Accounting Policy and Practice Report Index-Summary

GAINS AND LOSSES

– IAS 39, IASB issues emergency amendment to clear confusion on previous clarifications regarding reclassifications, 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; 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 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

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

– Codification of standards project

– – Constituents, FASB attempts to prepare, manage expectations, 575
– – FASB expected to approve by July, 39; exposure draft to be issued soon, 213; exposure draft issued, 301; date expected to hold, 494; codification to be launched July 1, initial effective date in Sept., 526; codification launched by FASB, overview, 617
– – Inconsistencies in standards to be updated and cleaned up prior to codification, FASB proposals issued, 262; pre-ballot draft of technical corrections measure, FASB proceeds with, 810
– – Interpretation by SEC clarifies references in securities rules to FASB codification, 768
– – Profession may be ill-prepared for FASB switch, practitioners tell BNA, 429
– – SEC staff forbearance over International securities exchange (ise) of codification numbering system signaled for transition period, 617
– – Single-source codification of authoritative GAAP principles to be completed in 2009, 10 et seq.
– – Updates issued, 892
– – XBRL alignment with GAAP, FASB working to resolve issue, 213; users of FASB website not able to access XBRL elements when preparing financial statements, 943

– Convergence and reconciliation for foreign filers

See CONVERGENCE

GOING CONCERN

– FASB begins final drafting of accounting guide, 168; going concern scope broadened, proposal to be reissued, 528
– IAASB guide published in response to financial crisis, 93
– Japan to revise rules, 319
– PCAOB advisory group meeting scheduled to discuss, 275; oversight group advises waiting for additional FASB guidance, 364

GOODWILL

See INTANGIBLE PROPERTY

GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

– Appointments, personnel changes, Sundstrom to join in July, 496
– Bankruptcy process guidance proposal, GASB seeks comments, 630
– Codification of accounting and financial reporting guidance in AICPA auditing standards, 404
– Derivatives, guide to GAS 53 issued, 405
– Fair value accounting

See FAIR VALUE

– Independence of standard setters

See INDEPENDENCE

– OPEB guidance proposal, GASB seeks comments, 630
– Oversight board

See FINANCIAL ACCOUNTING FOUNDATION (FAF)

– Pension plan reporting

See PENSIONS

– Service concession arrangements, GASB seeks comments on exposure draft, 676
– Service efforts and accomplishments reporting, updates to reporting requirements issued, 38; comments sought, 676
– Summary of official actions, Dec. 2008, 58; Apr. 2009, 373; 419; July, 646

GOVERNMENT BONDS

– State and local governments

See MUNICIPAL BONDS

GOVERNMENT PENSION PLANS

See generally PENSIONS

GUARANTEES

– Disclosure

See DISCLOSURE