FASB Developments

• Cleared Guidance on Implementation Issue B40 on securitised interests in prepayable financial assets
• Proposed FSP for Computing Diluted EPS
• Invitation to Comment on Valuation Guidance
• FASB Decides Not to Delay Interpretation 48 on uncertainty in income taxes
• FASB Establishes Investors Technical Advisory Committee
• Herz Reappointed as FASB Chairman

AICPA Developments

• AICPA Issues Audit Risk Alerts
• ASB Issues SAS 114 The Auditor's Communication With Those Charged With Governance
• AICPA Issues Framework for Reporting Deficiencies to Insurance Regulators

SEC Developments

• SEC Letter on Filing Restatements for Errors in Accounting for Stock Option Grants
• SEC Proposed Rule on Universal Internet Availability of Proxy Materials
• Government Agencies Issue Final Statement on Complex Structured Finance Activities
• SEC Issues Q&As on Executive Compensation and Related Person Disclosure

PCAOB Developments

• PCAOB Observations on Auditors' Responsibilities With Respect to Fraud

International Developments

• IASB Issues Exposure Draft on Proposed Amendments to IFRS 1
• IASB and FASB Hold Roundtable Discussions on Measurement