六合彩-香港六合彩

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子允很敏感这话,这不是说香港六合彩想做和尚吗?香港六合彩在大家的笑声中翻了老师一眼。可惜高老师只顾看皮鞋,没发现,小和尚这么早就看破红尘啦,哎……流水落花春去也,天上人间……可怜的孩子啊,青春多美妙,生活多美好,做了个和尚的梦有什么好美的呢?老师脸上挂着意味混杂的笑容,眼中却没一丝笑意。子允想不通高老师为什么要说和尚不和尚,就算香港六合彩看到自己的不快,也跟看破红尘无关。香港六合彩不知道周晨晨怎想,甚至怀疑王秀捣了什么鬼。其实,高老师在子允发笑前因为讲到与时俱进而联系到古人石涛,香港六合彩虽然是个和尚,但香港六合彩说过笔墨当随时代这句了不起的话。子允不知就里,觉得高老师实在是高,竟知道拿这样的话最戳心窝。香港六合彩知道跟周晨晨的事与当不当和尚没什么关系,但两者毕竟是男女之间那种朦胧之中的事,出师不利,那以后就不吉利,即便将来不当和尚,也许跟当和尚差不多。但差不多是什么意思?是找不到好对象?还是生不了好儿子?或者是很快离婚?这香港六合彩倒不烦,太遥远,太虚幻,香港六合彩只觉得不是味,好不容易喜欢上一个可人的女生,却因为自己太想踢球给夭折了。香港六合彩开始恨球,甚至讨厌老师溜亮了头发的圆脸。香港六合彩苦笑着,香港六合彩只好陪笑,这样总比愣个脸的场面好。香港六合彩想回头看王峰,顺便看一眼周晨晨。事情虽因周晨晨而起,可香港六合彩一点不怨香港六合彩,相反还担心香港六合彩被这种场面吓着。不管怎么说,人家是想对自己好才失望的,所以香港六合彩陪笑,也是想让香港六合彩轻松一些。王峰后悔自己好心办坏事,香港六合彩知道子允是苦笑,虽然高老师西装革履的样子本身好笑,但成不了子允笑的原因。你当我是夸你笑容灿烂啦?还笑!老师满脸奇怪的笑容很快烟消云散,比沙漠里落下的雨珠还要消失得快。子允想不到老师的脸像梅雨季节的天气,说雨就雨,说太阳就太阳,甚至是太阳雨。子允收住笑容,抿嘴、低头、脸红、皱眉。这是标准好学生偶尔犯错时动作,此时被子允学来,希望帮自己逃过一劫。抿嘴、低头、皱眉都好学,可这脸红不是想红就能红,虽然子允这两天红过好几回,但现在被周晨晨打击过,又经过老师几个回合轰炸都没红过。子允心想,只有解放自己才能解放王峰,甚至周晨晨。为使脸红起来,香港六合彩憋住气,憋成粗脖子也没达到脸红目的。

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  • 六合彩-香港六合彩

    1. 1. BDO SEIDMAN, LLP’S JULY 2004 FINANCIAL REPORTING UPDATE PCAOB and SEC Matters ( Jeff Lenz )
    2. 2. <ul><li>AS 1 Auditor Reports </li></ul><ul><li>AS 2 Audits of Internal Control </li></ul><ul><li>AS 3 Audit Documentation </li></ul>Update
    3. 3. PCAOB Developments – AS No. 1 <ul><li>AS No. 1 - References in Auditors' Reports to the Standards </li></ul><ul><li>of the Public Company Accounting Oversight Board </li></ul><ul><li>Changes to Audit Reports: </li></ul><ul><ul><li>Directs auditors to refer to &quot;standards of the Public Company Accounting Oversight Board (United States)&quot; in lieu of references to GAAS in audit reports relating to F/S of issuers </li></ul></ul><ul><ul><li>Applies to U.S. firms and non-U.S. firms that have not yet registered with PCAOB </li></ul></ul><ul><ul><li>Effective for audit reports issued or reissued on or after May 24, 2004, irrespective of whether engagement was conducted before or after this date </li></ul></ul>
    4. 4. Internal Control Over Financial Reporting – FAQs PCAOB’s Frequently Asked Questions document Can be accessed on PCAOB’s web site at www.PCAOBUS.org/documents/staff_Q_A/Staff_Internal_Control.pdf New guidance available from the SEC on and PCAOB on Internal Control Over Financial Reporting SEC’s Frequently Asked Questions document Can be accessed on SEC’s web site at www.sec.gov/info/accountants/controlfaq0604.htm
    5. 5. Internal Control Over Financial Reporting – PCAOB FAQ <ul><li>Q7. Addresses paragraph 140 - </li></ul><ul><ul><li>If auditor identifies a misstatement in a prelim draft of F/S, does this represent a significant deficiency & strong indicator of material weakness? </li></ul></ul><ul><ul><li>Do accounting discussions need to be postponed until management has completed the accounting? </li></ul></ul>
    6. 6. Internal Control Over Financial Reporting – PCAOB FAQ <ul><li>A7. Company must have effective internal control on its own (without results of auditing procedures) </li></ul><ul><ul><li>Auditor preparing a checklist and finding a material disclosure to be missing from F/S would be an indicator of a significant deficiency & strong indicator of material weakness </li></ul></ul><ul><ul><li>Auditors may review drafts, but management needs to communicate status of F/S, reason for auditor’s review and whether controls had operated at the time </li></ul></ul><ul><ul><li>Apply the same concept in accounting discussions </li></ul></ul><ul><li>Careful structuring. Clear communication. </li></ul>
    7. 7. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Requirements related to entities consolidated pursuant to FASB Interpretation No. 46(R) (VIEs) and EITF 00-1 (proportionate consolidation) </li></ul><ul><ul><li>SEC requires management’s ICFR report to include all consolidated entities, irrespective of consolidation method. </li></ul></ul><ul><ul><li>However, for entities: </li></ul></ul><ul><ul><ul><li>in existence prior to 12/15/03 and consolidated pursuant to FIN 46; and </li></ul></ul></ul><ul><ul><ul><li>consolidated pursuant to EITF 00-1 </li></ul></ul></ul><ul><ul><ul><li>management may exclude these entities from its ICFR evaluation where necessary </li></ul></ul></ul>
