Reducing Complexity in Reporting Financial Instruments
The Financial Accounting Standards Board (FASB or the Board) and the International Accounting Standards Board (IASB) are considering how best to simplify and improve standards for financial reporting of financial instruments. Complexity exists in several areas, including measurement attributes, derecognition , classification as liabilities (or assets) and equity, and presentation and disclosures. Both the Board and the IASB have decided that addressing all of those areas in a single effort is not likely to result in any simplification or improvement in the foreseeable future. Therefore, they have decided to separate the issues into smaller, more manageable groups.

Comments due by Friday, September 19, 2008

Preliminary Views, Conceptual Framework for Financial Reporting: The Reporting Entity
The Preliminary Views is one of a series of publications being developed jointly by the International Accounting Standards Board (IASB)and the US Financial Accounting Standards Board (FASB) as part of a joint project to develop a common conceptual framework for financial reporting.

The Boards' Exposure Draft, Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information, explains why the boards are reconsidering their existing frameworks. It also explains the process for developing the common conceptual framework.

Comments due by Monday, September 29, 2008

Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Costraints of Decision-Useful Financial Reporting Information
In July 2006 the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (the Boards) jointly published a Discussion Paper, Preliminary Views [on an improved] Conceptual Framework for Finanical Reporting: [The] Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information. That Discussion Paper was the first in a series of publication jointly developed by the Boards as part of a project to develop a common conceptual framework for financial reporting.

The Boards received 179 responses related to that Discussion Paper. At their meetings in 2007, the Boards considered the issues raised by respondents. This Exposure Draft is the product of the Boards' redeliberations of the issues being addressed in the first phase of the project and consideration of feedback received on the Discussion Paper.

Both the FASB and the IASB have published this commoon Expsoure Draft for public comment. This Exposure Draft relates to one part of the Boards' broader conceptual framework. The Boards expect to publish other discussion papers and Exposure Drafts to seek comments on other parts of what ultimately will be an improved conceptual framework for financial reporting. Both Boards share the ultimate goal of adopting the improved framework as a replacment of their existing frameworks.

Comments due by Monday, September 29, 2008

Proposed Statement (Revised), Earnings Per Share-An Amendment of FASB Statement No. 128
The FASB is issuing this proposed Statement as part of a joint project with the International Accounting Standards Board (IASB). The FASB and the IASB undertook that project to eliminate differences between FASB Statement No. 128, Earnings Per Share, and IAS 33, Earnings Per Share, in ways that also would clarify and simplify the earnings per share (EPS) computation. This proposed Statement proposes amendments to Statement 128. The IASB also issued an Exposure Draft proposing amendments to IAS 33. Those proposed amendments, taken together, would improve the comparability of EPS because the denominator used to compute EPS under Statement 128 would be the same as the denominator used to compute EPS under IAS 33, with limited exceptions. Those limited exceptions relate to instruments for which the underlying accounting under U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) is different.

Comments due by Friday, December 05, 2008

Suggested Guidelines for Voluntary Reporting of SEA Performance Information
The primary purpose of a government is to help maintain and improve the well-being of its citizens by providing services. A government's efficiency and effectiveness in providing those services is an important part of its performance. In order to report vital aspects of governmental performance to citizens, elected officials, and other interested parties (collectively referred to as "users"), information is needed about (1) the acquisition and use of financial and nonfinancial resources and (2) the service efforts and accomplishments (SEA) of the government. SEA reporting provides more information about a government's performance that can be provided by traditional financial statements.
It is beyond the scope of the Governmental Accounting Standards Board (GASB) to establish the goals and objectives of state and local government services, to develop specific nonfinancial measures or indicators of service performance, or to set standards of or benchmarks for service performance. The results of the GASB's extensive research and monitoring indicate that is it appropriate at this time for the GASB to consider setting forth conceptually based suggested guidelines for voluntary reporting of SEA perfomance information.
The draft suggested guidelines (suggested guidelines) are composed of the essential components of an effective SEA report and the qualitative characteristics that are appropriate for reporting SEA perfomance information. The four essential components are: purpose and scope, major goals and objectives, key measures of SEA performance, and discussion and analysis of results and challenges. The six qualitative characteristics, as set forth in Concepts Statements No. 2, Service Efforts and Accomplishments Reporting, are relevance, understandability, comparability, timeliness, consistency, and reliability.
The suggested guidelines are being developed after considering the 16 suggested criteria that were presented in the GASB staff's Special Report, Reporting Performance: Suggested Criteria for Effective Communication, which was issued in 2003, the results of the experimentation efforts by governments with those suggested criteria, as well as the various approaches that have been used by state and local governments in reporting SEA performance information.
This Request for Response is intended to solicit comments on the suggested guidelines. Details regarding how to provide comments by these methods can be found in the Notice of Public Hearing. User Forum, and Request for Written Comments at the front of the Request for Reponse.

