Financial Reporting


The AICPA's Accounting Standards Executive Committee issued an exposure draft of a proposed Audit and Accounting Guide, Gaming. The proposed guide addresses new accounting issues that have emerged over the years. It also includes guidance dedicated specifically to governmental gaming entities.

Comments are due Dec. 9. The ED is available at http://tinyurl.com/5oguoe.

FASB added the topic "business combinations" to the FASB Accounting Standards Codification. The addition integrates various standards, including FASB Statement no. 141(R), Business Combinations; FASB Statement no. 109, Accounting for Income Taxes; FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109; and various EITF issues and SEC staff accounting bulletins. FASB included only the post-141(R) standards in the business combinations topic.

The codification is expected to become the single source of authoritative literature in April 2009. During the verification period, which ends Jan. 15, 2009, users are encouraged to provide input on whether the business combinations topic and all other content accurately reflect U.S. GAAP.

Users who register at http://asc.fasb.org/ can access and review the codification, including the newly added business combinations information, for free. The codification content is not yet approved as authoritative.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

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Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.