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2008 Spring Meeting
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MEMBERS OF THE ABA LAW AND ACCOUNTING COMMITTEE:
We are looking forward to seeing you at our Spring Meeting in Dallas. Please plan on attending our
Committee meeting and programs.
Committee Meeting
Our committee meeting is from 9:00 a.m. to 10:30 a.m. on Saturday, April 12, 2007. Some of
the expected topics include:
- Accounting and the subprime lending crisis – Accounting issues
that have come to the fore as a result of the recent turmoil in the subprime and other credit markets,
including the impact of fair value accounting.
- Advisory Committee on Improvements to Financial Reporting – The
Committee's Progress Report issued February 14, 2008, including anticipated actions by the SEC and
PCAOB in response to the Report and the comment process.
- SEC – Status of the IFRS concept release, latest section 404 proposals,
and other developments
- FASB – Adoption of SFAS 141R and 160, project to review SFAS 5 and other
developments
- PCAOB – Current initiatives, including proposed auditing standard on
engagement quality review.
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Housekeeping
- Liaisons with other committees
- Outreach efforts
Committee Program
"Contingencies – How will Accounting Changes Affect Reporting Companies and Lawyers' Audit Response
Letters?" –
10:30 a.m. to 12:30 p.m. on Saturday, April 12 – co-sponsored with the
Committee on Audit Letter Responses. Panelists will include Jeff Johans, a partner in the National Professional
Services Group of PricewaterhouseCoopers LLP; Stan Keller, a partner in Edwards Angell Palmer & Dodge LLP,
and Chairman of the Committee on Audit Letter Responses; and Tom White, a partner in Wilmer Cutler Pickering Hale
and Dorr LLP. The panel will discuss recent accounting pronouncements on contingencies and how they may affect
reporting on litigation and other legal matters; the impact of changes in accounting for contingencies on audit
letter responses; and other current issues relating to audit letter responses.
Recent Committee Comment Letters
- PCAOB Rulemaking Docket Matter No. 017, "Proposed Ethics and Independence
Rule 3526, Communication with Audit Committees Concerning Independence, etc." – A comment letter was
submitted to the PCAOB on September 19, 2007.
- SEC Release No. 33-8818, etc., "Acceptance From Foreign Private Issuers of
Financial Statements Prepared in Accordance with International Financial Reporting Standards Without
Reconciliation to U.S. GAAP" – A comment letter was submitted to the SEC on October 4, 2007.
Committee Comment Letters to be Drafted
- PCAOB Rulemaking Docket Matter No. 025, "Proposed Auditing Standard –
Engagement Quality Review" – Comment letters are due on May 12, 2008
- Advisory Committee Report – Along with the Federal Regulation of Securities
Committee, we are considering a comment letter on the Advisory Committee's progress report. We expect to comment on
accounting aspects of proposals that emerge from the SEC in response to the report of the Advisory Committee on
Improvements to Financial Reporting
As our agenda indicates, accounting issues will continue to be important for our clients. Our Committee meetings,
our participation in programs and the drafting of comment letters and articles about accounting developments provide
valuable resources for business lawyers to keep up with and exchange views and information about accounting and
auditing developments of relevance to their practices. Please join us at in Dallas on April 12.
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