair value as defined by FASB, other-than-temporary impairment accounting also criticized, 503
– BNA adds new portfolios to series, 457
– College and university endowment funds, comptrollers struggle to gauge fair value under FAS 157, 87
– Conceptual framework

See CONCEPTUAL FRAMEWORK

– Controversy over role in financial crisis will continue to color major accounting issues for 2009, 73 et seq.
– Credit crisis and fair value, focus of SEC comment letters to companies in 2008, Deloitte reports in update to 2008 report, 138
– Debt-to-equity swaps, IFRIC seeks comments on proposal to clarify application of IAS 32 and IAS 39 to restructurings, 722
– Derivatives standard, IAS 39, will not be changed as part of fair value measurement project, 216
– Disclosure

– – Bankers state concerns with IASB/FASB accounting approach to financial instruments, suggest alternative model, 733
– – 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; AICPA technical group urges deferral for private companies, 950
– – Financial instruments

– – – CFA Inst. praises FASB approach, 998
– – – FASB proposes staff guidance to expand fair value disclosure, 24; FASB meeting to discuss criticism of proposed compromise fair value FSP to improve footnote disclosures held, 83; draft proposal revamped, calls for interim disclosures, 119; FASB to provide additional guidance, ABA wants more, 166; FASB continues to get suggestions for more guidance, 199; correction, 254; draft guidance issued, 255; revised staff guidance approved by FASB, effective 2nd quarter, 298; investor advocates, security analysts criticize proposals, 299; final guidance issued, reaction mixed, 345 et seq.; FASB urges consideration in context of larger ongoing joint project with IASB, 349; Bachus (R-Ala) asks for another fair value hearing, Kanjorski (D-Pa) plans further review, 438; FASB chair defends rushed guidance, 450; release delayed to allow informal trials of proposed beefed up disclosures, 485; new approach by FASB combines more fair value with cost-based measures, 663; sensitivity analysis to be included in FASB draft guidance, 716; FASB makes tentative scope decisions, 768; due process concerns raised by ABA, FASB chief answers complaints, 770; FASB opts to consider banks' core deposits, moving further away from convergence, 894; FASB valuation group warns of issues with sensitivity analysis, 897; day-one, measurement model advances, FASB discusses progress, 935; FASB chair stresses statutory duties, improved standards as major point of convergence, 947; FASB and IASB to seek elimination of differences, 971; FASB chooses credit impairment model for financial instrument project, 977
– – – IASB announces intention to seek views on FASB proposals, 264; IASB requests views on FASB documents, 315; IASB comparison showing differences issued for comment, 722; IASB chair defends pending guidance to European Parliament, 902; IASB proposes reporting amortized cost holdings on face of balance sheet, 939; prominent display of level-three fair values rejected, 984; single source for measurement, IASB constituents register support for, 984
– – – Other-than-temporary impairments, fair value, IASB refuses to amend IFRS to match FASB changes, 393; other-than-temporary impairments, summary of guidance, 564; EU official says FASB move on OTTI has irritated Europe, 593
– – – Standard setters to address differences at joint FASB/IASB meeting, still trying for converged approach, 909

– – Interim disclosure rules to be shored up under IASB quick-fix annual amendment process, 493
– – Targeted first quarter filings, no firm fully followed SEC advice, 21

– Distressed assets, further guidance on determining fair value recommended by FASB Valuation Resource Group, 167
– EC-IASB relations uneasy as EU considers response to IASB rejection of demands for changes in fair value accounting, 92
– Elimination of fair value accounting would not help companies, Schapiro says, 666
– Emissions trading

– – FASB discussions stall on emissions trading measurement issues, 351
– – IASB agrees to fair value offsets, stymied on subsequent accounting models, 317

– EU finance ministers want IASB to adopt recent FASB mark-to-market rule changes, 360; showdown expected over use of IFRS, 477
– Financial instruments

– – Administration proposed financial system overhaul detailed in white paper, 570 et seq.; convergence goals discussed, 634
– – Basel Comm. issues new guidelines, 361; improvements offered, 812
– – FASB disclosure project

