Accounting Roundup – November 2007

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07 Dec 2007

We have posted the November 2007 Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • FASB Revises Business Combination and Noncontrolling Interests Accounting
  • FASB, FAF, and AICPA Support Transition of U.S. Public Companies to Accounting Standards Set by One Global Standard Setter
  • FASB Proposes to Delay Effective Date of Interpretation 48, Uncertain Tax Positions, for Private Entities
  • FASB Proposes to Partially Defer Fair Value Statement 157, Considers Implementation Issues
  • FASB Proposes FSP to Exclude Leases From Scope of Fair Value Statement 157 and Revises Lease Accounting's Fair Value Definition
  • FASB Proposes FSP for Indefinite Deferral of SOP 07-1 Affecting Investment Company Accounting
  • FASB Proposes FSP Amending the Factors Considered in Determining an Intangible Asset's Useful Life
  • FASB Issues Proposal to Simplify and Improve Reporting for Financial Instruments With Characteristics of Equity
EITF Developments
  • EITF Issue No. 07-1 Accounting for Collaborative Arrangements
  • EITF Issue No. 07-4 Application of the Two-Class Method Under FASB Statement No. 128, Earnings per Share, to Master Limited Partnerships
  • EITF Issue No. 07-5 Determining Whether an Instrument (or an Embedded Feature) Is Indexed to an Entity's Own Stock
  • EITF Issue No. 07-6 Accounting for the Sale of Real Estate Subject to the Requirements of FASB Statement No. 66, Accounting for Sales of Real Estate, When the Agreement Includes a Buy-Sell Clause
  • EITF Discusses FASB's Approach for Updating Issue No. 98-5, Accounting for Convertible Securities With Beneficial Conversion Features or Contingently Adjustable Conversion Ratios
SEC Developments
  • SEC Removes Reconciliation Requirement, Approves Rules for Smaller Public Companies
  • SEC Issues SAB Providing Views About Written Loan Commitments Accounted for at Fair Value
  • SEC Proposes Mandatory Electronic Submission of Certain Investment Company Applications and Filings
  • SEC Approves Amendments to PCAOB Rules Governing Inspection Frequency
  • SEC Seeks Feedback Regarding Web-Based Tools Used to Access Public-Company Disclosures About Business Activities in or With Countries Identified as State Sponsors of Terrorism
  • SEC Appoints Wayne Carnall as Chief Accountant of the Division of Corporation Finance
GASB Developments
  • GASB Issues Statement No. 52 Land and Other Real Estate Held as Investments by Endowments
International Developments
  • IASC Announces Governance Proposals to Enhance Its Public Accountability
Click to view November 2007 Edition of Accounting Roundup (PDF 283k). You will find past issues of Accounting Roundup Here.


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