FASB Developments

• FASB Clarifies Settlement of a Tax Position in an Interpretation 48 FSP
• Interpretation 46(R) FSP Issued for Investment Companies
• Hedge Accounting Project Added to Agenda

AICPA Developments

• Employee Benefit Plan Technical Practice Aids Issued
• Framework for AICPA Code of Professional Conduct Exposure Draft
• Proposed Revisions to Peer Review Standards
• Discussion Paper on Improving Clarity of ASB Standards

SEC Developments

• Management Guidance Provided on Sarbanes-Oxley Section 404
• Rule Changes Proposed on Capital Raising and Disclosure Requirements for Smaller Companies
• Extension of Comment Period for Proposed Broker-Dealer Rules
• SEC Provides Research Guides for Securities Laws and Public Companies
• Auditor Independence Brochure Made Available
• SEC Staff Warns Securities Industry Firms of Imposters

PCAOB Developments

• Auditing Standard Approved
• PCAOB Holds International Auditor Regulatory Institute

GASB Developments

• Statement on Pension Disclosures Issued

FASAB Developments

• Exposure Draft on Accounting for Federal Oil and Gas Resources

International Developments

• IASB Preliminary Views on Accounting for Insurance Contracts
• US and European Union Agree to Work to Eliminate Financial Reporting Reconciliation

Other Developments

• OMB Issues 2007 A-133 Compliance Supplement
• Treasury Department Announces Initiatives to Improve Financial Reporting and Auditing Profession