Accounting Policy and Practice Report Index-Summary

REAL ESTATE INVESTMENT TRUSTS (REITs)

– Revenue recognition, Ameriprise reaches settlement with SEC over alleged revenue -sharing scheme with REITs (SEC), 690

REAL PROPERTY

– Alternative investments

See ALTERNATIVE INVESTMENTS

– Consolidations

See CONSOLIDATIONS

– Mortgage securitizations

See MORTGAGE SECURITIZATIONS

– Mortgages, subprime meltdown

See SUBPRIME MORTGAGES

– Rental property

See generally LEASES

– Transfers of interest of consolidated subsidiary, EITF Issue No. 08-10 ratified by FASB, EITF discussed but did not resolve outstanding issues, 89

RECOGNITION OF ASSETS

See generally ASSETS

RECONCILIATION OF STANDARDS

See generally CONVERGENCE

RECORDKEEPING

– Convergence, transition to IFRS carries major implications and tax issues for IRS, dual recordkeeping may be required, official says, 44
– Enron, ex-CFO of offshoot telecommunications unit pleads guilty to falsifying books and records (S.D. Tex.), 551
– Procurement and contract recordkeeping shortfalls in SEC Office of Acquisitions identified by independent audit, 932

REDEMPTIONS OF CORPORATE STOCK

– Auditor liability, PwC denied summary judgment in bank's tax malpractice suit re tax treatment of stock redemptions (N.Y. Sup. Ct.), 499

REGISTRATION

– CAQ offers SEC staff views on incorporating retroactive FASB guidance, 523
– Nature's Sunshine Products Inc., registration revoked over late filings (SEC), 144
– PCAOB proposed rules and form to ease successor registration, SEC seeks public comments, 590

REGULATORY REFORM

– Financial system

See generally FINANCIAL SYSTEM REFORM

– Securities laws

– – Legislation

See LEGISLATION, FEDERAL, HR 2873

– – New regulatory framework must heed evolution of markets, SEC official tells ABA, 778
– – Proposed changes submitted by SEC to Congress, 684

RELATED-PARTY TRANSACTIONS

– 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
– Joint ventures, IASB refines proposals based on constituent input on exposure draft, 492

RENTAL PROPERTY

See generally LEASES

REPORTING REQUIREMENTS

– AICPA technical group urges FASB to not cede to IASB authority over private company accounting, 950
– Annual and special report filings, rules adopted by PCAOB, SEC seeks public comments, 590
– Audit firms, new PCAOB annual reporting rules take effect in Oct., 773; effective date changed, 913
– Business combinations, FAS 141(R) significantly changes accounting and reporting rules, analysis, 705 et seq.
– Conceptual framework project

See CONCEPTUAL FRAMEWORK

– Convergence

See CONVERGENCE

– eXtensible Business Reporting Language (XBRL) project

– – AICPA official discusses possible application to securities data, 310
– – Codification of GAAP standards alignment with XBRL, FASB working to resolve issue, 213; users of FASB website not able to access XBRL elements when preparing financial statements, 943
– – FASB exposure draft on codification of GAAP standards to be issued soon, 213
– – IASCF seeks comments on business reporting activities' handbook, 360
– – Large cap companies must use as of June, Final Regs. adopted, 163
– – Mutual fund requirements, amendments adopted, 163
– – Risk exposure, global companies exploring use of to standardize disclosure of capital risks, 43
– – Rule amendments requiring firms to use for financial information approved by SEC, 20
– – SEC group recommends greater use of interactive reports, 78
– – SEC public seminar on use of XBRL scheduled, 496
– – Survey finds many public companies already using XBRL, 452
– – Taxonomy, IASC Found. seeks comments on updated draft, 89

– Fair value reporting

See FAIR VALUE

– Financial reporting issues with renewed standards, PCAOB to update guidance, chief auditor says, 853
– GASB codification of accounting and financial reporting guidance in AICPA auditing standards, 404
– Global Accounting Alliance urges debate on improving financial reporting in report, raises questions to be addressed, 139; collaboration of all groups needed to reduce complexity, panelists say, 687
– 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
– Interim financial reporting, guidelines for additional disclosures in light of volatile markets, staff to explore amendments to IAS 39, 216; rules to be shored up under IASB quick-fix annual amendment process, 493; speedy changes to IAS 39 better for EU than adopting FASB rules, IASB argues, 532; measurement and classification sections, revision nears completion, 534; 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; impairment discussion suggests second area of divergence between IASB and FASB, 905
– Internal controls

