The following updates have been posted by the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB) since the previous issue of Leaders’ Edge:

FASB
FASB Staff Position (FSP) FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. The FSP defers the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic enterprises, including nonpublic not-for-profit organizations, for fiscal years beginning after December 15, 2008. (December 30, 2008)

FASB Staff Position (FSP) FAS 140-4 and FIN 46(R)-8, Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities. The document increases disclosure requirements for public companies and is effective for reporting periods (interim and annual) that end after December 15, 2008. (December 11, 2008)

GASB
Concepts Statement No. 5, Service Efforts and Accomplishments Reporting (an amendment of GASB Concepts Statement No. 2). Concepts Statement 5 updates provisions in Concepts Statement 2 in order to reflect developments that have occurred since Concepts Statement 2 was issued in 1994. The proposed changes are based on the findings of extensive research by the GASB and others and the results of the GASB’s monitoring of state and local governments that have been using and reporting service efforts and accomplishments (SEA) performance information. (December 15, 2008)


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