Comments due by Friday, October 31, 2008

Improvements to IFRSs
The International Accounting Standards Board has published this exposure draft of proposed amendments to Internation Financial Reporting Standards (IFRSs) as part of its annual improvments project.
The project provides a streamlined process for dealing efficiently with a collection on non-urgent but necessary amendments to IRFSs.

Comments due by Friday, November 07, 2008

Simplifying earnings per Share Proposed Amendments to IAS 33
This exposure draft of proposed amendments to IAS 33 Earnings per Share has been published by the International Accounting Standards Board as part of its convergence project with the US Financial Accounting Standards Board (FASB). The objective of hte project is to reduce differences between International Financial Reporting Standards (IFRSs)and US generally accepted accounting principles (GAAP) that are capable of resolution in a relatively short time and can be addressed outside current and planned major projects. The proposals aim to achieve convergence of the denominator of the earnings per share (EPS) calculation according to IAS 33 and Statement of Financial Accounting Standards No. 128 Earnings per Share (SFAS 128).

Comments due by Friday, December 05, 2008

Section 290 of hte IFAC Code of Ethics for Professional Accountants, Independence - Audit and Review Engagements
The IESBA has issued this re-exposure draft of proposals to strengthen two areas of the independence requirements contained in the IFAC Code of Ethics for Professional Accountants. The proposals relate to the provision of internal audit services to a public interest audit client and the safeguards that are required when the fees from a public interest audit client exceed 15 percent of the total fees of the firm. The re-exposure draft relates to matters that were exposed for comment in July 2007.

Comments due by Sunday, August 31, 2008

Evaluating and Improving Governance in Organizations
This proposed new guidance is designed to support professional accountants in business and their organizations in evaluating and improving governance structures.

Comments due by Tuesday, September 23, 2008

Costing to Drive Organizational Performance
This proposed new good practice guidance is designed to assist professional accountants in business in delivering useful cost information to support effective decision making and organizational performance.

Comments due by Tuesday, September 23, 2008

Code of Ethics for Professional Accountants
This exposure draft proposed changes to enhance the clarity of the Code of Ethics for Professional Accountants. The proposed changes make clear the specific requirements that are contained in the Code and refine the application of the Code's conceptual framework.

Comments due by Wednesday, October 15, 2008

Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Investment Companies
The Securities and Exchange Commission is reopening the period for public comment on amendments it originally prooposed in Securities Act Release No. 8861 (Nov. 21, 2007)[72 FR 67790 (Nov. 30, 2007)]. The rule proposal would, if adopted, require key information to appear in plain English in a standardized order at the front of the mutual fund prospectus; and permit a person to satisfy its mutual fund prospectus delivery obligations under Section 5(b)(2) of the Securities Act of 1933 by sending or giving the key information directly to investors in the form of a summary prospectus and providing the statutory prospectus on an Internet Web site.

Comments due by Friday, August 29, 2008

Security Ratings
This is one of three rules that the Commission is publishing simultaneously relating to the use of security ratings by nationally recognized statistical rating organizations in its rules and forms. In this release, the Commission proposes to replace rule and form requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934 that rely on security ratings (for example, Forms S-3 and F-3 eligibility criteria) with alternative requirements. In addition, the Commission requests comment on its rules relating to the disclosure of security ratings.

Comments due by Friday, September 05, 2008

References to Ratings of Nationally Recognized Statistical Rating Organizations
This is one of three releases that the Securities and Exchange Commission ("Commission") is publishing simultaneously relating to the use in its rules and forms of credit ratings issued by nationally recognized statistical rating organizations ("NRSROs"). In this release, the Commission proposes to amend various rules and forms under the Securites Exchange Act of 1934 ("Exchange Act") that rely on NRSRO ratings. The proposed amendments are designed to address concerns that the reference to NRSRO ratings in Commission rules and forms may have contributed to an undue reliance on NRSRO ratings by market participants

Comments due by Friday, September 05, 2008

References to Ratings of Nationally Recognized Statistical Rating Organizations
This is one of three releases that the Securities and Exchange Commission ("Commission") is publishing simultaneously relating to the use in its rules and forms of credit ratings issued by nationally recognized statistical rating organizations ("NRSROs"). In this release, the Commission proposes to amend five rules under the Investment Company Act of 1940 and the Investment Advisers Act of 1940 that rely on NRSRO ratings. The proposed amendments are designed to address concerns that the reference to NRSRO ratings in Commission rules may have contributed to an undue reliance on NRSRO ratings by market participants.