See Disclosure, this heading

– – IASB edges closer to publishing measurement proposal, exit price definition and disclosure proposals discussed, 124; IASB to push ahead with publication of draft standard, 316; IASB exposure draft expected soon, 393; IASB seeks comments on exposure draft, 488; summary, 564; IASB proposal discussed on webcasts, 628; classification and measurement revision proposals, comments sought, 668; impact of plan hinges on equity holdings, relationship to FASB and EU questioned during webcast, 669; IASB chair warns of second round of changes, 673; IASB member blames European bankers for current measurement upheaval, 834; Fed governor questions FASB and IASB paths, raises concerns about relevance and reliability, 836; IASB/FASB differences, further discussion, 838; IASCF submits progress report for G-20 meeting, 839; IASB announces roundtables, 851; IASB chair defends pending guidance to European Parliament, 902; IASB members question viability of financial instrument proposals, especially meaning of “basic loan features,” 903; customized transition approach to new impairment model for amortized costs sought by IASB, 904; impairment discussion suggests second area of divergence between IASB and FASB, 905; limited scope exception for unquoted equity holdings and derivatives to be worked on, 906; IASB votes to simplify hedge accounting, raises fresh U.S. convergence questions, 907; convergence with FASB increasing unlikely, 938; IASB director admits decisions on own-credit risk likely to increase complexity, 942; FASB and IASB to seek elimination of differences, 971; IASB clears staff to begin drafting second exposure draft on impairments, 980; IASB members dissent on draft standard, 980
– – Key issue for IASB in 2009, 15
– – Liabilities, FASB issues proposed staff guidance on fair value measures, 438; final guidance release expected in Aug., 620; codification update on liability measurement issued, 806
– – Mixed-attribute measurement model, IASB members express need to develop, fair value move should be postponed, 265
– – Short-term projects launched by FASB, Linsmeier comments on, 25

– Foreign currency rights, IFRIC asks IASB to act on fair value issues, debt-equity swaps, 670; draft amendments to IAS 32 issued by IASB, 721; staff cleared to move on issuance of rights issue amendment, 908; IASB issues amendment, 940
– Geithner backs fair value accounting, warns against inaccurate valuation, calls for regulatory reform at Senate hearings, 116
– Goldman's Blankfein's analysis of mistakes made contributing to crisis, more firms should have observed fair value accounting earlier, 369
– Group of Thirty calls for reevaluation to make principles more flexible, 97
– IASB's Standards Advisory Council, poll of members shows little support for full fair value plan, 219
– Impairments

See IMPAIRMENTS

– Inactive markets, FASB interpretation addresses challenges, analysis, 197; revised proposal on gauging liabilities to be offered, 207
– Lease accounting

See LEASES

– Legislative action

See LEGISLATION, FEDERAL, HR 607, HR 1909

– “Own-credit risk” discussion paper issued for comment by IASB, 580; webcast participants express concern over “own-credit risk,” 628; IASB agrees to transition options for classifying financial instruments, 979
– PCAOB urged by banking and business groups to not be too strict of fair value accounting in audits during current crisis, 271
– Practice alert issued by PCAOB staff in wake of FASB fair value and other-than-temporary impairment guidance, 405; summary, 564; advisers urge PCAOB to separate fraud risk from problematic fair value measurements, 990
– Recent events impact on, analysis, 563 et seq.
– Remeasurement of contingent consideration at fair value considered, consensus not reached, 579; proposal dropped from agenda, 846; milestone method of revenue recognition proposal snagged, 846
– Retirement plan assets, fair valuation issues outlined in SPARK Inst. report, 770
– Schapiro says SEC must reconsider fair value standard, 114
– Stock options

See SHARE-BASED COMPENSATION

– Summary of recent FASB and SEC guidance, 256
– 3-level hierarchy introduced in newly released updated IFRS 7, more in line with IAS 157, 214
– Trade groups urge Geithner not to tamper with fair value accounting in rescue plan, 177
– Trading inventory, FASB drops project on accounting for, 82
– Treasury's Public-Private Investment Program (PPIP)

See ECONOMIC STIMULUS

– Venture capital consolidations, fair value guidance requests turned down by IFRIC, 442

FANNIE MAE

– Accounting challenges continue, FHFA report to Congress shows, 474
– Deferred tax assets stemming from losses on debt securities, FASB to work on guidance sought by Fannie Mae and Freddie Mac, 205; guidance to be wrapped into financial instruments project, 938

FAS 109

See ACCOUNTING FOR INCOME TAXES
– Uncertain tax positions

See UNCERTAIN TAX POSITIONS, FIN 48

FEDERAL BUREAU OF INVESTIGATION (FBI)

– Focus on TARP and ARRA as possible “next wave” of financial crimes, 548

FEDERAL HOUSING FINANCE AGENCY (FHFA)

– Accounting challenges continue to dog Freddie Mac and Fannie Mae, FHFA report to Congress shows, 474

FEDERAL RESERVE BOARD

– Financial system reform

– – Critical flaws in regulatory system warrant significant reform, GAO declares, 98
– – Republican plan would put new limits on Fed, 731
– – Systemic risk should be immediate focus, Dodd (D-Conn) and Volcker say, 119

