 The AICPA Accounting Standards Executive
Committee (AcSEC) issued Statement of Position (SOP) 04-2,
Accounting for Real Estate Time-Sharing Transactions
, to address diversity in practice caused by a lack of
guidance specific to real estate time-sharing transactions.
Concurrently the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standards no. 152,
Accounting for Real Estate Time-Sharing
Transactions—an amendment of FASB Statements No. 66 and 67
, which includes amendments to FASB pronouncements
being made in conjunction with issuance of the SOP, which is
effective for financial statements issued for fiscal years
beginning after June 15, 2005, with earlier application
encouraged. The SOP is available separately (product no.
014942JA) or through a Technical Practice Aids
subscription (product no. WTP-XXJA) from the AICPA
order department at 888-777-7077 or online at www.cpa2biz.com .
The SEC released Staff Accounting Bulletin
(SAB) no. 106, Interaction of Statement no. 143 and the
Full-Cost Rules , on the application of the FASB
statement, Accounting for Asset Retirement Obligations
, by oil- and gas-producing companies that follow the
full-cost accounting method (
www.sec.gov/interps/account/sab106.htm ).
The Financial Accounting Standards Advisory
Council (FASAC) announced the results of its 2004 annual
survey (
www.fasb.org/fasac/results2004.pdf ), which asked
council and FASB members to rank current board projects
according to their priority. Respondents chose revenue
recognition, fair value and financial performance reporting
as the topics most worthy of FASB’s attention. |