    8. 8. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Requirements related to consolidated entities excluded: </li></ul><ul><ul><li>Mention in mgmt. report on ICFR and refer to separate scope discussion </li></ul></ul><ul><ul><li>Separate section of annual report should stating: </li></ul></ul><ul><ul><ul><li>ICFR evaluations and conclusions don’t apply to this entity </li></ul></ul></ul><ul><ul><ul><li>Reason for scope exception </li></ul></ul></ul><ul><ul><ul><li>Size of this entity </li></ul></ul></ul>
    9. 9. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Requirements re: equity method investees </li></ul><ul><ul><li>ICFR evaluation of recording of transactions into the equity method investee’s accounts is not required </li></ul></ul><ul><ul><li>This guidance applies regardless of significance of equity method investee to registrant </li></ul></ul>
    10. 10. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Requirements re: recently purchased businesses </li></ul><ul><ul><li>ICFR evaluation of a purchased business may be deferred if current assessment is not possible </li></ul></ul><ul><ul><ul><li>Until one year after acquisition date </li></ul></ul></ul><ul><ul><li>Disclose exclusion of purchased business from scope of management’s ICFR evaluation separately in issuer’s annual report. In addition, disclose: </li></ul></ul><ul><ul><ul><li>Identity of acquired business </li></ul></ul></ul><ul><ul><ul><li>Significance of entity to issuer’s consolidated F/S </li></ul></ul></ul><ul><ul><li>Disclose material changes in issuer’s ICFR as a result of acquisition </li></ul></ul>
    11. 11. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Conclusions on effectiveness of ICFR </li></ul><ul><ul><li>Management may not qualify its conclusions in its report on effectiveness of the issuer’s ICFR </li></ul></ul><ul><ul><li>Management’s or auditor’s conclusion that issuer’s ICFR are not effective does not affect issuer’s timely/current filer status for purposes of Rule 144 and Forms S-2, S-3, and S-8 eligibility as long as: </li></ul></ul><ul><ul><ul><li>Report that includes assessment is timely filed; </li></ul></ul></ul><ul><ul><ul><li>Auditor’s report on the F/S is unqualified; and </li></ul></ul></ul><ul><ul><ul><li>All other reporting obligations are timely satisfied </li></ul></ul></ul>
    12. 12. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Changes in Controls - Regulation S-K Item 308(c) </li></ul><ul><ul><li>Changes made as a result of preparing for company’s first management report on ICFR </li></ul></ul><ul><ul><li>Business combinations </li></ul></ul><ul><ul><li>Enhancements </li></ul></ul><ul><ul><li>Corrections of significant deficiencies </li></ul></ul>
    13. 13. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>ICFR evaluation requirements re: third party service providers </li></ul><ul><ul><li>Management is responsible for maintaining and evaluating controls over flow of information to and from service providers </li></ul></ul><ul><ul><li>Management may rely on a Type 2 SAS 70 report in assessing controls of the service provider, even if auditors for both companies are the same </li></ul></ul><ul><ul><ul><li>However, if management engages issuer’s audit firm to also prepare SAS 70 report on the service provider, it may not rely on the report for purposes of assessing ICFR </li></ul></ul></ul><ul><ul><li>Management may rely on a SAS 70 report for a service provider that is as of a different year-end than the issuer </li></ul></ul>
    14. 14. Internal Control Over Financial Reporting – SEC FAQ <ul><li>Issues Discussed in FAQ Document </li></ul><ul><li>Effective date </li></ul><ul><ul><li>First fiscal year ending on or after November 15, 2004 for accelerated filers </li></ul></ul><ul><ul><li>Applies in 2004 to new accelerated filers </li></ul></ul><ul><ul><ul><li>Did your June 30, 2004 public equity float exceeded $75 million? </li></ul></ul></ul>