FEES

– PCAOB fees

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

– Russian tax agency, PwC appeal upheld by Presidium of Russian Supreme Arbitration Court in dispute over deduction of consultancy fees, 137
– SEC fee rates for FY 2010, advisory issued, 436
– SOX §404 costs

See generally INTERNAL CONTROLS

FIDUCIARY DUTY

– Auditor liability, suit alleging breach by ex-AIG chief and inner circle of directors may proceed, suit against PricewaterhouseCoopers dropped, immunized under N.Y. law (Del. Ch. Ct.), 226
– Investment adviser firm and principal charged with fraud and breach of fiduciary duty over risky investment strategies (C.D. Cal.), 551
– SEC advisory group calls for clear definition, 732; 4 industry groups ask SEC not to precisely define duty, 780

FILING REQUIREMENTS

– Nature's Sunshine Products Inc., registration revoked over late filings (SEC), 144

FIN 48

See generally UNCERTAIN TAX POSITIONS, FIN 48

FINANCIAL ACCOUNTING FOUNDATION (FAF)

– Appointments, personnel changes

– – Brennan named as chairman, 169
– – Diermeier, Eisenhauer, and Kass tapped as trustees, 169

– Convergence efforts

See CONVERGENCE

– Cost-cutting moves taken as sources of funding hit by financial crisis, 494
– Listening tour by heads of FAF shows few aware of role, 899
– Pozen panel recommendations, FASB moving ahead with implementation, FASB and FAF report issued, 771
– Summary of official actions, Feb., 185; 232; May, 507

FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

– Federal Accounting Oversight Bd.

See LEGISLATION, FEDERAL, HR 1349

– Financial crisis

– – Global advisory group (FCAG)

See FINANCIAL CRISIS GLOBAL ADVISORY GROUP (FCAG)

– – Impact on current and future projects discussed by FASB chair in year-end survey, 5 et seq.

– Independence of standard setters

See INDEPENDENCE

– Investor focus added to website, 988
– Investor Technical Advisory Council (ITAC), independence of FASB, panel expresses grave concerns, recommends return to 7-member FASB, 592
– Mortgage securitizations

See MORTGAGE SECURITIZATIONS

– New web site launched, 539
– Not-for-profit advisory council (NAC) to be established, 978
– Oversight board

See FINANCIAL ACCOUNTING FOUNDATION (FAF)

– Private Company Financial Reporting Comm.

See PRIVATE COMPANY FINANCIAL REPORTING COMMITTEE (PCFRC)

– Promoting Transparency in Financial Reporting Act

See LEGISLATION, FEDERAL, HR 2664

– Rulemaking projects

– – Cap-and-trade emissions trading program

See ENVIRONMENT

– – Codification project

See GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

– – Conceptual framework

See CONCEPTUAL FRAMEWORK

– – Consolidations

See CONSOLIDATIONS

– – Convergence efforts

See CONVERGENCE

– – Convertible debt

See CONVERTIBLE DEBT INSTRUMENTS

– – Deferred tax assets

See ACCOUNTING FOR INCOME TAXES

– – Derivatives

See DERIVATIVES

– – Disclosure

See DISCLOSURE

– – Discontinued operations

See DISCONTINUED OPERATIONS

– – Draft to be issued rescinding irrelevant pronouncements and amending others, 82
– – Earnings per share

See SHARE-BASED COMPENSATION

– – Fair value

See FAIR VALUE

– – Financial instruments

See FINANCIAL INSTRUMENTS

– – Financial reporting

See generally REPORTING REQUIREMENTS

– – Going concerns and subsequent events, final draft standards to be drafted by FASB staff, 168; FASB issues FAS 165, new standard on subsequent events, 526; going concern scope broadened, proposal to be reissued, 528
– – Insurance contracts joint project

See INSURANCE

– – Lease accounting project

See LEASES

– – Oil and gas reserve reporting rules, FASB proposes amendments to ASC 932 to align with SEC guidance, 718; FASB seeks comments on proposed amendment to accounting and disclosure requirements to align with SEC rule, 843; FASB issued ASU updates, 892
– – Pension accounting

See PENSIONS

– – Presentation of financial statements

See FINANCIAL STATEMENTS

– – Research and development projects acquired in business combinations, capitalization project dropped, added to EITF agenda, 82
– – Revenue recognition

See REVENUE RECOGNITION

– – Share-based payment project

See SHARE-BASED COMPENSATION

– – Trading inventory project dropped, 82
– – Uncertain tax positions project

See UNCERTAIN TAX POSITIONS, FIN 48

– Subprime mortgage meltdown

See SUBPRIME MORTGAGES

– Summary of official actions, Dec. 2008, 56; Jan. 2009, 100; 147; Feb., 185; 232; Mar., 285; 330; Apr., 373; 418; May, 460; 507; June, 553; 598; July, 645; 693; 742; Aug., 789; 821; Sept., 863; 920; Oct., 957; 1002
– Visitor preregistration required as part of enhanced security for weekly board meetings, 444

