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Audit Brief (from LBB)

19 Feb

LBB & Associates Ltd., LLP (LBB) is a Houston, Texas based public accounting firm specializing in audits of small and micro-cap publicly held entities, as well as privately held entities, in a broad range of industry sectors. Each quarter, they put a briefing that helps us keep up with what is happening with the SEC.  Here is their last one…

Frequently asked question . . .

When are companies required to stop filing annual and quarterly reports on Form 10-KSB and 10-QSB and use Form 10-K and 10-Q instead?

Answer . . . companies have a choice.

Small business issuers will have the option to file their next annual report for a fiscal year ending after December 15, 2007 on Form 10-KSB or the standard Form 10-K. Any quarterly reports due before this annual report may be filed on Form 10-QSB or Form 10-Q. After the next annual report, all future annual and quarterly reports must be on the standard forms instead of the “SB” forms. This means that the date a small business issuer will be required to file on standard forms depends on its particular fiscal year end. Detail changeover guidance published by the SEC can be found at: http://www.sec.gov/info/smallbus/secg/smrepcosysguid.pdf

New accounting standards recap

– SFAS 157 – Fair Value Measurements, becomes effective for fiscal years beginning after December 15, 2007 which, for many filers, is the current quarter.

Additionally, the following table is a summary of the authoritative guidance issued by the FASB during 2007 (the effective dates for which are found at: http://fasb.org/project/recent_effective_dates.shtml) FAS 160 – Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51

Dec 2007

FAS 141 (revised 2007) Business Combinations

Dec 2007

FSP FIN 46(R)-7 Application of FASB Interpretation No. 46(R) to Investment Companies

May 2007

FSP FIN 48-1 Definition of Settlement in FASB Interpretation No. 48

May 2007

FSP FIN 39-1 Amendment of FASB Interpretation No. 39

 

Apr 2007

 

FSP FAS 158-1 Conforming Amendments to the Illustrations in FASB Statements No. 87, No. 88, and No. 106 and to the Related Staff Implementation Guides

Feb 2007

FAS 159 Accounting for Certain Hybrid Financial Instruments—an amendment of FASB Statements No. 133 and 140

Feb 2007

FAS 133 Implementation Issue B40 Embedded Derivatives: Application of Paragraph 13(b) to Securitized Interests in Prepayable Financial Assets

 

Jan 2007

 

FAS 133 Implementation Issue G26 Cash Flow Hedges: Hedging Interest Cash Flows on Variable-Rate Assets and Liabilities That Are Not Based on a Benchmark Interest Rate

Jan 2007

LBB & Associates Ltd., LLP is a public accounting firm specializing in audits of small business filers. Feel free to direct any inquiries to Briefs@lbbcpa.com, or contact any of the LBB partners at 713-877-9944.

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Posted by on February 19, 2008 in BLOG

 

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