Accounting Policy and Practice Report Index-Summary

IMPAIRMENTS

– Credit crisis

– – Administration proposed financial system overhaul detailed in white paper, 570 et seq.; convergence goals discussed, 634
– – Congressional pressure remains on FASB over fair value relief during crisis, 257
– – Equity impairments, IFRIC to issue agenda paper on enhanced due process, 441
– – Expected loss impairment model, IASB seeks views on feasibility of, 626; model spells upheaval for banks, IASB director tells webcast, 627; ABA says IASB and FASB should focus on, 839; customized transition approach, EIR “margin adjustment method,” to new impairment model for amortized costs sought by IASB, 904; impairment discussion suggests second area of divergence between IASB and FASB, 905; impairment discussion continues, 906
– – FASB chair comments on accounting issues, 5
– – FASB meeting to discuss criticism of proposed compromise fair value FSP to improve footnote disclosures held, 83; revised staff guidance approved by FASB, effective 2nd quarter, 298; investor advocates, security analysts criticize proposals, 299; FASB advisory board discussion, 310; IASB requests views on FASB documents, 315; final guidance issued, reaction mixed, 345 et seq.; FASB urges consideration in context of larger ongoing joint project with IASB, 349; 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
– – IASB member says accounting for impairments remains big problem, calls both IASB and FASB standards “a mess,” 451
– – IASB staff proposals not approved, board seeks new approach, 33; IASB chair defends pending guidance to European Parliament, 902; IASB clears staff to begin drafting second exposure draft on impairments, 980
– – Linsmeier says U.S. close to repeating Japan's mistakes, 25
– – Other-than-temporary impairments

– – – Banking groups criticize FASB accounting rules, 503
– – – Concept does not exist in IFRS, IASB discusses, 358
– – – OTTI, fair value, IASB refuses to amend IFRS to match FASB changes, 393; EU official says FASB move on OTTI has irritated Europe, 593

– Debt securities

– – Divided FASB clears final staff guidance, critics say banks can avoid recording losses in 4th quarter, 22; FASB issues staff guidance, 81
– – SEC staff amends SAB 111 in wake of FASB action on OTTI, Topic 5.M amended to exclude debt securities from scope, 354

– 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
– Pressing issue for 2009, 73

INCOME OVERSTATEMENTS

See OVERSTATEMENT OF REVENUE

INCOME TAXES

See ACCOUNTING FOR INCOME TAXES
– Uncertain tax positions

See UNCERTAIN TAX POSITIONS, FIN 48

INDEMNIFICATION

See generally AUDITOR LIABILITY

INDEPENDENCE

– Auditor coverage by client benefit plans, AICPA ethics groups proposes tighter rules, 855
– SEC's new chief accountant discusses in BNA interview, 873 et seq.; 888
– Standard setters independence big issue for 2009, 74

INDEXED ANNUITIES

See INSURANCE

INDIA

– Auditor liability, PwC India partners questioned by police for role in Satyam Computer Services fraud case, 135; Indian overseer examines link between local and foreign audit firms, 499
– Convergence, accounting equivalence granted by EU to GAAP used in Japan, 38

INDUSTRIAL REVENUE BONDS

See generally MUNICIPAL BONDS

INFLATED EARNINGS

See OVERSTATEMENT OF REVENUE

INSIDER TRADING

– American Commercial Lines Inc., ex-CFO settles charges of selective disclosure of inside information in violation of Reg. FD, agrees to penalties and bar (S.D. Ind., SEC), 918
– Cuban agreement not to trade and Dorozhko computer hacking cases discussed at ABA meeting, 735
– Ex-E&Y partner and attorney convicted of insider trading, shared nonpublic information with registered broker (S.D.N.Y.), 496
– SEC rules tightened to deter inappropriate trading by employees in light of IG report, 481; investigation ongoing, 524

INSPECTIONS

– PCAOB reports

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

INSURANCE

– Gen Re, settlement reached for Ohio pension funds in AIG fraud case (S.D.N.Y.), 231
– Indexed annuities, SEC adopts new rules defining terms, 20; release issued, 93
– Joint IASB/FASB insurance contract project, FASB holds education meeting on analysis of comments received on proposed new approaches, 85; feature report, 157; FASB preliminary view calls for exploration of fulfillment value approach rather that IASB's exit value approach, 212; FASB maps out guidance on measuring and determining cash flows, 353; FASB considers risk margins, concludes acquisition costs should be expensed when incurred, 488; FASB says no to using risk margins for measuring insurance liabilities, 664; IASB shifts stance, says no expensing of acquisition costs, 976
– Life insurers' separate accounts, EITF advanced tentative decisions framing guidance for majority-owned investments, 845