FINANCIAL CRISIS

See also BANKING; ECONOMIC STIMULUS
– Accounting oversight, G-20 leaders agree to pursue range of reforms to accounting standards as part of revamping world financial frameworks, 361; call for 2011 convergence may be retreat on financial instrument changes, 900
– Boards commit to joint efforts on off-balance sheet activity and financial instrument accounting in response to crisis, 308
– Congressional pressure remains on FASB over fair value relief during financial crisis, 257
– Convergence issues

See CONVERGENCE

– Current and future FASB projects, impact of crisis discussed by FASB chair in year-end survey, 5 et seq.
– Disclosure issues

See DISCLOSURE

– Economic Crisis Resource Center. AICPA website launched, 132
– Fair value accounting issues

See FAIR VALUE

– FASB reconsidering convergence of GAAP and IFRS in light of financial crisis, 46
– Financial Crisis Inquiry Comm'n, created by new anti-fraud law, designed to study causes and recommend steps to prevent recurrence of crisis, 547; appointments announced by Congressional leaders, 688
– Financial instrument accounting, IASB chair says board got positive responses from EU regulatory and financial bodies, 941
– Financial stability and dynamic provisioning, IASB advisory council debates tension between, 218; analysts warn of dangers, 220
– G-20 progress on implementing financial reforms to strengthen global financial system welcomed by FSB, areas for further improvement discussed, 629
– Global advisory group (FCAG)

See FINANCIAL CRISIS GLOBAL ADVISORY GROUP (FCAG)

– Group of Thirty calls for reevaluation to make fair value principles more flexible, 97
– IAASB going concern guide published in response to financial crisis, 93
– IASB-FASB Financial Crisis Advisory Group, FASB accountant outlines pending work, 310
– IASB priorities for 2009 discussed, 15
– Impairments

See IMPAIRMENTS

– ITAC expresses grave concerns about independence of FASB, recommends return to 7-member FASB, 592
– Joint work plan for consolidation and derecognition projects fleshed out by IASB and FASB at joint meeting, 307; IASB to hold roundtable discussions, 401; IASB derecognition proposals discussed in IASB webcast, 489
– Linsmeier says U.S. close to repeating Japan's mistakes, 25
– Mortgage securitizations

See MORTGAGE SECURITIZATIONS

– “Own-credit risk” discussion paper issued for comment by IASB, 580; webcast participants express concern over “own-credit risk,” 628; IASB agrees to transition options for classifying financial instruments, 979
– Pension accounting method changes to smooth out losses from crisis, SEC to look at closely, 522
– Regulatory reform

See generally FINANCIAL SYSTEM REFORM

– Reserve accounting, new type of case emerging from crisis, SEC official says, 993
– Risk management could not avert financial crisis, most internal auditors say in recent survey, 323
– SEC study on impact of fair value accounting on bank failures, staff recommends improvements but said no role found, 17
– Securities

– – Enforcement, restructuring of SEC enforcement division and continued increase in class actions likely as result of crisis, panelists say, 47; reorganization plan outlined by Khuzami, 765; enforcement staff under stress, working hard at effort, 860
– – Recent reports from Clearinghouse and NERA Economic Consulting chart surge in class action cases fueled by subprime and credit crises, 48; NERA study finds SEC settlements fell in 4th quarter, 227; NERA study finds SEC settlements jumped in 1st quarter, 370
– – State regulators urge review of key SEC initiatives including mutual recognition and IFRS adoption, NASAA legislative agenda, 142

– Standard setters face continued pressure on how to deal with ongoing crisis, 10 et seq.
– Subprime mortgages

See SUBPRIME MORTGAGES

– Treasury rescue plan short on operational, accounting details, 159; trade groups urge Geithner not to tamper with fair value accounting in plan, 177; plan rolled out, investors and asset managers still have questions on details, 293 et seq.
– Troubled Asset Relief Program (TARP)

See ECONOMIC STIMULUS

– Weaknesses contributing to financial crisis cited in report by regulators from 7 countries, 998

FINANCIAL CRISIS GLOBAL ADVISORY GROUP (FCAG)