    15. 15. AS 3 Audit Documentation <ul><li>Not yet approved by SEC </li></ul><ul><li>Effective – November 15, 2004 </li></ul><ul><li>Key Principles </li></ul><ul><ul><li>Procedures Performed </li></ul></ul><ul><ul><li>Evidence Examined </li></ul></ul><ul><ul><li>Conclusions Reached </li></ul></ul><ul><li>Written Documentation </li></ul>
    16. 16. Experienced Auditor <ul><li>“ an experienced auditor has a reasonable understanding of audit activities and has studied the company’s industry as well as the accounting and auditing issues relevant to the industry” </li></ul>
    17. 17. SEC Matters - Update <ul><li>Public Access to SEC Comment Letters and Responses </li></ul><ul><li>New Form 8-K Rules </li></ul><ul><li>SEC Hot Buttons </li></ul>
    18. 18. Public Access to SEC Comment Letters <ul><ul><li>Currently, SEC releases staff comment letters and responses only in response to individual Freedom of Information Act (FOIA) requests after staff review is complete </li></ul></ul><ul><ul><li>Beginning with SEC filings made after 8/1/2004, all comment letters and response letters will be made publicly available via EDGAR and the SEC’s Public Dissemination Service </li></ul></ul><ul><ul><li>Correspondence will be released no earlier than 45 days after staff has completed a filing review </li></ul></ul><ul><ul><li>Public access to SEC comment letters on SEC filings and registrants’ responses </li></ul></ul>
    19. 19. <ul><ul><li>All comment letters will be released – no confidential treatment exceptions </li></ul></ul><ul><ul><li>Companies can request confidential treatment of sensitive portions of response letters under Rule 83 of the FOIA </li></ul></ul>Public Access to SEC Comment Letters <ul><ul><li>Public access to SEC comment letters on SEC filings and registrants’ responses </li></ul></ul>
    20. 20. <ul><ul><li>Consult with counsel experienced in confidentiality matters </li></ul></ul><ul><ul><li>File redacted company response via EDGAR </li></ul></ul><ul><ul><ul><li>Omit sections for which confidential treatment will be requested </li></ul></ul></ul><ul><ul><ul><li>Each page should be clearly marked “Confidential Treatment Requested by [Name]” </li></ul></ul></ul><ul><ul><li>Submit complete unredacted copy of response letter to SEC in paper form indicating confidential treatment request </li></ul></ul><ul><ul><ul><li>Specify which portions of the letter for which issuer seeks confidential treatment and why </li></ul></ul></ul>Public Access to SEC Comment Letters <ul><ul><li>Procedures for confidential treatment request under Rule 83 </li></ul></ul>
    21. 21. Form 8-K Revisions <ul><li>Final Rule issued March 16, 2004 </li></ul><ul><li>Effective date: August 23, 2004 </li></ul><ul><li>Applicable to all domestic issuers, including small business issuers </li></ul><ul><li>Adds 8 new items which would require 8-K </li></ul><ul><li>Requires 2 items currently reported in 10-K or 10-Q to be filed on 8-K </li></ul><ul><li>Expands disclosure requirements regarding departure of director/change in certain officers </li></ul><ul><li>Shortens time frame for filing 8-K to 4 business days (from 5 or 15 business days) </li></ul><ul><li>Safe harbor </li></ul>
    22. 22. Form 8-K Revisions <ul><li>What has not changed: </li></ul><ul><li>Information requirements in acquisitions and dispositions </li></ul><ul><li>Extended due date for historical and pro forma F/S after an acquisition </li></ul><ul><li>Information requirements in connection with auditor changes </li></ul>
    23. 23. Form 8-K - New Disclosures <ul><li>Entry into material agreement (not ordinary course of business) </li></ul><ul><li>Termination of material agreement (not ordinary course of business) </li></ul><ul><li>Creation of material direct financial obligation or contingent financial obligation under an Off B/S arrangement </li></ul><ul><li>Event triggering direct financial obligation or contingent financial obligation under an Off B/S arrangement </li></ul>
