The original comment deadline of 19 February 2009 has now been changed to 20 April 2009. The extension of the comment period is a result of requests received by the SEC to help improve the potential response rate and quality of responses to the proposal. The proposed roadmap sets forth milestones that, if achieved, could lead to the required use of IFRS by US issuers by 2014 if the Commission believes it to be in the public interest and for the protection of investors, with some large issuers permitted to use IFRSs even earlier. Click for:

• SEC Announcement Extending the Deadline (PDF 52k)

 

IAS Plus Update on Assessment of Embedded Derivatives ED:

• Actualización IAS Plus Enero 2009 – Enmiendas propuestas relacionadas con la valoración en la reclasificación de derivados implícitos (PDF 166k)
• Spanish version of IAS Plus Update January 2009 – Proposed amendments regarding the assessment of embedded derivatives on reclassification (PDF 115k)

 

The new disclosures would be effective prospectively for interim periods ending after March 15, 2009. Therefore, calendar-year-end entities would provide comparative fair value disclosures for first quarter 2009 and year-end 2008. This issue of Heads Up (PDF 84k) explains the proposal.

 

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

• FASB Issues Amendments to OTTI Model for Certain Investments in Securitization

Derivative Instruments and Hedging Activities

• FASB Issues Proposed Derivatives Implementation Guidance
• SEC Provides Temporary Exemptions for Eligible Credit Default Swaps
• IASB Proposes Amendments to Clarify the Accounting for Embedded Derivatives

Debt (Issuer Accounting)

• CAQ Issues White Paper on Loan Modifications

Fair Value Measurements

• FASB Issues Proposed FSP on Interim Disclosures About Fair Value of Financial Instruments
• AICPA Issues Draft Issues Paper on Alternative Investments
• SEC Finalizes Study of Mark-to-Market Accounting

Consolidations

• IASB Proposes New Consolidation Standard

Income Taxes

• FASB Issues FSP on Deferral of Interpretation 48

Pensions and Other Postemployment Benefits

• FASB Expands Disclosures About Postretirement Plan Assets

Revenue Transactions - General

• FASB and IASB Issue Discussion Paper on Revenue Recognition
• IFRIC Issues Interpretation on Customer Contributions

Other Accounting

• AICPA Issues Technical Practice Aid on Prospective Unlocking
• AICPA Issues Technical Practice Aid on Nonregistered Investment Partnerships
• AICPA Issues Technical Practice Aid on Determining Financial Statement Preparer
• FASAB Releases Exposure Draft on GAAP Hierarchy for Federal Entities
• IASC Foundation Publishes 2009 IFRS XBRL Taxonomy for Public Comment
• IASB Reexposes Proposed Standard on Related Parties

Other SEC Matters

• SEC Approves Revisions to Modernize Oil and Gas Reporting Requirements
• SEC Approves Rules Requiring Registrants to Submit Interactive Data
• SEC Issues Rule to Define 'Annuity Contract' and 'Optional Annuity Contract'
• SEC Issues Final Rule on Disclosures and Prospectus Delivery for Certain Mutual Funds
• SEC Issues Report on 21st Century Disclosure Initiative
• SEC Issues New Compliance and Disclosure Interpretations

Other Auditing

• PCAOB Issues Statement on Registration for Auditors of Nonpublic Broker-Dealers
• PCAOB Issues Staff Guidance on Auditing ICFR for Smaller Public Companies
• AICPA Issues Proposed SASs on Required Supplementary and Other Information
• AICPA Issues Proposed SAS on Compliance Audits
• AICPA Issues SAS Clarifying Audit Documentation
• AICPA Issues Interpretation on Reporting on the Design of Internal Controls

Other Developments

• GAO Releases Study of the U.S. Financial Regulatory System

Click to view the Accounting Roundup — January 2009 (PDF 293k, 31 pages). You will find past issues of Accounting Roundup Here.

 

IAS Plus Update on Disclosures of Investments in Debt Instruments ED: Actualización IAS Plus Enero 2009 – Propuesta de revelaciones adicionales para las inversiones en instrumentos de deuda (PDF 120k) Spanish version of IAS Plus Update January 2009 – Additional disclosures proposed for investments in debt instruments (PDF 104k) IAS Plus Update on Related-party Disclosures ED: Actualización IAS Plus Diciembre 2008 – Revisado el borrador para discusión pública sobre la revelación de las relaciones con el Estado (PDF 179k) Spanish version of IAS Plus Update December 2008 – Revised Exposure Draft on disclosure of relationships with the state (PDF 124k) IAS Plus Update on First-time Adoption ED: Actualización IAS Plus Diciembre 2008 – IASB actualiza estándar sobre la adopción por primera vez (PDF 145k) Spanish version of IAS Plus Update December 2008 – IASB updates Standard on first-time adoption (PDF 113k) Credit Crisis Alert: Beneficios de pensión y otros posteriores al retiro afectados por la agitación en los mercados del crédito (PDF 241k) Spanish version of Financial Reporting Alert 08-19 (December 4, 2008): Pension and Other Postretirement benefits Affected by Turmoil in the Credit Markets (PDF 63k) GIOS Newsletter November 2008: Boletín de presentación de reportes en los Estados Unidos para compañías que no tienen sede en los Estados Unidos – Desarrollos recientes – Noviembre 2008 (PDF 416k) Spanish version of November 2008 US Reporting Newsletter for Non-US Based Companies GIOS Newsletter October 2008: Boletín de presentación de reportes en los Estados Unidos para compañías que no tienen sede en los Estados Unidos – Desarrollos recientes – Octubre 2008 (PDF 460k)

 

Its purpose is to advise both boards about the role of accounting during the crisis and potential changes. The FCAG held its first meeting on 20 January 2009. Click here for the preliminary and unofficial Notes Taken by Deloitte Observers at that meeting. The upcoming meeting on 13 February will be held at Baruch College, Newman Conference Center, Room H750, 151 East 25th Street, 7th Floor, New York, NY 10010 USA. It will be open to public observation and will be webcast. Click for More Information on IASB's website.

The amendment took effect for accounting periods commencing on or after 1 January 2008. Click to download Legislation as Published in the Maltese Government Gazette (PDF 139k).

 

One of the 2008 reports reviewed comments on domestic registrants using US GAAP. The other reviewed comments on foreign private issuers using IFRSs. Deloitte (United States) has now published a revised edition of the first report: SEC Comment Letters on Domestic Registrants: A Closer Look. This second edition reflects both new topics and new areas within existing topics that the SEC staff has commented on since the earlier edition. The SEC staff has continued to issue comments on all topics included in the first edition, such as revenue recognition, business combinations, segment reporting, financial instruments, and impairments. However, in light of the troubled credit markets, the staff has been more closely scrutinising goodwill and intangible asset impairments, other-than-temporary impairments, deferred tax valuation allowances, compliance with debt covenants, fair value, and the allowance for loan losses, just to name a few. Click to download SEC Comment Letters on Domestic Registrants: A Closer Look (PDF 810k).

 

This publication provides practical industry insights for executives and addresses IFRS questions, such as:

• Why should technology companies care about IFRS?
• What are some of the significant differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for technology companies?
• How might IFRS impact the technology companies? And what are the accounting, tax, systems, and organizational implications of IFRS?
• Where should technology companies start? Which approach would work when it comes to IFRS?
• What lessons have been learned from the European experience?