– Bank regulators, not IFRS responsible for crisis, co-chair tells conference, 635
– Dynamic provisioning under study by FCAG, 111; panel members differ on treatment for bank reserves, 170; IASB advisory council debates tension between financial stability and dynamic provisioning, 218; analysts warn of dangers, 220; loan loss accounting methods compared, 305; Grant Thornton suggests bank regulators make changes rather than change accounting rules, 448
– Fair value and accounting standards, panel rules out blaming for market turmoil, 80
– Guiding principles of coming report, co-chair outlines, 672
– Implications of crisis on setting of standards noted in report, methods for making reporting better, limitations, noted, 714
– Members named, first meetings announced, 32
– Off-balance sheet actions bigger factor than fair value, feature report, 251 et seq.
– Questions on fair value reporting for financial instruments posed to help draw up recommendations, 252

FINANCIAL FRAUD

See generally REVENUE RECOGNITION

FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)

– Collateralized mortgage obligations (CMOs), FINRA and SEC file fraud charges (S.D. Fla.), 550

FINANCIAL INSTITUTIONS

See BANKING

FINANCIAL INSTRUMENTS

See also FINANCIAL CRISIS; SHARE-BASED COMPENSATION
– Alternative investments

See ALTERNATIVE INVESTMENTS

– Auditing standards, IAASB seeks views on guidance for complex instruments, 992
– Bankers state concerns with IASB/FASB accounting approach to financial instruments, suggest alternative model, 733
– Classification of instruments with equity traits, IASB and FASB explore new approach, 974
– Co-op equity issue, IASB clears staff to develop further thinking to settle German concerns, 316
– Consumer Financial Protection Act

See LEGISLATION, FEDERAL, HR 3126

– Convertible debt instruments

See CONVERTIBLE DEBT INSTRUMENTS

– Credit risk in liability measurement, IASB to seek comments on staff research paper, 491
– Debt instruments

See generally LIABILITIES

– Debt-to-equity swaps

See DEBT-TO-EQUITY SWAPS

– Deferred tax asset guidance to be wrapped into FASB financial instruments project, 938
– Derecognition models, IASB informal vote held on competing models, 171; comment period announced, 215; changes published as response to market turmoil, 314; IASB derecognition proposals discussed in IASB webcast, 489; alternative approach has “equal chance” of adopting by IASB, 536; IASB changes published, bankers air dismay over repo transactions, 581; IASB agrees to investigate alternative model, 986
– Disclosure requirements

– – Credit losses and credit quality of financing receivables, disclosure requirement changes proposed in exposure draft, 574; credit loss allowances to stay independent, FASB says, 936
– – FAS 157, FASB plans 3rd quarter release of enhanced disclosures, 396; exposure draft released, included sensitivity analysis, comments sought, 804; FASB valuation group warns of issues with sensitivity analysis, 897; AICPA technical group urges deferral for private companies, 950
– – IFRS 7, application to derecognition models discussed, 215

– Embedded derivatives, IFRC 9, post-implementation amendment proposed, 123
– EU finance ministers want IASB to adopt recent FASB mark-to-market rule changes, 360; showdown expected over use of IFRS, 477
– FASB and IASB fair value projects

See FAIR VALUE

– FASB staff principles aimed at promoting convergence favored by IASB, 970
– Financial crisis accounting, IASB chair says board got positive responses from EU regulatory and financial bodies, 941
– IAS 39, IASB seeks feedback on emergency amendment to eliminate uncertainty created by previous amendment, 33; IASB approves amendments, 215; final effective version of IAS 39 published, 266; plans to revamp standard within 6 months confirmed, 358; tensions flare between EU and IASB following rejection of changes to follow FASB revisions, 391; speedy changes to IAS 39 better for EU than adopting FASB rules, IASB argues, 532; measurement and classification sections, revision nears completion, 534; FCAG co-chair supports simplification, 635; classification and measurement revision proposals, comments sought, 668; IASB chair warns of second round of changes, 673; IASB member blames European bankers for current measurement upheaval, 834; Fed governor questions FASB and IASB paths, raises concerns about relevance and reliability, 836; IASB/FASB differences, further discussion, 838; IASCF submits progress report for G-20 meeting, 839; IASB members question viability of financial instrument proposals, especially meaning of “basic loan features,” 903; customized transition approach to new impairment model for amortized costs sought by IASB, 904; impairment discussion suggests second area of divergence between IASB and FASB, 905; limited scope exception for unquoted equity holdings and derivatives to be worked on, 906; IASB votes to simplify hedge accounting, raises fresh U.S. convergence questions, 907; convergence with FASB increasing unlikely, 938; IASB director admits decisions on own-credit risk likely to increase complexity, 942; IASB agrees to transition options for classifying financial instruments, 979; IASB clears staff to begin drafting second exposure draft on impairments, 980; IASB members dissent on draft standard, 980; changes made in response to EU concerns outlined, 987
– IASB to address disclosure amendments in quick-fix annual improvements project, staff proposal cleared, 35
– Impairments

