Accounting Policy and Practice Report Index-Summary

OFF-BALANCE SHEET TRANSACTIONS

See also FINANCIAL CRISIS
– Bankers predict end of securitization as business, as result of new FASB rules requiring greater capitalization, 916
– FASB closer to final drafting of amended rules, progress detailed, 483; bank regulators collaborating with FASB on guidance, 494; guidance to be issued soon revising FAS 140 and FIN 46(R), 532; U.S. Chamber of Commerce urges delaying effective date, says changes may exacerbate problems, 545; new guidance issued, 573; new guidance likely to balloon balance sheets, Credit Suisse analysis shows, 594; SEC actively watching for firms skirting off-balance sheet rules, 623; FASB asks for comments on asset-consolidation rules, 811; SEC expresses continued concern about adoption of FAS 167, 840; implementation guidance needed, analysts say, 967; banks concerned about capital requirements in response to asset consolidation changes, 997

OFFICE OF THRIFT SUPERVISION (OTS)

– Administration proposal detailed in white paper would merge with Office of Comptroller of Currency, 570
– IndyMac, Treasury IG investigating why OTS approved backdating of capital infusion, 53

OFFICERS

See DIRECTORS AND OFFICERS

OFFSETS

– Emissions trading

See ENVIRONMENT

OFFSHORE FUNDS

– Alternative investments

See ALTERNATIVE INVESTMENTS

OIL AND GAS

– IFRS first-time adoption, extractive industries amendment, staff cleared to begin balloting on, 403; amendments to IFRS 1 finalized providing relief for Canadian extractive industry, 721
– Newpark Resources Inc., SEC sues oil and gas and ex-CFOs over alleged fraud scheme to avoid aging debt (E.D. La.), 691
– Reserves, reporting rules, SEC staff recommendations approved, 19; 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

OPTIONS

See SHARE-BASED COMPENSATION; STOCK OPTION BACKDATING

OTHER COMPREHENSIVE INCOME (OCI)

– Financial statement presentation

See FINANCIAL STATEMENTS

OTHER POST-EMPLOYMENT BENEFITS (OPEBs)

– Clarification of reporting requirements of FAS 27 and GAS 45 issued by GASB, 38; GASB 45 could force prefunding of generous retiree benefit plans, 952
– Multi-employer OPEBs, GASB seeks comments on proposal, 630
– Phase 2 not 2009 priority for FASB, 10 et seq.
– Transparency disclosures increased in final FASB guidance, 29

OVER-THE-COUNTER (OTC) DERIVATIVES

See DERIVATIVES

OVERSIGHT OF ACCOUNTING

– Convergence issues

See CONVERGENCE

– Ethical standards

See ETHICS

– FASB

See FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

– Federal Accounting Oversight Bd.

See LEGISLATION, FEDERAL, HR 1349

– 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
– GASB

See GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

– IASB

See INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

– IASCF

See INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE FOUNDATION (IASCF)

– NASBA

See NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA)

– New York

See NEW YORK

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

See SECURITIES AND EXCHANGE COMMISSION (SEC)

OVERSTATEMENT OF REVENUE

– American Italian Pasta Co., ex-execs sentenced to prison in conspiracy to overstate earnings and deceive investors (W.D. Mo.), 1001
– Doral Fin. Group, class action securities fraud suit against PwC over audits, dismissal affirmed (2d Cir.), 856
– Ex-AIG official sentenced to 4 years in prison for role in revenue inflation scheme (D. Conn.), 145
– Ex-Gen Re exec sentenced to 2 years in prison for role in revenue inflation scheme (D. Conn.), 55; ex-CFO sentenced to 18 months and supervised release, 372
– GlobeTel Communications Inc., ex-CEO charged over role in fraudulent revenue inflation scheme (S.D. Fla.), 862
– Lucent Technologies, SEC attempt to hold ex-execs primarily liable for revenue inflation scheme set back, defendants' granted summary judgment (D.N.J.), related civil charges remain, 454
– 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
– PurchasePro.com, ex-CEO fined over role in revenue inflation scheme, SEC summary judgment granted (D.D.C.), 919
– PurchasePro.com, ex-exec convicted in revenue inflation scheme, SEC proposed sanctions denied (D.D.C.), 183
– Settlements

See SETTLEMENTS

– Tenet Healthcare Inc., ex-general counsel ordered to pay for inflating revenues in SEC filings (C.D. Cal.), 643; ex-COO settles similar charges, 862