FASB Developments

• FASB Eliminates Inconsistencies in Financial Guarantee Insurance Contracts
• FASB Issues Statement Establishing GAAP Hierarchy
• FASB Tightens Convertible Debt Accounting for Issuers
• FASB Issues FSP on Consolidation and Equity Method Guidance for Not-for-Profit Organizations
• FASB and IASB Issue Two Conceptual Framework Documents
• FASB Proposes FSP on Credit Derivative and Guarantee Disclosures
• FASB Proposes FSP on Fair Value Accounting for Trading Inventory
• FASB Seeks Additional Comments on October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and Acquisitions
• FASB Authors Article About Fair Value
• Valuation Resource Group Discusses Four New Topics and Status of Prior Issues

• SEC Expands the Definition of Eligible Portfolio Companies Under the Investment Company Act of 1940
• SEC Proposes Rule on Interactive Data
• SEC Proposes Rule on Cross-Border Transactions
• SEC Publishes Small Entity Compliance Guide on Internet Availability of Proxy Materials
• SEC Financial Reporting Advisory Committee Releases Updated Progress Reports

• AICPA Recognizes IASB as Standard Setter
• AICPA Issues Two Proposed Redrafted Statements on Auditing Standards

• GASB Adds New Projects to Agenda

• IASB Issues Annual Improvements to International Standards
• IASB and FASB Issue Two Conceptual Framework Documents

• CAQ SEC Regulations Committee Meets With SEC Staff