See IMPAIRMENTS

– Income tax reporting, IASB and FASB close to convergence, approaches to overall project differ, 835
– Incurred loss model or expected loss model, debate over which should predominate center of IASB debate on future of financial reporting, 265
– Joint proposal, FASB and IASB could float fresh proposal by later this year, 310; FASB focusing on simplification of accounting, 494; FASB investor advisory group urges post mortem to identify information most valuable to investors, 543
– Leases

See LEASES

– Liability vs. equity, FASB discusses distinctions, support for set of tentative principles, 440; work continues on gauging values to distinguish, 528; board wrestles with wording on classification approach, 807
– Loan loss accounting methods

See LOANS

– Measurement models

– – Discounted cash flow, FASB and IASB consider, operational matters top list of concerns, 439
– – FASB and IASB tentatively agree on details to simplify accounting, plan to end up with two models, 305; FASB advisory board discussion, 310; FCAG debate casts light on potential conflicts, 394
– – Mixed-attribute model being considered by IASB and FASB as compromise approach, 567 et seq.

– Monthly meetings to be held by IASB and FASB to align scheduling and substance of rules, 969
– Off-balance sheet transactions

See OFF-BALANCE SHEET TRANSACTIONS

– Other than temporary impairments, fair value, IASB refuses to amend IFRS to match FASB changes, 393; EU official says FASB move on OTTI has irritated Europe, 593
– Political restraint, IASB/FASB advisory panel urges G-20 nations to exercise allowing boards breathing room to complete revisions, 392
– QSPEs

See SPECIAL PURPOSE ENTITIES (SPEs)

– Redeemable and puttable instruments, FASB looks at approach to divide, 122; tentative classification mapped out defining instruments as equity or liability in financial position statement, 261; codification update released, 806
– Securitization structures suggest more IASB/FASB divergence areas, 981
– Significant issue for 2009, 73
– Subprime mortgages

See SUBPRIME MORTGAGES

– Valuation of troubled bank assets

See ECONOMIC STIMULUS

FINANCIAL MARKETS

– Fair value issues

See FAIR VALUE

– Municipal bonds

See MUNICIPAL BONDS

– Reform

See CAPITAL MARKETS

– Subprime mortgage meltdown

See SUBPRIME MORTGAGES

FINANCIAL REPORTING

See REPORTING REQUIREMENTS
– Banks

See generally BANKING

– Convergence issues

See CONVERGENCE

– Credit crisis

See FINANCIAL CRISIS

– Disclosure

See DISCLOSURE

– Fair value

See FAIR VALUE

– Financial statements

See FINANCIAL STATEMENTS

– Internal controls

See INTERNAL CONTROLS

– Nonpublic companies

See generally NONPUBLIC ENTERPRISES

– Restatements

See FINANCIAL RESTATEMENTS

– Stock-based compensation

See SHARE-BASED COMPENSATION

– Subprime mortgage meltdown

See SUBPRIME MORTGAGES

FINANCIAL RESTATEMENTS

– Decline in numbers continued in 2008, data research service reports, “stealth” restatements up, 277
– Forfeiture provisions under SOX §304 cannot be invoked until restatement filed (E.D. Mo.), 51
– Revenue inflation

See REVENUE RECOGNITION

– SEC calendar, Dec. 2008, 59; Jan. 2009, 102; 149; Feb., 186; 234; Mar., 287; 332; Apr., 374; 420; May, 461; 509; June, 555; 600; 647; July, 694; 744; Aug., 790; 822; Sept., 865; 922; 959; Oct., 1004
– Total numbers continue to decline in 2009 due to SEC stance, greater SOX familiarity, analysis of trends, 657

FINANCIAL STABILITY BOARD (FSB)

– G-20 progress on implementing financial reforms to strengthen global financial system welcomed by FSB, areas for further improvement discussed, 629

FINANCIAL STATEMENTS

– Auditor liability

See AUDITOR LIABILITY

– BNA adds new portfolios to series, 457
– Consolidations

See CONSOLIDATIONS

– Convergence issues

See CONVERGENCE

– Disclosures, income tax accounting under IFRS, overview, SplRpt (6/26/09)
– Discontinued operations, FASB says must be on face of comprehensive income statement, 808; FASB considers following IFRS 5, 975
– Financial position statements, tentative classification mapped out by FASB defining redeemable and puttable instruments as equity or liability, 261; codification update released, 806
– Huron Consulting Group discloses SEC probe related to acquisitions, also facing class actions over false and misleading financial statements, 781
– Inflation of financial results

