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Proposed FSP on Discontinued Operations

12/15/2008 - 10:27 - 825 reads

A proposed staff position would require an entity to report fewer activities as discontinued operations. If adopted the FSP would be effective for fiscal years beginning after December 15, 2009 and would be applied retrospectively.

Plugged In

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FSP FAS 133-1 and FIN 45-4 “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133

12/10/2008 - 10:42 - 1053 reads

This new FSP is effective for financial periods ending after November 15, 2008. This would be for the 2008 10K for calendar year companies.

The FSP clarifies that FAS 161 is effective for any reporting period, annual or interim, beginning after November 15, 2008. There was some controversy over whether FAS 161 was to be applied in the interim periods and this FSP claifies that it does.

This FSP applies to credit derivatives within the scope of FAS 133, hybrid instruments with embedded credit derivatives and guarantees within the scope of FIN 45.

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Teeing Up The Tax Ball

12/08/2008 - 18:12 - 710 reads
Rob Nance,

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Recent Happenings

12/08/2008 - 10:05 - 651 reads

I know it has been a long time since the last update, but here are the highlights.

FASB ratified three EITF consensuses at its November 24th meeting.

EITF 08-6 – “Equity Method Investment Accounting Considerations"

EITF 08-7 – “Accounting for Defensive Intangible Assets"

EITF 08-8 – “Accounting for an Instrument (or Embedded Feature) with a Settlement Amount That is Based on the Stock of an Entity’s Consolidated Subsidiary”

All three of these EITFs are effective for reporting periods beginning after December 15, 2008 and have to do with FAS

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Tiger Rides Into the Sunset

12/02/2008 - 18:41 - 636 reads
Rob Nance,

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GM says could be out of cash; raises a going concern issue?

11/08/2008 - 22:58 - 1070 reads

I noticed the following headline this week:

GM reports $2.5B 3Q loss, says running out of cash (AP)
AP - General Motors Corp. said Friday it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009 if the U.S. economic slump continues and it doesn't get government aid.

For accounting and finance professionals -- does this raise a going concern issue for GM and its auditor? And, will prospective buyers be more likely to now avoid purchasing a GM vehicle, thus further increasing going concern issues?

The Legal & Accounting Blog

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Insurance and the presidential campaign

10/08/2008 - 18:50 - 1116 reads
Rob Nance,

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My CPE, Your CPE

10/08/2008 - 11:32 - 744 reads
Gail Perry,

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The CPE Solution - What is Yours?

10/08/2008 - 09:11 - 1655 reads - 1 comment


By Jerry Davis, CPA - Our firm has struggled in the past on finding the best way to get CPE for our staff. We encourage everyone in the firm to "always be learning". The struggle we have is finding good outside CPE to attend.

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Get your CPEs by attending conferences

10/07/2008 - 09:51 - 1310 reads

I am a research accountant and part of my job is going to conferences to learn about different topics. I get lots and lots of CPE credits and I get to go to Chicago several times a year, so getting enough CPE credits is not a problem. For my industry, the majority of conferences are in Chicago.

My first conference experience was in Chicago for a FIN 47 (Asset Retirement Obligations) seminar. Three of us attended and we drove up the day before the conference.

Plugged In

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