– – draft ASU published for comment by FASB, 891

– Revenue recognition, FASB/IASB joint standard project, industry questions need, practicality of project, 719
– Swiss insurers settle SEC charges over financial fraud scheme over reinsurance transactions (S.D.N.Y., SEC), 53

INTANGIBLE PROPERTY

– Nonprofit organizations, goodwill and intangible asset accounting, FASB to issue final standard on merger and acquisition accounting, 211; new standard, FAS 164, issued, 481; nonprofits need to pay attention to new standard, FASB panel says, 898

INTERNAL CONTROLS

See also FINANCIAL RESTATEMENTS
– AS 5 implementation for nonaccelerated filers, CAQ webcast offered, 500; report on first year of implementation shows focus on major risk areas, some improvements still needed, 912
– BearingPoint, class action suit alleging accounting system fraud, scienter inadequately alleged, investors may amend complaint (4th Cir.), 736
– BNA adds new portfolios to series, 282; 457
– Computer technology distribution firm agrees to settle charges related to SEC revenue inflation investigation of McAfee (SEC), 456
– Corporate tax executives spending more energy on risk management issues than ever before, E&Y survey finds, 49
– COSO issues guidance for companies to monitor effectiveness, 132; guide to be drafted providing further guidance, feature report, 763
– Fraud, internal controls allow fraud to go unchecked, expect increase this year, survey of execs finds, 816
– Geotec Inc., synthetic fuel producer and officials face civil charges over false filings and accounting irregularities (S.D. Fla.), 642
– Integrated audits, risk-based approach to testing controls promoted in CAQ report, 173
– PCAOB issues guidance on applying AS 5 to smaller public companies, warns of higher risk of management override, 133
– Risk-based approach to audit planning key to success, survey of chief audit executives finds, 814
– Risk management could not avert financial crisis, most internal auditors say in recent survey, 323
– SEC, deficiencies could cause errors in financial statements, GAO report finds, 357
– SEC enforcement manual should be thoroughly reviewed by firms, investigations conducted as necessary, attorney advises, 596
– SOX §404 provisions

– – Compliance cost survey, SEC extends deadline, participation encouraged, 78
– – Compliance relief for small businesses

See LEGISLATION, FEDERAL, HR 3775

– – Schapiro expresses doubt over granting further compliance delays to small companies, 114
– – Small issuers must start complying with audit attest requirement in June, 2010, SEC says, 943; CII urges deferral will hurt riskier small firms, 994
– – Small public companies, many did not complete required evaluations in 2007, CAQ alert warns of possible material deficiencies in eyes of SEC, 40

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

INTERNAL INVESTIGATIONS

– Broadcom's ex-CFO's statements to outside counsel in internal review of stock backdating scheme not privileged (9th Cir.), 955
– Work product privilege, Microtune Inc. court decision limiting documents protected from discovery (N.D. Tex.), counsel advising firms on internal investigations should consider, 686

INTERNAL REVENUE SERVICE (IRS)

– Convergence, transition to IFRS carries major implications and tax issues for IRS, official says, 44
– Income tax accounting issues

See ACCOUNTING FOR INCOME TAXES

– New revenue agents adding valuable technical expertise, 996
– Uncertain tax positions

See UNCERTAIN TAX POSITIONS, FIN 48

INTERNATIONAL ACCOUNTING STANDARDS (IAS)

– Fair value

See FAIR VALUE

– Fast track due process, participants in IASCF roundtable concerned about proposal, 940
– Related party disclosures, IASB revised proposals opened for second round of comment, China's state businesses to benefit, 35; amendments to finalized by year-end, scope definition broadened, 724

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

– Advisory council debates tension between financial stability and dynamic provisioning, 218; analysts warn of dangers, 220
– Agenda, control over setting shapes up as key issue for board, 615
– Appointments and personnel changes

– – Composition of board changed in long term, IASCF announces, 117
– – Finnegan, director of financial reporting policy group at CFA Inst. Centre for Financial Market Integrity, appointed to board by IASCF, 539
– – Impairments expert advisory panel, applications sought, 987
– – Jones and Barth step down at end of June, 539
– – Luiz, Brazilian central bank regulator appointed to board, 405
– – McConnell, former analyst with Bear Stearns, appointed to board by IASCF, 539
– – Monitoring board, 4 trustees reappointed, 723; frustration expressed over failure of EC to sign memorandum of understanding, 987
– – Name change proposed by IASCF, 850