See REVENUE RECOGNITION

– Interim disclosure rules to be shored up under IASB quick-fix annual amendment process, 493
– Internal controls, deficiencies could cause errors in SEC financial statements, GAO report finds, 357
– Off-balance sheet transactions

See OFF-BALANCE SHEET TRANSACTIONS

– Pensions, IASB sets out proposal for pension cost disaggregation on financial statements, 317; review hangs on outcome of financial statement presentation discussions with FASB, 850
– Presentation of statements

– – Accounting preparers voice concerns about FASB/IASB proposals, 306
– – Business activities should be distinguished from financing activities, FASB tentatively decides, 894; discussion at joint IASB/FASB meeting, 972
– – Cash flow statements

See CASH FLOW STATEMENTS

– – Classification system in FASB/IASB discussion paper, objections by constituents discussed, 388 et seq.
– – Comprehensive income statement, FASB reaffirms tentative decision on income tax allocation, 936; proposal to be issued requiring single statement, 971; disaggregation of remeasurements discussed at joint IASB/FASM meeting, 972
– – Direct cash flow method, FASB and IASB tentatively agree to use, 972
– – Discontinued operations

See DISCONTINUED OPERATIONS

– – FASB Webcast announced to discuss proposal on revamping, 30; panelists differ on value of proposals, 122
– – IASB clears amendments to IAS 1 and IFRS 8 as part of annual improvements project, 217; other comprehensive income treatment, proposal to be issued, 971
– – IASB staff say risk of failing convergence deadline, 307
– – Investors' Advisory Group members comment on progress, 543
– – Joint FASB/IASB project, progress discussed, reconciliation of cash flows and comprehensive income criticized, 636
– – Single statement of comprehensive income, FASB/IASB consider including OCI, impact on pensions discussed, 720
– – Split information on financial statements hurts analysts' forecasts, field study finds, 895
– – Standard setters face continued pressure on how to deal with ongoing crisis, 10 et seq.

– Recodification of compilation and review of financial statement standards, AICPA exposure drafts issued, 500
– SEC enforcement releases related to financial statement fraud taking longer, fraud consequences detailed, Deloitte studies show, 49
– Technical corrections to rules and forms issued by SEC to align with FASB standards on business combinations and consolidated statements, 396
– XBRL use

See REPORTING REQUIREMENTS

FINANCIAL SYSTEM REFORM

– Administration proposed overhaul detailed in white paper, 570 et seq.; analysis of Obama plan, 609 et seq.; convergence goals discussed, 634; effect on securities law discussed, 659; draft reforms bills submitted to Congress, no floor action expected before Sept., 682
– Banking and securities regulation experts expect Congressional and administration action on overhaul of financial system, prevention of systemic risk top priority, 275
– Bipartisanship determining factor in successful reform, Kanjorski (D-Pa) says, 413
– Challenges to accounting and financial regulation continue to grow, GAO report shows, 140
– Committee on Capital Markets Regulation, reform proposal detailed, 504
– Comprehensive oversight, Geithner lays out broad outline of regulatory reform proposals, 296
– Consumer Financial Protection Act

See LEGISLATION, FEDERAL, HR 3126

– Critical flaws in regulatory system warrant significant reform, GAO declares, 98
– Derivatives

See also LEGISLATION, FEDERAL, HR 3300
– – Legislation sought by Geithner to bring derivatives market under control of SEC and CFTC, goals of plan outlined, 431; House hearing held, Kanjorski (D-Pa.) calls for balanced approach, not mandatory central clearing of derivatives, 546
– – Treasury plan unveiled and sent to Congress as final part of Obama reform package, 781

– Derivatives, legislation sought by Geithner to bring derivatives market under control of SEC and CFTC, goals of plan outlined, 431
– Financial Crisis Inquiry Comm'n, created by new anti-fraud law, designed to study causes and recommend steps to prevent recurrence of crisis, 547; appointments announced by Congressional leaders, 688
– GAO report says financial regulators not forceful enough in fixing known risk management faults prior to crisis, 327
– House hearings scheduled by Frank (D-Mass.), pass of reform slowing, 859
– Independent panel created to champion investor views to Capital Hill, 178
– Industry representatives generally support administration proposal, recommend clarifications of Consumer Financial Protection Agency (CFPA) proposal, 685
– International issues