Comments due by Friday, September 05, 2008

Exemption on Certain Foreign Brokers or Dealers
The Securities and Exchange Commission ("Commission" or "SEC") is proposing to amend a rule under the Securities and Exchange Act of 1934 ("Exchange Act"), which provides conditional exemptions from broker-dealer registration for foreign entities engaged in certain activities involving certain U.S. investors. To reflect increasing internalization in securities markets and advancements in technology and communication services, the proposed amendments would update and expand the scope of certain exemptions for foreign entities, consistent with the Commission's mission to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation.

Comments due by Monday, September 08, 2008

Modernization of the Oil and Gas Reporting Requirements
The Commission is proposing revisions to its oil and gas reporting requirements which exist in their current form in Regulation S-K and Regulation S-X under the Securities Act of 1934, as well as Industry Guide 2. The revisions are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves, which should help investors evaluate the relative value of oil and gas companies. In the three decades that have passed since adoption of these requirements, there have been significant changes in the oil and gas industry. The proposed amendments are designed to modernize and update the oil and gas disclosure requirements to align them with current practices and changes in technology. The proposed amendments would also codify Industry Guide 2 in Regulation S-K, with several additions to, and deletions of, current Industry Guide items. They would further harmonize oil and gas disclosures by foreign private issuers with the proposed disclosures for domestic issuers.

Comments due by Monday, September 08, 2008

Indexed Annuities and Certain Other Insurance Contracts
The Commission is proposing a new rule that would define the term "annuity contract" and "optional annuity contract" under the Securities Act of 1933. The proposed rule is intended to clarify the status under the federal securities laws of indexed annuities, under which payments to the purchaser are dependent on the performance of a securities index. The proposed rule would apply on a prospective basis to contracts issued on or after the effective date of the rule. They are also proposing to exempt insurance companies from filing reports under the Securities Act of 1934 with respect to indexed annuities and other securities that are registered under the Securities Act, provided that the securities are regulated under state insurance law, the issuing company and its financial condition are subject to supervision and examination by a state insurance regulator, and the securities are not publicly traded.

Comments due by Wednesday, September 10, 2008

Proposed Amendment to Municipal Securities Disclosure
The Securities and Exchange Commission ("Commission") is publishing for comment proposed amendments to a rule under the Securities Exchange Act of 1934 ("Exchange Act") relating to municipal securities disclosure. The proposal would amend certain requirements regarding the information that the broker, dealer, or municipal securities dealer acting as an underwriter in a primary offering of municipal securities must reasonably determine that an issuer of municipal securities or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the issuer's municipal securities, to provide. Specifically, the amendments would require the broker, dealer, or municipal securities dealer to reasonably determine that the issuer or obligated person has agreed: (1) to provide the information covered by the written agreement to the Municipal Securities Rulemaking Board ("MSRB" or "Board"), instead of to multiply nationally recognized municipal securities information repositories ("NRMSIRs") and state information depositories ("SIDs"), as the rule currenly provides, and (2) to provide such information in an electronic format and accompanied by identifying information as prescribed by the MSRB.

Comments due by Monday, September 22, 2008

Commission Guidance Regarding the Duties and Responsibilities of Investment Company Boards of Directors with Respect to Investment Adviser Portfolio Trading Practices
The Securities and Exchange Commission is publishing for comment this proposed guidance to boards of directors of registered investment companies to assist them in fulfilling their fiduciary responsibilities with respect to overseeing the trading of investment company portfolio securities. The guidance focuses on the role of an investment company board in overseeing the best execution obligations of the investment adviser hired to invest in securities and other instruments on the investment company's behalf. In this respect, we address the conflicts of interest that may exist when an investment company's brokerage commissions to purchase services other than execution, such as the purchase of brokerage and research services through client commission arrangements. The Commission also is requesting comment on whether to propose that advisers be subject to new disclosure requirements concerning the use of client commission arrangements to investment company shareholders and other investment advisory clients.

Comments due by Wednesday, October 01, 2008