Weekly Summary - Accounting Research Manager

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Accounting Research Manager®
Weekly Summary
January 5-9, 2015 Edition
Accounting and SEC Summaries
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SEC Disclosure Checklists -- SEC Disclosure Checklists Updated through December 31, 2014
Inflation Rates -- Interpretation Updated on Inflation Rates for Judging Whether an Economy Is Highly
Inflationary
Income Taxes -- Interpretation Updated
Disclosure Framework -- FASB Discusses Disclosure Framework
Auditing and Internal Controls Summaries
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Single Audits -- New Edition of Knowledge-Based Single Audits Published
Accounting and SEC Summaries
SEC Disclosure Checklists -- SEC Disclosure Checklists Updated through December 31, 2014
We have updated the following SEC disclosure-related checklists through December 31, 2014:
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Financial Statement Disclosures - This checklist outlines the required SEC disclosures for financial statements
included in 1934 and 1933 Act domestic filings that are incremental to U.S. GAAP. The checklist is organized
by topic.
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Management's Discussion and Analysis - This checklist outlines the required SEC disclosures for MD&A
included in 1934 and 1933 domestic filings, including Forms 10-K and S-1.
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Incremental Certifications, Disclosures, and Reporting Mandated by Sarbanes-Oxley - This checklist outlines
the certification, disclosure and reporting requirements resulting from the SEC rules mandated by the
Sarbanes-Oxley Act of 2002.
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SEC Form 10-Q checklist - This checklist is for financial and nonfinancial information included in Form 10-Q
and is organized by form item number.
We have updated these checklists to document views of the SEC staff expressed during the AICPA National
Conference on Current SEC & PCAOB Developments held in December 2014. Topics include goodwill impairment
testing and income taxes.
See our Literature Update for complete details.
Inflation Rates -- Interpretation Updated on Inflation Rates for Judging Whether an Economy Is Highly
Inflationary
Our interpretation, Inflation Rates for Judging Whether an Economy Is Highly Inflationary - December 2014, has been
updated and reflects the latest available inflation rate information. One change was made to the classification of
countries under this Interpretation from the previous Interpretation dated September 2014: Ethiopia has been
reclassified from the “Watch List” of countries that may have highly inflationary economies to “Countries That Do Not
Have Highly Inflationary Economies.”
See our Literature Update for complete details.
Income Taxes -- Interpretation Updated
We have updated our publication, Accounting for Income Taxes — Interpretations of U.S. GAAP. We have edited and
added certain clarifying language in various interpretations, including:
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740-10-15-3.C, “Accounting for Investments in Affordable Housing Projects”;
740-10-15-3.D, “Mexican Flat Tax”;
740-10-15-4.A, “Taxes Assessed on Dividends”;
740-10-15-4.B, “Texas State Franchise Tax”; and
740-10-25-3.K, “Deferred Tax Accounting for ‘Outside Basis Differences’ When a Change From Consolidation
to Equity or Cost Method of Accounting Occurs.”
See our Literature Update for complete details.
Disclosure Framework -- FASB Discusses Disclosure Framework
As discussed in its "Summary of Board Decisions" publication, the FASB met on January 7, 2015, and discussed the
following topics and made decisions as noted below:
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Income Taxes: The FASB discussed disclosures about undistributed foreign earnings and decided that
changes to existing disclosure requirements, if any, would be exposed for public comment as part of the
Disclosure Review-Income Taxes project.
Interim Reporting: The FASB continued redeliberations of the March 4, 2014 proposed FASB Concepts
Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements,
focusing on interim reporting. As a next step in its redeliberations, the FASB directed the staff to analyze how
the proposed Concepts Statement would affect existing interim disclosures related to fair value measurement
and revenue recognition in Topic 270.
Inventory: The FASB decided to exclude Topic 705, Cost of Sales and Services, in the scope of the inventory
disclosure review. The FASB directed the staff to begin pre-agenda research on a potential project related to
disclosure requirements for Topic 705 and other Topics containing guidance on cost of sales or services when
staff resources become available.
Auditing and Internal Controls Summaries
Single Audits -- New Edition of Knowledge-Based Single Audits Published
We have published a new version of Knowledge-Based Single Audits. This publication is a supplement to the financial
statement audit methodologies provided in Knowledge-Based Audits of Governmental Entities and Knowledge-Based
Audits of Not-for-Profit Entities. This edition of the publication has been updated where applicable to take into account
new or pending compliance auditing standards and guidance and their applicability to single audits, as well as the
current OMB Circular A-133 Compliance Supplement. Many new tips and examples have been incorporated. The 2015
tools include links to specific guidance that provides instant access to detailed analysis related to the steps and
processes discussed in the workpapers.
See our Literature Update for complete details.
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