Accounting Policy and Practice Report Index-Summary

PASS-THROUGH ENTITIES

– Uncertain tax positions, FASB defers effective date for FIN 48, 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; final guidance issued revising disclosure requirements, 842; correction of feature report on page 831, 887; effective date clarified, 938

PENALTIES

See also SENTENCING; SETTLEMENTS
– Maximum civil penalties adjusted for inflation for Acts administered by SEC and PCAOB, Final Regs., 203
– PurchasePro.com, ex-CEO fined over role in revenue inflation scheme, SEC summary judgment granted (D.D.C.), 919
– Sanctions imposed on accountants by PCAOB for violation of rules and professional auditing standards, 775
– Tenet Healthcare Inc., ex-general counsel ordered to pay $120,000 for inflating revenues in SEC filings (C.D. Cal.), 643; ex-COO settles similar charges, pays $500,000 fine, 862

PENSIONS

– Accounting method changes to smooth out losses from financial crisis, SEC to look at closely, 522
– Alternative investments

See ALTERNATIVE INVESTMENTS

– Auditor coverage by client benefit plans, AICPA ethics groups proposes tighter rules, 855
– Defined benefit plans, asset ceiling guidance issued by IFRIC, IASB asks staff to fix flaws, 129; IFRIC comments on, 266; comments on proposed clarifications sought by IASB, 536; corrections finalized, 982
– Discount rates for determining defined benefit plan obligations, technology firm asks FASB to reconsider approach to determining, 312
– Financial statement presentation

See FINANCIAL STATEMENTS

– GASB accounting project, comments sought, public hearing to be held on whether or not changes needed, 362
– Gen Re, settlement reached for Ohio pension funds in AIG insurance fraud case (S.D.N.Y.), 231
– IASB accounting project

– – Accumulated benefit obligations on defined benefit plans, disclosure required by IASB, 723
– – Deferred recognition of plan remeasurements tentatively eliminated, board reacts to comments, 125; working group suggestions offered, 127; tentative disaggregation of costs proposal developed, 171; proposal for financial statement cost disaggregation agreed to, 317; European landscape likely to have substantial upheaval from proposals to scrap smoothing options, working group delegates warn, 399; discount rate to be examined, staff proposal on disclosure requirements cleared, 491; quick fix to discount rate, IASB okays, main exposure draft delayed, 723; IASB seeks comments on limited scope discount rate fix, 772; review hangs on outcome of financial statement presentation discussions with FASB, 850; limited scope discount rate fix dropped due to lack of constituent consensus, 983

– Multiemployer plans, FASB advisory panel urges board to address unfunded liabilities, 544
– OPEBs

See OTHER POST-EMPLOYMENT BENEFITS (OPEBs)

– Post-employment benefits, 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
– PricewaterhouseCoopers and Bermuda affiliate settle N.J. lawsuit alleging fraud and accounting improprieties at Tyco over losses in pension funds (D.N.H.), 274
– Retirement plan assets, fair valuation issues outlined in SPARK Inst. report, 770
– Stock options

See SHARE-BASED COMPENSATION

– Transparency disclosures increased in final FASB guidance, 29

PLEA AGREEMENTS

See generally SETTLEMENTS

PLEADING REQUIREMENTS

– Auditor liability, litigation increase in light of subprime crisis, defending auditors at pleading stage, analysis and perspective, 753 et seq.
– Scienter

See SCIENTER

– SEC ordered to appear at hearing to review claims against ex-Enterasys Networks Inc. to court's satisfaction or risk having claims dismissed (D.N.H.), 691; most SEC claims dismissed for lack of pleading clarity, 954

PONZI SCHEMES

See generally SECURITIES FRAUD

POST-RETIREMENT BENEFITS

See OTHER POST-EMPLOYMENT BENEFITS (OPEBs)

PRESENTATION OF STATEMENTS

See FINANCIAL STATEMENTS

PRIVACY

See generally CONFIDENTIALITY

PRIVATE COMPANIES

See also SMALL BUSINESSES
– AICPA technical group urges FASB to not cede to IASB authority over private company accounting, 950
– Canadian enterprises, final accounting standards approved, entities must decide to use Canadian or IFRS by 2011, 909
– Nonpublic company IFRS, IASB nears completion, EU considers reporting exemption for micro companies, 217; IASB declines to re-expose standard for small and medium-sized entities, seeks name change, 318; IASB releases new standard, 625; small private U.S. firms consider option of adopting, 709; Deloitte survey highlights advantages for SMEs, 710
– Uncertain tax positions, FASB defers effective date for FIN 48, 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; final guidance issued revising disclosure requirements, 842; correction of feature report on page 831, 887; effective date clarified, 938

PRIVATE COMPANY FINANCIAL REPORTING COMMITTEE (PCFRC)

– Standard-making process, value of user group, PCFRC held first meeting with FASB to discuss, 90

PRIVILEGED COMMUNICATIONS

See ATTORNEY-CLIENT PRIVILEGE; WORK PRODUCT

PROCEDURE

– Class actions

See CLASS ACTIONS

– Criminal

See generally CRIMINAL LAW AND PROCEDURE

– Derivative actions

See DERIVATIVE ACTIONS

– Jurisdiction

See JURISDICTION

– Scienter

See SCIENTER

– Sentencing

See SENTENCING

– Settlements

See SETTLEMENTS

– Standing

See STANDING

– TROs

See TEMPORARY RESTRAINING ORDERS (TROs)