– Conceptual framework, joint project with FASB

See CONCEPTUAL FRAMEWORK

– Constituent workload, directors set out strategy to ease, priorities for projects set, 725
– Convergence efforts

See CONVERGENCE

– Fair value for financial instruments key issue for IASB in 2009, 15
– Financial crisis global advisory group (FCAG)

See FINANCIAL CRISIS GLOBAL ADVISORY GROUP (FCAG)

– Independence of standard setters

See INDEPENDENCE

– Monitoring board emphasizes principles for setting standards, 901
– Name change considered by IASCF, 673
– Rulemaking projects

See generally INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Standards Advisory Council

– – Full fair value plan, poll of members shows little support, 219
– – IASCF trustees announce membership, 219

– Subprime mortgage meltdown

See SUBPRIME MORTGAGES

– Summary of official actions, Dec. 2008, 57; 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; 921; Oct., 957; 1002
– Work plan, leaders warn of risk of failure to meet completion dates, 130

INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE FOUNDATION (IASCF)

– Appointments and personnel changes

– – Evans appointed as new trustee, 39
– – Standards Advisory Council membership announced, 219

– Constitution overhaul, first phase completed, monitoring board to be established, 117; board hailed as great step forward at FCAG meeting, 254; first public meeting of monitoring board announced, 268; agenda for second phase discussed, 673; dates for roundtables on second phase announced, 723; EC official warns of need for progress at roundtable, 849; IASCF seeks comments on proposals to rename IASB and foundation, 850; participants in roundtable concerned about fast track due process proposal, 940
– Convergence

See CONVERGENCE

– Funding

– – European Commission proposed direct funding, adopts revisions to financial regulation, 118
– – Surplus expected this year, questions about long-term funding of IASB discussed, 358; EU agrees to direct funding of IASCF, 433; EU funding of IASCF discussed, 849

– Monitoring board

– – EU commissioner reveals plan to consult European Parliament on trustee selection, 313; changes made in response to EU concerns outlined, 987
– – Principles for setting standards emphasized, 901

– Name change for IASB considered, 673
– Status of work on G-20 goals updated, 39
– Summary of official actions, Dec. 2008, 57; Jan. 2009, 100; 147; Mar., 286; 331; Apr., 418; May, 460; July, 645; 693; 743; Sept., 863; 921; Oct., 958
– XBRL taxonomy, comments sought on updated draft, 89; comments sought on business reporting activities' handbook, 360

INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

– Clarity project completed, newly revised standards should aid convergence process, 224
– Convergence of auditing standards

See CONVERGENCE

– Financial instruments, IAASB seeks views on guidance for complex instruments, 992
– Going concern guide published in response to financial crisis, 93

INTERNATIONAL DEVELOPMENTS

See specific countries
– Convergence issues

See CONVERGENCE

– European Union

See EUROPEAN UNION (EU)

– G-20 supplants G-8 as group to steer global economic policy, 900

INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS (IESBA)

– International standards code clarified by IESBA to enhance auditor independence and clarify accountant requirements, 677

INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)

– Clarity project completed, newly revised IAASB standards should aid convergence process, 224
– Consistency of valuation, IFAC and IVSC aim to improve, 851

INTERNATIONAL FINANCIAL REPORTING INTERPRETATIONS COMMITTEE (IFRIC)

– Appointments and personnel changes, Rivat named, Kenny, Takatsuga and Picker reappointed, 444
– Cash equivalent research added to future agenda, other action announced, 266; IFRIC declines to develop guidance, 442
– Constituent requests for interpretative guidance on variety of standards rejected, 443
– Scheduled meeting canceled, 39
– Standards

See INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Summary of official actions, Mar. 2009, 286; 331; May, 460; 507; July, 645; 693

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Annual improvement project amendments published, 402; comments sought on latest amendments, 811
– Business combinations

See BUSINESS COMBINATIONS

– Conceptual framework, joint project with FASB

See CONCEPTUAL FRAMEWORK

– Consolidations

See CONSOLIDATIONS

– Convergence efforts

See CONVERGENCE

– Core IFRS available free online to constituents, fee full text access delayed, 404
– Debt-to-equity swaps, IFRIC seeks comments on proposal to clarify application of IAS 32 and IAS 39 to restructurings, 722
– Discontinued operations

