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IRS Webinar addresses Office of Professional Responsibility July 9, 2009

The next installment of the Internal Revenue Service's Tax Talk Today will discuss "OPR: A Balanced Approach," featuring the agency's Office of Professional Responsibility, its oversight role and its approaches to its mission. The Web-based show will be held July 14 at 2 p.m. Read More >>

Another Ponzi scheme is dismantled July 9, 2009

The Securities and Exchange Commission has obtained an emergency asset freeze in a $485 million offering fraud and Ponzi scheme orchestrated by three Dallas businessmen through a company they owned and controlled, Provident Royalties LLC. Read More >>

Boiler room brokers get burned by SEC July 9, 2009

The Securities and Exchange Commission has charged New York-based broker-dealer Sky Capital LLC and six individuals involved in a fraudulent boiler room scheme that raised millions of dollars from U.S. and UK investors who were then restricted from selling their stock, and their investments later became worthless. Read More >>

Who's your daddy? The Fed expands its role in your personal life July 9, 2009

Some call it consumer protection. Some say it's necessary because government regulation has broken down and failed us, even though some who are expressing that opinion were heavily involved in the breakdown. Others see it as an ever-growing insult by the federal government, telling us that we are not smart enough to make good decisions. Read More […]

Kevin Mitchell elected president of Pennsylvania Institute of CPAs July 9, 2009

Kevin M. Mitchell, a certified public accountant from Harrisburg, PA, was elected 2009-2010 president of Pennsylvania Institute of Certified Public Accountants (PICPA) at the Institute's annual meeting and conference, held this year in Lake Buena Vista, FL. Read More >>

Client retention dominates AICPA's Top Issues survey July 9, 2009

The most significant challenge facing CPA firms of all sizes across the nation today is client retention, an indication of how the economy is affecting business practices for accountants and other professional service providers, according to the American Institute of Certified Public Accountants' 2009 CPA Firm Top Issues Survey. Read More >>

Memphis CPA honored by University of Memphis July 9, 2009

William H. "Bill" Watkins Jr., Founding Member of Memphis-based Watkins Uiberall, PLLC Certified Public Accountants, has recently been recognized by the University of Memphis when a classroom was named in his honor in the Fogelman College of Business and Economics. Read More >>

IMA elects John M. Brausch as new chair July 9, 2009

The Institute of Management Accountants (IMA) has announced the election of John M. Brausch, CMA, CFM, CPA as Board of Directors Chair for the 2009-2010 fiscal year. Through June 30, 2010, Brausch will serve as senior volunteer leader for the organization's worldwide network of about 60,000 accounting and finance professionals. Concurrently, he also s […]

Texas Society of CPAs announces new officers July 9, 2009

El Paso certified public accountant Kym Anderson was recently elected chairman of the 28,000-member Texas Society of Certified Public Accountants (TSCPA). Read More >>

Online retailers Amazon, Overstock.com in tax dispute with states July 8, 2009

Soon after dropping its California and Hawaii-based marketing affiliates over online tax issues, Overstock.com reversed its decision after state officials assured the online retailer that sales tax bills in those states won't become law. Read More >>

Posted on May 6, 2008 by accountinghowto

FSP SOP 90-7-1 An Amendment of AICPA Statement of Position 90-7

The FASB approved this FSP on April 24, 2008 and it is effective immediately.

This FSP resolves the conflict between early adoption of new standards for fresh-start reporting and other standards that prohibit early adoption.

SOP 90-7 is amended by reversing the guidance in paragraph .38 and stating that companies emerging from Chapter 11 bankruptcy reorganization should follow only those accounting standards in effect at the date fresh-start reporting is adopted.

This one was short and to the point. I wish they all were like this.

Filed under: New Pronouncements | Tagged: fresh start accounting, FSP SOP 90-7-1, SOP 90-7

« FSP FAS 142-3 Determination of the Useful Life of Intangible Assets FAS 159: The Fair Value Option for Financial Assets and Liabilities, including an amendment of FASB Statement No. 115 »

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