Message-ID: <23247215.1075853098561.JavaMail.evans@thyme> Date: Mon, 22 Oct 2001 10:07:44 -0700 (PDT) From: danny.wilson@enron.com To: houston.tax@enron.com Subject: FW: Weekly Summary Oct. 12-18, 2001 Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Wilson, Danny X-To: Tax Houston X-cc: X-bcc: X-Folder: \MFISCHER (Non-Privileged)\Fischer, Mary\Deleted Items X-Origin: Fischer-M X-FileName: MFISCHER (Non-Privileged).pst -----Original Message----- From: nichole.m.szafranski@us.andersen.com@ENRON Sent: Thursday, October 18, 2001 4:24 PM To: Knowledge_Solutions@arthurandersen.com Subject: Weekly Summary Oct. 12-18, 2001 DEAR ACCOUNTING RESEARCH MANAGER (TM) SUBSCRIBER: The October 12 - 18, 2001 edition of the Accounting Research Manager Weekly Summary is now available. You can access the headlines, summary paragraphs and links of the Weekly Summary below. You can access the fully-formatted version of the Weekly Summary at the following address: http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/EB2DAC14 THIS WEEK'S HEADLINES: BUSINESS COMBINATIONS/GOODWILL/REVENUE - FASB AND SEC ISSUE GUIDANCE ADDRESSING VARIOUS ISSUES The SEC and FASB have issued the following guidance addressing business combinations, goodwill/other intangible assets and revenue recognition matters: FASB ISSUES PROPOSED IMPLEMENTATION GUIDANCE The FASB staff has issued proposed implementation guidance on FASB Statements No. 141, Business Combinations , and No. 142, Goodwill and Other Intangible Assets . Paragraph 61(b) of Statement 141 requires that the carrying amount of certain intangible assets be reclassified and accounted for as assets apart from goodwill as of the date Statement 142 is adopted in its entirety. The FASB staff's proposed announcement would clarify that the phrase "accounting records have been maintained" as used in footnote 25 to paragraph 61(b) is intended to mean that an entity is accounting for an acquired intangible asset separately from goodwill as evidenced by the maintenance of separate general ledger accounts, subsidiary ledgers, or spreadsheets for that intangible asset to which it posted periodic amortization charges, impairment charges, and any other accounting entries related to that asset. http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/C8D759A8 SEC ISSUES UPDATE TO CURRENT ACCOUNTING AND DISCLOSURE ISSUES In October 2001, the SEC's Division of Corporation Finance issued the August 31, 2001 update of Current Accounting and Disclosure Issues . This document provides guidance to companies on hot disclosure and accounting topics. http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/0A25ACAA SEC FOREIGN ISSUERS - SEC PROPSES EDGAR FILING FOR FOREIGN ISSUERS On September 25, 2001, the SEC proposed a rule that would require foreign private issuers and foreign governments to file electronically on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system the documents they file under the Securities Act of 1933 and the Securities Exchange Act of 1934. Currently, the rules permit, but do not require, foreign issuers to file their documents electronically. In addition, the proposal would require foreign private issuers to translate into English all foreign language documents filed with the SEC. Currently, the rules permit the filing of certain foreign language documents that are accompanied by an English language summary. This Literature Update (a) describes the significant changes that would be introduced and (b) adds the release to SEC Practice. http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/41306D67 BUSINESS COMBINATIONS PROJECT - FASB DISCUSSES AT ITS OCTOBER 10, 2001 MEETING As described in the FASB's "Action Alert ," at its October 10, 2001 meeting the FASB discussed issues regarding the application of FASB Statements No. 141, Business Combinations, and No. 142, Goodwill and Other Intangible Assets. At its October 24, 2001 meeting, the FASB will discuss the following projects: Consolidations: Policy and Procedures http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/A82D9F02 Impairment of Long-Lived Assets to Be Disposed Of http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/686C7D42 International Accounting -- Agendas for Upcoming International Accounting Standards Board (IASB) and Standards Advisory Council (SAC) Meetings The IASB will hold its next meeting on October 16-20, 2001. http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/06C483BD The SAC will hold its next meeting on October 16-17, 2001. http://www.arm.arthurandersen.com/rschmgr.nsf/?Open&M=vwUID/63E3FBEB FEEDBACK... In order to provide a tool that is most responsive to your needs, we welcome your input regarding the Weekly Summary. 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