See INTERNAL CONTROLS

– 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
– Oil and gas 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
– Pozen panel recommendations, FASB moving ahead with implementation, FASB and FAF report issued, 771
– Promoting Transparency in Financial Reporting Act

See LEGISLATION, FEDERAL, HR 2664

– Quarterly reporting more robust, yields higher quality interim information since Sarbanes-Oxley, FASB advisers say, 949
– SEC updates guidance for Regulation S-K, S-T, interactive data and Form 8-K, 523
– Stock-based compensation

See SHARE-BASED COMPENSATION

– Subprime mortgage meltdown

See MORTGAGE SECURITIZATIONS

– Transparency, international requirements

See CONVERGENCE

– Uncertain tax positions

See UNCERTAIN TAX POSITIONS, FIN 48

RESEARCH AND DEVELOPMENT

– Asset acquisitions, EITF reaches accord on main tenets of proposed guidance, 845

– – draft ASU published for comment by FASB, 891

– BNA adds new portfolios to series, 282; 457
– Business combinations, R&D projects acquired in business combinations, FASB capitalization project dropped, added to EITF agenda, 82

RESTATEMENTS

See FINANCIAL RESTATEMENTS

RESTRICTED SECURITIES

– SEC interpretations of 1933 and 1934 securities acts' rules issued, 115

RESTRUCTURINGS

– Troubled loans

See SUBPRIME MORTGAGES

RETIREMENT

– Other post-retirement benefits

See OTHER POST-EMPLOYMENT BENEFITS (OPEBs)

– Pensions

See PENSIONS

REVENUE RECOGNITION

– Adelphia case, ex-Deloitte partner's challenge to sanctions imposed over audit rejected (D.C. Cir.), 728
– Ameriprise reaches settlement with SEC over alleged revenue -sharing scheme with REITs (SEC), 690
– Auditor liability

See AUDITOR LIABILITY

– Backdating stock options

See STOCK OPTION BACKDATING

– Baxter Intl., ex-officials prevail in securities fraud suit over financial projections, health care product concern granted summary judgment (N.D. Ill.), 230
– Cadence Design Sys., class action suit over improper revenue recognition by software design firm tossed for failure to adequately plead scienter (N.D. Cal.), 918
– Collins & Aikman ex-execs, charges dropped by Justice, SEC civil case still in play (S.D.N.Y.), 98; court orders SEC to obey document request in civil case, 145
– Contract-based approach to recognition favored in survey, 545
– CSX Auto Corp., SEC seeks clawback of bonuses under SOX §304 from innocent CEO (D. Ariz.), 734; effect of case on calculus of restatements discussed, 833
– Dana Corp. officials win second dismissal of class securities fraud allegations of misrepresenting firm's financial condition (N.D. Ohio), 817
– Enron

– – Ex-CFO of offshoot telecommunications unit pleads guilty to falsifying books and records (S.D. Tex.), 551
– – Skilling, ex-exec convicted of financial fraud, appeal granted on constitutionality of “honest services” statute and jury bias issue (U.S., rev grant), 951

– FASB/IASB joint standard project

– – Discussion paper issued in Dec., comments requested by June, 10 et seq.; single revenue model proposed, 31; panelists on FASB webcast approve of discussion paper, 303; IASB staff say risk of failing convergence deadline, 307; right-of-use model discussed, comment deadline set for July, 486; FASB discusses issue of net vs. gross presentation of revenues, performance obligation considered linchpin, 529; construction, telecommunication and insurance industries question need, practicality of project, 719; customer contract revenue recognition, FASB asks staff for further analysis, conflicts with lease accounting discussed, 808; transfer of good and control, key notions discussed at latest FASB meeting, 895; IASB and FASB agree on how entities would apply proposed model, 976
– – Time value of money, waiting for contingency to clear, non-cash consideration, FASB addresses issues left out of discussion paper, 302