    24. 24. Form 8-K - New Disclosures (cont’d) <ul><li>Exit activities including material write-offs and restructuring charges </li></ul><ul><li>Material impairment </li></ul><ul><li>Delisting events </li></ul>
    25. 25. <ul><li>No reliance on previously issued F/S </li></ul><ul><ul><li>4.02(a) – Requires company to file 8-K if it determines its F/S are misstated </li></ul></ul><ul><ul><li>4.02(b) – Requires company to file 8-K if its auditor informs it that F/S are misstated </li></ul></ul><ul><ul><ul><li>Auditor would then provide letter to SEC indicating agreement/disagreement w/ disclosures to be attached as an exhibit to 8-K filing </li></ul></ul></ul>Form 8-K - New Disclosures (cont’d)
    26. 26. Proposed 8-K Items Not Adopted <ul><li>Temporary suspension of trading under employee benefit plan </li></ul><ul><ul><li>This items was addressed by Regulation BTR and was already incorporated into Form 8-K </li></ul></ul><ul><li>Certain rating agency information </li></ul><ul><li>Termination or reduction of a business relationship w/ a customer </li></ul>
    27. 27. Form 8-K - Other Changes <ul><li>Items added from 10-K/Q </li></ul><ul><ul><li>Sales of unregistered securities </li></ul></ul><ul><ul><li>Material modification to rights of holders of securities </li></ul></ul><ul><li>Expansion of existing requirement </li></ul><ul><ul><li>Departure of a director </li></ul></ul><ul><ul><li>Change in certain officers </li></ul></ul><ul><ul><li>Changes in articles and by-laws </li></ul></ul>
    28. 28. SEC Hot Buttons <ul><li>IPR&D Charges in Pro Forma Income Statements </li></ul><ul><li>Contingencies </li></ul><ul><li>Segments </li></ul><ul><li>Materiality </li></ul>
    29. 29. IPR&D Charges in Pro Forma Income Statement <ul><li>SEC staff’s views on treatment in pro forma financial statements of In-Process R&D purchased in a business combination: </li></ul><ul><ul><li>Pro forma F/S for period prior to acquisition should include pro forma adjustment to reflect IPR&D charge </li></ul></ul><ul><ul><li>Pro forma F/S for period in which acquisition occurred should include historical IPR&D charge (i.e., no pro forma adjustment to remove historical IPR&D charge) </li></ul></ul>
    30. 30. Contingencies <ul><li>Critical assessment of claims against company required </li></ul><ul><ul><li>Accrue for probable losses </li></ul></ul><ul><ul><li>Disclose nature and possible range when maximum reasonably possible loss is material </li></ul></ul><ul><ul><ul><li>SEC is skeptical when first disclosure about a long-standing problem is made when a liability is recorded </li></ul></ul></ul><ul><li>FAS 5 applies to tax cushion </li></ul><ul><li>Expectation is that PCAOB inspections will focus on audit documentation </li></ul>
    31. 31. Segments <ul><li>High hurdle to aggregation (para. 17 of FAS 131) </li></ul><ul><li>Questions to ask: </li></ul><ul><ul><li>Will providing more detailed information enhance user’s understanding of company’s financial results and prospects? </li></ul></ul><ul><ul><li>Is aggregation consistent w/ objectives and principles of FAS 131? </li></ul></ul><ul><li>Recent addition to EITF agenda </li></ul>
    32. 32. Materiality <ul><li>Accounting issue: </li></ul><ul><ul><li>Methods used to evaluate materiality of an error (rollover method vs. iron curtain method) </li></ul></ul>
    33. 33. Materiality <ul><li>Rollover Method </li></ul><ul><ul><li>A.k.a “income statement” or “current-period” method </li></ul></ul><ul><ul><li>Auditor compares misstatements that affect current year against only current year operations </li></ul></ul><ul><li>Iron Curtain Method </li></ul><ul><ul><li>A.k.a. “balance sheet” or “cumulative” method </li></ul></ul><ul><ul><li>Auditor compares all misstatements, regardless of period to which misstatement relates, against current year results </li></ul></ul>
    34. 34. Materiality <ul><li>Example of Rollover vs. Iron Curtain Method </li></ul><ul><li>Inventory is overstated by $100 in year 20X2; no adjustment is made to correct error </li></ul><ul><li>Inventory is overstated by $150 in year 20X3 </li></ul><ul><ul><li>Under rollover method, 20X3 overstatement would be $50 </li></ul></ul><ul><ul><li>Under iron curtain method, 20X3 overstatement would be $150 </li></ul></ul>