See generally CONVERGENCE

– Investments, new web-based organization to give investors voice in regulatory reform, 639
– Investor protection reform, Treasury official discusses, 682
– Investors' Working Group, some in Congress, oppose Obama plan for systemic risk regulator, feel better handled by existing agencies, 687
– Lease accounting, fundamental changes in, SplRpt (5/29/09)
– OTC derivatives, SEC and CFTC proposed control over outlined by SEC and CFTC chairs, 583; Investors' Working Group calls for more regulation, 687
– PCAOB member, Harris, predicts Hill action on systemic risk, other priorities may slip, 453
– Republican plan, alternative to Treasury rescue plan would handle insolvencies through bankruptcy system, ease burden on taxpayers, 731
– SEC Comm'r Paredes says systemic risk regulator should not be allowed to override existing securities laws, 435
– SEC efficiency, Chamber of Commerce report suggesting improvements finds support with ex-commissioners, 170
– Single capital markets regulator, Aguilar urges merger of SEC, CFTC and DOL's Employee Benefits Security Admin., 521
– Systemic risk should be immediate focus, Dodd (D-Conn) and Volcker say, 119
– Treasury rescue plan

– – Legislative proposals sent to Congress would combine regulators, unwind large firms, 731
– – Operational, accounting details, plan short on, 159
– – PPIP program rolled out, investors and asset managers still have questions on details, 293 et seq.
– – Trade groups urge Geithner not to tamper with fair value accounting in rescue plan, 177

FINES

See PENALTIES

FLORIDA

– Practice mobility for out-of-state CPAs, limited services may be performed without Fla. license under new law, 542

FORECLOSURES

See generally SUBPRIME MORTGAGES

FOREIGN CURRENCY RIGHTS

– IFRIC asks IASB to act on fair value issues, debt-equity swaps, 670; draft amendments to IAS 32 issued by IASB, 721; staff cleared to move on issuance of rights issue amendment, 908; IASB issues amendment, 940

FOREIGN PRIVATE ISSUERS

– BNA issues new portfolio on SEC reporting issues, 741

401(k) PLANS

See generally PENSIONS

FRAUD

– Accounting fraud while seeking funds among crimes by banks, TARP IG warns of wide range of potential wrongdoing, 595
– Auditing standards, AICPA proposes redrafted documents as part of ongoing clarity project, 134
– Auditor fraud

See AUDITOR LIABILITY

– Backdating stock options

See STOCK OPTION BACKDATING

– Class actions

See CLASS ACTIONS

– Collateralized mortgage obligations (CMOs), FINRA and SEC file fraud charges (S.D. Fla.), 550
– Countrywide Fin. Corp., fraud charges brought by SEC against ex-officers for excessive subprime risks (C.D. Cal.), 548
– Energy company officials charged by SEC with misappropriating millions, concealing misconduct in filings (W.D. Okla.), 596
– Enforcement increased

See LEGISLATION, FEDERAL, HR 1748, S 386

– FBI focus on TARP and ARRA as possible “next wave” of financial crimes, 548
– Financial Crisis Comm'n, created by new anti-fraud law, designed to study causes and recommend steps to prevent recurrence of crisis, 547
– Internal controls allow fraud to go unchecked, expect increase this year, survey of execs finds, 816
– Investigations by FBI continue to increase, 495
– Investment adviser firm and principal charged with fraud and breach of fiduciary duty over risky investment strategies (C.D. Cal.), 551
– Journal entries, audit guidance for detecting fraud issued by CAQ, 41
– Misstatement of revenue

See REVENUE RECOGNITION

– Navistar officials must face class action claims of systemic accounting fraud resulting in overstatement of income, Deloitte dismissed for failure to plead adequate scienter (N.D. Ill.), 784
– Refco

– – Ex-lawyer criminally indicted on securities fraud, false filings with SEC, wire and bank fraud, faces 100 years in prison (S.D.N.Y.), 55
– – Litigation trustee lacks standing to sue investment banks, law and accounting firms, and others who allegedly assisted ex-execs' fraud (S.D.N.Y.), 445
– – Primary liability elements misread by lower court in Refco investor suit, SEC argues in amicus brief (2d. Cir.), 783

– SEC enforcement releases related to financial statement fraud taking longer, fraud consequences detailed, Deloitte studies show, 49
– Securities fraud

See SECURITIES FRAUD

– Settlements

See SETTLEMENTS

– TARP IG warns of wide range of potential wrongdoing by banks including accounting fraud while seeking funds, 595
– Tax shelters

See TAX SHELTERS

FREDDIE MAC

– Accounting challenges continue, FHFA report to Congress shows, 474
– Deferred tax assets stemming from losses on debt securities, FASB to work on guidance sought by Fannie Mae and Freddie Mac, 205; guidance to be wrapped into financial instruments project, 938

Contact the Webmaster at webmaster@bna.com
1801 S. Bell Street, Arlington, VA 22202 - Phone: 1-800-372-1033

Copyright © The Bureau of National Affairs, Inc. All Rights Reserved.