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