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.