See DISCONTINUED OPERATIONS

– Earnings per share project

See SHARE-BASED COMPENSATION

– Emissions trading, IASB agrees to fair value offsets, stymied on subsequent accounting models, 317
– Environmental management, chemicals, regulatory compliance costs, IFRIC staff to develop further proposals, 267; IFRIC rejects move to devise guidance on EU's REACH scheme compliance costs, 442
– EU headed for showdown over use of IFRS, arose after U.S. changes to fair value standard, 477
– Extractive industry, amendments to IFRS 1 finalized providing relief for Canadian industry, 721
– Fair value project

See FAIR VALUE

– Financial instruments

See FINANCIAL INSTRUMENTS

– First-time adoption

– – Extractive industries amendment, staff cleared to begin balloting on, 403
– – Quick-fix change to recent amendment of IFRS 1 called embarrassing by IASB's Leisenring, 37; privatization concerns to be addressed, 670

– 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
– IASB work plan, leaders warn of risk of failure to meet completion dates, 130
– Insurance contracts joint project

See INSURANCE

– Lease accounting

See LEASES

– Liabilities, IAS 37 to be replaced by new IFRS, IASB members dissent, 908; limited exposure document on measurement agreed to, 985
– Loss impairments

See IMPAIRMENTS

– Management commentary, IASB approves normal due process for proposed paper, 404; 3 IASB members outline dissent on proposals, 580
– Pension accounting project

See PENSIONS

– Presentation of financial statements

See FINANCIAL STATEMENTS

– Rate-regulated industries

See UTILITIES

– Revenue recognition

See REVENUE RECOGNITION

– Share-based compensation

See SHARE-BASED COMPENSATION

– Small and medium-sized entities project (SME)

See SMALL BUSINESSES

– Uncertain tax positions project

See UNCERTAIN TAX POSITIONS, FIN 48

INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO)

– Cross-border fraud, IOSCO announces new signatories to MOU to aid enforcement of market fraud, 318
– Lack of transparency, faulty risk management, IOSCO task force report makes recommendations for addressing, 454

INTERNATIONAL STANDARDS ON AUDITING (ISAs)

See AUDITING STANDARDS

INTERNATIONAL VALUATION STANDARDS COUNSEL (IVSC)

– Consistency of valuation, IFAC and IVSC aim to improve, 851

INTERNET

– BNAConvergence, news filtering solution announced, 184; service launched, 284
– Economic Crisis Resource Center. AICPA website launched, 132
– Regulatory reform, new web-based organization to give investors voice, 639

INVENTORY

– Trading inventory, FASB drops project on accounting for, 82

INVESTMENT ADVISERS

– Fraud and breach of fiduciary duty charges brought against advisory concern and principal over risky investment strategies (C.D. Cal.), 551
– Independent custodians, SEC IG recommends use of, 637
– Inspection program being revised by SEC in light of Madoff scandal to improve inspection, 587
– Investor protection reform, Treasury official discusses, 682
– SEC Investor Advisory Comm., first meeting held, call for clear definition of fiduciary duty, 732; 4 industry groups ask SEC not to precisely define duty, 780
– Third-party confirmation of investor assets held by regulated firms, SEC plans to seek, 270

INVESTMENT BANKING

See generally BANKING

INVESTMENTS

– Alternative investments

See ALTERNATIVE INVESTMENTS

– Convergence issues

See CONVERGENCE

– Derivatives

See DERIVATIVES

– Endowment funds

See ENDOWMENT FUNDS

– Hedge funds

See HEDGE FUNDS

– Misrepresentations about Schwab fund, putative class action suit allowed to proceed in part (N.D. Cal.), 176
– Mutual funds

See MUTUAL FUNDS

– Pensions

See PENSIONS

– Regulatory reform, new web-based organization to give investors voice, 639
– Securities class actions can serve as tool for institutional investors to monitor corporate behavior, survey finds, 817
– Subsidiary corporations, investments in, income tax accounting under IFRS, overview, SplRpt (6/26/09)
– Tax shelters

See TAX SHELTERS

ITALY

– Parmalat case

– – Audit firms rethink liability threat as result of N.Y. case, lawyers say, 225
– – Investors may proceed with suit to hold Deloitte liable for subsidiary's audits (S.D.N.Y.), 136; court refuses to reconsider ruling (S.D.N.Y.), 225
– – Trustees bid to revive charges against Bank of America, Deloitte and related firms rebuffed, dismissal affirmed (2d Cir.), 226
– – Unclean hands state law defense topples Parmalat suit against auditor (S.D.N.Y.), 914