The attached issue of Heads Up, by Deloitte, summarizes the Sept. 26, 2006, AICPA SEC Regulations Committee meeting with the U.S. Securities and Exchange Commission (SEC) staff. In addition to discussing the agenda items relating to technical accounting and reporting issues, the SEC staff discussed ongoing projects, final rule releases and other matters.

Heads Up, published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP, provides in-depth summaries of recent accounting and financial reporting developments. This newsletter is published periodically as developments warrant, and is intended for a general audience of financial professionals, including CFOs, controllers, and internal audit and accounting professionals.