    35. 35. BDO SEIDMAN, LLP’S JULY 2004 FINANCIAL REPORTING UPDATE FASB and EITF Updates ( Ben Neuhausen )
    36. 36. Recent FASB Staff Positions (FSPs) <ul><li>FSP FAS 106-2 , Accounting for Effects of Medicare Act of 2003 </li></ul><ul><li>FSP FAS 129-1 , Disclosure Requirements under FAS 129 – related to contingently convertible securities </li></ul><ul><li>FSP 97-1 , Life Insurance industry issue </li></ul><ul><li>FSP 141-1 and 142-1 , Mining industry issue </li></ul>
    37. 37. Status of Recent Exposure Drafts <ul><li>Share-Based Payments </li></ul><ul><ul><li>Issued March 2004, comment period ended June 30 </li></ul></ul><ul><ul><li>June 2004 Roundtables </li></ul></ul><ul><ul><ul><li>Recording compensation expense based on fair value of options </li></ul></ul></ul><ul><ul><ul><li>Auditability of assumptions for option pricing models </li></ul></ul></ul><ul><ul><ul><li>Accounting for income taxes </li></ul></ul></ul><ul><ul><ul><li>Effective date and transition </li></ul></ul></ul><ul><ul><ul><li>Private company provisions </li></ul></ul></ul>
    38. 38. Status of Recent Exposure Drafts <ul><li>Conditional Asset Retirement Obligations </li></ul><ul><ul><li>To provide more consistent recognition of liabilities relating to AROs and enhance information on future cash outflows </li></ul></ul><ul><ul><li>Big change in practice: fair value (FV) of legal obligation of a “conditional” asset retirement to be recognized when obligation incurred or as soon as FV can be estimated </li></ul></ul><ul><ul><ul><li>Legal obligation to remove and dispose of asbestos upon renovation or demolition </li></ul></ul></ul><ul><ul><li>Issued June 2004, comments due August 1 </li></ul></ul>
    39. 39. Status of Recent Exposure Drafts <ul><li>Fair Value Measurement </li></ul><ul><ul><li>General framework for measuring FV applied to financial and nonfinancial assets and liabilities </li></ul></ul><ul><ul><li>Does not extend FV to any new categories of assets or liabilities </li></ul></ul><ul><ul><li>Issued June 2004, comments due September 7 </li></ul></ul>
    40. 40. EITF Update EITF ISSUES DISCUSSED AT JULY MEETING
    41. 41. EITF Issues Discussed at July meeting <ul><li>02-14 , Whether an Investor Should Apply the Equity Method of Accounting to Investments Other Than Common Stock If the Investor Has the Ability to Exercise Significant Influence Over the Operating and Financial Policies of the Investee (Consensus reached; further discussion planned) </li></ul><ul><li>03-9 , Evaluating the Criteria in Sub-Paragraph 11(d) of FASB Statement No. 142, “Goodwill and Other Intangible Assets,” Regarding Renewal or Extension When Determining the Useful Life of an Intangible Asset (Further discussion planned) </li></ul>
    42. 42. Issues Discussed at July meeting <ul><li>03-13 , Applying the Conditions in Paragraph 42 of FASB Statement No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”, in Determining Whether to Report Discontinued Operations (Further discussion planned) </li></ul><ul><li>04-1 , Accounting for Pre-Existing Contracts between the Parties to a Purchase Business Combination (Further discussion planned) </li></ul>
    43. 43. Issues Discussed at July meeting <ul><li>04-5 , Investor's Accounting for an Investment in a Limited Partnership When the Investor Is the Sole General Partner and the Limited Partners Have Certain Rights (Further discussion planned) </li></ul><ul><li>04-6, Mining industry issue (Further discussion planned) </li></ul>
    44. 44. Issues Discussed at July meeting <ul><li>04-7, Determining Whether an Interest Is a Variable Interest in a Variable Interest Entity (Further discussion planned) </li></ul><ul><li>04-8 , Accounting Issues Related to Certain Features of Contingently Convertible Debt and the Effect on Diluted Earnings per Share (Tentative consensus; further discussion planned) </li></ul>

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