The document summarizes updates from BDO Seidman's July 2004 Financial Reporting Update. It discusses new PCAOB audit standards and SEC guidance related to auditor reports, internal control over financial reporting, and recent FASB and EITF developments. Key topics covered include: - New PCAOB audit standards on auditor reports and audit documentation. - SEC and PCAOB guidance on evaluating and reporting on internal control over financial reporting. - FASB staff positions and exposure drafts on various accounting topics. - Issues discussed by the EITF in July 2004, including contingently convertible debt and accounting for pre-existing contracts in business combinations.

1. BDO SEIDMAN, LLP’S JULY 2004 FINANCIAL REPORTING UPDATE PCAOB and SEC Matters ( Jeff Lenz )

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

35. BDO SEIDMAN, LLP’S JULY 2004 FINANCIAL REPORTING UPDATE FASB and EITF Updates ( Ben Neuhausen )

40. EITF Update EITF ISSUES DISCUSSED AT JULY MEETING