– Flowserve Corp., pension fund claims that firm concealed financial problems revived, requirements of loss causation explained, class certification may be resought (5th Cir.), 640
– Geotec Inc., synthetic fuel producer and officials face civil charges over false filings and accounting irregularities (S.D. Fla.), 642
– GlobeTel Communications Inc., ex-CPA admits not reporting stock compensation paid to corporate officers (S.D. Fla.), 146; ex-CFO sentenced to prison, 459
– Homebuilder's ex-CAO charged over role in fraudulent earnings management scheme (N.D. Ga.), 641
– Kmart ex-CEO convicted of all charges in accounting scam to conceal firm's financial condition (E.D. Mich.), 552
– Milestone method, EITF reached consensus for exposure, comment period announced, 308; consensus to be reissued, residual method elevated, sellers to use relative selling price method for allocations, 578; FASB issues for comment, 619
– Misstated financials, class securities claims dismissed for failure to adequately plead scienter (9th Cir.), 144
– Multiple deliverables, EITF draft abstracts posted for comment by FASB, 665; EITF reaches consensus on guidance, 844; FASB ratifies, 893; FASB issues final guidance, 933
– Newpark Resources Inc., SEC sues oil and gas and ex-CFOs over alleged fraud scheme to avoid aging debt (E.D. La.), 691
– President's Corporate Fraud Task Force expanded, 39
– Revenue overstatement

See OVERSTATEMENT OF REVENUE

– 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
– Settlements

See SETTLEMENTS

– Software CEO sued by SEC for claiming fake licensing agreements in revenue recognition scam (M.D. Fla.), 956
– Software, EITF reaches consensus on guidance on tangible products with software components, 844; FASB ratifies, 893; FASB issues final guidance, 933
– Tyco Intl. ex-execs settle SEC financial fraud and securities law violation claims (S.D.N.Y.), 692

RISK ASSESSMENT

– Auditing standards

– – AICPA proposes redrafted documents as part of ongoing clarity project, 134
– – Integrated audits, risk-based approach to testing controls promoted in CAQ report, 173
– – PCAOB proposes 7 new standards emphasizing auditors' comprehension of risk and improvement of audit quality, 95

– BNA adds new portfolios to series, 282; 457
– Corporate directors should take larger role in managing corporate tax risk, IRS chief counsel says, 996
– Corporate tax executives spending more energy on risk management issues than ever before, E&Y survey finds, 49
– COSO working to promote use of, feature report, 764
– Internal audits

See INTERNAL CONTROLS

– Investors ask President-elect to strengthen right to risk disclosure, 43
– IOSCO task force report makes recommendations for addressing lack of transparency, faulty risk management, 454
– IRS looking at corporate governance issues of tax risk and transparency, 916
– Pensions, IASB working group agrees IFRS 7 good starting point for pension disclosure obligations, 400
– Privacy and data security breaches

– – Heartland Payment Sys., SEC filing shows expenses in dealing with breach, 456
– – Hiscox report finds many firms fail to disclose potential financial risk, 412

– Regulatory reform

– – Environmental risk disclosure, SEC working to clarify requirements, 711
– – GAO report says financial regulators not forceful enough in fixing known risk management faults prior to crisis, 327
– – Investors' Working Group, some in Congress, oppose Obama plan for systemic risk regulator, feel better handled by existing agencies, 687
– – New division created at SEC to deal with, 841
– – PCAOB member, Harris, predicts Hill action on systemic risk, other priorities may slip, 453
– – SEC's new enforcement agenda, risk assessment, compliance programs top priorities, 501
– – Systemic risk should be immediate focus, Dodd (D-Conn) and Volcker say, 119

– SEC Industry and Markets Fellows Program, established to aid in risk assessment, restoring market confidence, 436
– Stock options, backdating liability issues

See SHARE-BASED COMPENSATION

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

RUSSIA

– E&Y Russian arm wins appeal against tax authorities, 138
– PwC appeal upheld by Presidium of Russian Supreme Arbitration Court in dispute with Russian tax agency over deduction of consultancy fees, 137