– Whistleblower protections

See WHISTLEBLOWERS

PROXIES

– Bank of America/Merrill merger, BoA agrees to waive attorney-client privilege, disclose proxy information to N.Y. attorney-general and regulators, 954
– Executive compensation, proxy rules to be amended by SEC to require firms to disclose executive compensation information, 622; proposed rule issued by SEC, 665; comments under review by SEC staff, 861
– Say-on-pay

– – Corporate and Financial Institution Compensation Fairness Act

See LEGISLATION, FEDERAL, HR 3269

– – Proxy rules to be amended by SEC to ensure shareholders of TARP recipients receive, 622; proposed rule issued by SEC, 665; comments under review by SEC staff, 861

– Shareholder access, SEC to consider proposal, 356; open meeting to be held, 444; SEC agrees to propose rule amendments in split vote, 479; rule changes to improve notice/access proxy model proposed by SEC, 988
– Shareholder Bill of Rights

See LEGISLATION, FEDERAL, S 1074

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

– Accounting support fees raised due to bad economy, awaiting SEC approval, 272
– Advisory group, meeting scheduled to discuss auditor's consideration of firm's ability to continue as going concern, 275; oversight group advises waiting for additional FASB guidance, 364
– Appointments and personnel changes

– – Baumann named chief auditor, 266
– – Goezler named acting chairman by SEC following Olson's resignation, 730
– – Investor Advisory Group, nominations sought, 447; Harris to chair, 730; 19 members appointed, 915
– – Niemeier declares intent to resign soon, 853
– – Olson announces resignation, 539
– – Ray, chief auditor leaves for private sector, Rand to serve as acting chief auditor, 227
– – St. Denis named research and analysis director, 591
– – Sjoquist named communications director, 501

– Audit inspections, U.S. hindering mutual recognition agreements, EU Comm'n says, 222; progress with U.S. noted by EU, agrees likely to be approved with Canada, Switzerland and Japan, 854
– Auditor regulation

See AUDITOR OVERSIGHT

– Auditors, enforcement actions

See AUDITOR LIABILITY

– Budget for 2009 approved by SEC, increased by 9 percent over prior year, 20
– Constitutionality of agency, challenge to (U.S., rev grant), 496; Olson resignation not related to, 539; argument scheduled, 944; CII files amicus curiae brief supporting PCAOB, 989
– Convergence

See CONVERGENCE

– Data sharing with foreign oversight authorities

See LEGISLATION, FEDERAL, HR 3346

– Financial crisis, PCAOB urged by banking and business groups to not be too strict of fair value accounting in audits during current crisis, 271
– Independence of standard setters

See INDEPENDENCE

– Inspections

– – BDO Seidman 2008 annual inspection finds deficiencies, 676
– – Crowe Horwath 2008 annual inspection finds deficiencies, 446
– – Dec., 13 reports posted, deficiencies found at Deloitte's Chilean unit and 5 other firms, 42; Jan., 5 new, 4 expanded reports released, 95; 15 new reports released, faults found at 10, 174
– – Deloitte & Touche 2008 annual inspection finds significant deficiencies, 406
– – E&Y annual inspection finds significant audit deficiencies, 497
– – Foreign inspections, list of registered firms scheduled for 2009 inspections released, 364; timing rule amendment adopted, 631; updated list issued, 773
– – Grant Thornton 2008 annual inspection finds deficiencies, 676
– – KPMG annual inspection finds significant audit deficiencies, 589
– – KPMG Canadian offices' 2008 annual inspection finds significant deficiencies, 406
– – McGladrey & Pullen 2008 annual inspection finds deficiencies, 446
– – Mexican BDO Seidman affiliate, annual inspection finds deficiencies, none at Columbian affiliate of Deloitte & Touche, 729
– – Nonpublic PCAOB key inspection issues should be shared with committee, PCAOB panel members says, 676
– – PricewaterhouseCoopers 2008 annual inspection finds deficiencies, 321
– – SEC ramping up focus on PCAOB developments, 451
– – SEC seeks comment on PCAOB amendment to defer deadline for foreign inspections, 409; SEC approves delay, 540

– Internal controls

See INTERNAL CONTROLS

– New oversight responsibilities

See LEGISLATION, FEDERAL, HR 1212

– Penalties

See PENALTIES; SETTLEMENTS

– Promoting Transparency in Financial Reporting Act

See LEGISLATION, FEDERAL, HR 2664

– Regulatory jurisdiction, SEC IG recommends expanding, 637
– Rulemaking projects

– – Annual and special report filings, rules adopted by PCAOB, to SEC seeks public comments, 590; effective in Oct., 773; effective date changed, 913
– – Auditing standards

See AUDITING STANDARDS

– – Registration, PCAOB proposed rules and form to ease successor registration, SEC seeks public comments, 590

– Summary of official actions, Dec. 2008, 57; Jan. 2009, 100; 148; Feb., 185; 233; Mar., 286; 331; Apr., 373; 418; May, 507; June, 553; 598; July, 646; 693; 743; Aug., 789; Sept., 864; 921; Oct., 958

PUBLIC INTERNATIONAL OVERSIGHT BOARD (PIOB)

– Direct funding proposed by EC, 118
– EU agrees to direct funding, 433

PUBLIC-PRIVATE INVESTMENT PROGRAM (PPIP)

See ECONOMIC STIMULUS

PUBLIC UTILITIES

See UTILITIES