FW: Weekly Summary Oct. 12-18, 2001

-----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

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