Accounting Roundup – October 2008

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05 Nov 2008

We have posted the October 2008 edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue (PDF 363k, 31 pages) include:

FASB Developments

  • FASB Issues Guidance on Measuring Fair Value of Financial Assets in an Inactive Market
  • FASB Issues Exposure Draft on Subsequent Events
  • FASB Issues Exposure Draft on Going Concern
  • FASB and IASB Issue Discussion Paper on Financial Statement Presentation
  • FASB Decides to Propose FSP to Delay Effective Date for Interpretation 48 (Uncertain Tax Positions) for Private Entities
  • FASB and IASB Announce Joint Response to Credit Crisis
  • FASB's Valuation Resource Group Discusses Nine Fair Value Topics

AICPA Developments

  • AICPA Issues SAS on Communicating Internal-Control-Related Matters
  • AICPA Issues SSAE on Integrated Audits of Nonpublic Companies
  • AICPA Issues Exposure Draft on Conducting an Audit in Accordance With GAAS

SEC Developments

  • SEC Extends Comment Period for Proposed Rule Redefining Annuity Contracts
  • SEC Issues Letter Clarifying Impairment Guidance on Perpetual Preferred Securities
  • SEC Comments on Executive Compensation Disclosures
  • SEC Holds Roundtable on Transparent Disclosures
  • SEC Begins Study of Mark-to-Market Accounting

PCAOB Developments

  • PCAOB Proposes Seven Auditing Standards on Risk Assessment
  • PCAOB Discusses Accomplishments in 2008 and Priorities for 2009

FASAB Developments

  • FASAB Issues Standard on Reporting Gains and Losses Attributable to Changes in Pension Obligation Assumptions

International Developments

  • IASB Issues Amendments Permitting Reclassification of Financial Instruments
  • IASB Proposes Amendments to Financial Instrument Disclosure Requirements
  • IASB Reveals Steps in Response to Credit Crisis
  • IAASB Issues Seven Revised International Standards on Auditing
  • IAASB Issues Practice Alert on Auditing Fair Value
  • IFAC Provides View Regarding International Standards on Auditing SMEs

Other Developments

  • Considerations Regarding the Emergency Economic Stabilization Act of 2008

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