McGladrey & Pullen, LLP, is dedicated to helping our clients improve the quality of their financial reporting. We deal with the form and content of financial statements and provide guidance on financial accounting matters. http://www.mcgladrey.com/Services/Detail/Accounting.html The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standard Update, which if finalized, would defer the requirements in FASB Statement No. 167, Amendments to FASB Interpretation 46(R), for an investment manager's interest in an entity (1) that has the attributes of an investment company or (2) for which it is industry practice to apply measurement principles for financial reporting purposes that are consistent with those followed by investment companies.http://mcgladrey.com/Resource_Center/Audit/Articles/proposal_deferral_statement_167.html The FASB Accounting Standards Codification will affect the way companies reference U.S. GAAP in their financial statements. http://mcgladrey.com/Resource_Center/Audit/Articles/effect_fasb_codification_disclosures_110309.html On October 13, 2009, the FASB added Emerging Issues Task Force Issue No. 09-1, "Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing," to its Accounting Standards Codification by issuing Accounting Standards Update No. 2009-15, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing. http://mcgladrey.com/Resource_Center/Audit/Articles/asu_issued_accounting_110309.html Recently, the Financial Accounting Standards Board issued Proposed Accounting Standards Update, Derivatives and Hedging (Topic 815) - Scope Exception Related to Embedded Credit Derivatives.http://mcgladrey.com/Resource_Center/Audit/Articles/scope_exception_110309.html The Private Company Financial Reporting Committee (PCFRC) met October 22-23 in Charlotte, North Carolina. http://mcgladrey.com/Resource_Center/Audit/Articles/pcfrc_meets_110309.html This article includes three scenarios illustrating our Firm’s views on the effective date of FASB Statement No. 141 (revised 2007), Business Combinations, in certain situations. http://www.mcgladrey.com/Resource_Center/Audit/Articles/applicability_statement_no141_100609.html In June 2009, the Financial Accounting Standards Board (FASB) issued FASB Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R). The FASB hosted a one-hour webcast on August 24, 2009 to discuss the requirements of these amendments. The archived webcast is free of charge and is available until September 23, 2009. http://mcgladrey.com/Resource_Center/Audit/Articles/fasb_webcast_082509.html The Financial Accounting Standards Board has added a project to its agenda that is intended to make financial statement disclosures more effective, coordinated, and less redundant. http://www.mcgladrey.com/Resource_Center/Audit/Articles/fasb_initiatives_072809.html At its July 1, 2009 meeting, the Financial Accounting Standards Board ratified the final consensuses for Emerging Issues Task Force Issue No. 09-1, "Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing."http://www.mcgladrey.com/Resource_Center/Audit/Articles/accounting_for_own_share_lending_072809.html At its June 18, 2009 meeting, the Emerging Issues Task Force (EITF) reached tentative conclusions on Issue No. 08-1, “Revenue Arrangements with Multiple Deliverables” and Issue No. 09-3, “Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That Include Software Elements”.http://www.mcgladrey.com/Resource_Center/Audit/Articles/eitf_consensus_072809.html The Financial Accounting Standards Board has published FASB Statement No. 166, Accounting for Transfers of Financial Assets, which is a revision to Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.http://www.mcgladrey.com/Resource_Center/Audit/Articles/amendments_statement140_063009.html The Financial Accounting Standards Board has published FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R).http://www.mcgladrey.com/Resource_Center/Audit/Articles/amendments_statement167_063009.html The AICPA recently issued TIS Section 1600.04, Presentation of Assets at Current Values and Liabilities at Current Amounts in Personal Financial Statements.http://www.mcgladrey.com/Resource_Center/Audit/Articles/presentation_assets_liabilities_063009.html In conjunction with its efforts to clarify generally accepted auditing standards for audits of nonpublic companies and to converge such standards with International Standards on Auditing, the Auditing Standards Board of the American Institute of Certified Public Accountants recently issued.http://www.mcgladrey.com/Resource_Center/Audit/Articles/proposed_standards_qual_control_063009.html The IASB has issued amendments to International Financial Reporting Standard 2, Share-based Payment, that clarify the accounting for group cash-settled share-based payment transactions.http://www.mcgladrey.com/Resource_Center/Audit/Articles/accounting_group_cash_063009.html The staff of the SEC has issued Staff Accounting Bulletin No. 112, to bring its existing guidance into conformity with FASB Statements No. 141 (revised 2007), Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements.http://mcgladrey.com/Resource_Center/Audit/Articles/staff_accounting_bulletin_112_061609.html On May 18, 2009, the FASB issued a proposed FSP, which, if finalized, would amend FASB Interpretation (FIN) No.48, Accounting for Uncertainty in Income Taxes, to include guidance on the application of FIN 48 to pass-through entities and tax-exempt not-for-profit entities and to eliminate certain disclosures for nonpublic entities. http://mcgladrey.com/Resource_Center/Audit/Articles/proposed_amendment_fin48_060209.html