SEC Flash Report

for Public Companies

To:

Re:

Accounting and Finance Professionals

SEC and PCAOB Developments

Date:

From:

February 5, 2007

William J. Friedman, CPA
Nicholas R. Bottini, CPA

The linked newsletter in PDF format contains important accounting and reporting matters that the SEC believes registrants should focus on this reporting season.

Topics include:

Accounting for Uncertainty in Income Taxes
Revenue Recognition
Stock Based Compensation Issues
Business Combinations
Fair Value Accounting
Financial Instruments
Benefit Plans
Executive Compensation Disclosures
Form 8-K
MD&A
International Reporting
Internal Controls