Ernst & Young AccountingLink

If you haven't kept up with your US Week in Review, this is what you missed:

• Employer’s participation in a multiemployer plan
• SEC final rule on director nominations
• Summer NAIC update

In addition, this week's edition (pdf, 508kb) notes the ASUs issued by the FASB on (1) measuring charity care for disclosure and (2) offsetting by health care entities and comments on the proposed 2011 US GAAP XBRL Taxonomy.

• Financial Reporting Developments-The road to convergence: the revenue recognition proposal
• Hot Topic-Proposed accounting changes for leases
• Technical Line-Proposed leases guidance exposed
• Practical matters-What do the proposed lease accounting changes mean for you?
• Technical Line-Financial instruments: FASB proposes wholesale changes
• Practical matters-Revenue: Will your key metric change?
• Hot Topic-FASB staff draft of new presentation model for financial statements
• Hot Topic-FASB proposes amendments to converge fair value guidance
• Hot Topic-FASB proposes single revenue recognition model
• Hot Topic-Boards issue joint progress report

Spotlight on tax and health care reform

How will health care reform and the ensuing tax changes affect the audit committee agenda? Learn more about the risks and complications of complying with health care legislation in June’s BoardMatters Quarterly. Download BoardMatters Quarterly (pdf, 466kb) as a printable document.

Time to plan for potential tax increases

Regardless of what emerges from the legislative process this year, tax rates are likely to climb in 2011 and beyond. Companies and individuals should be thinking about potential tax scenarios now and plan accordingly. Our Tax insights (pdf, 108kb) publication highlights a number of tax planning considerations for businesses and high-income individuals.

Third quarter financial reporting update

Are you current with the latest developments affecting financial accounting and reporting? Register for our live quarterly Thought Center webcast where a panel of Ernst & Young professionals will review the highlights of this quarter’s technical accounting, tax and regulatory developments.

Change in the HIRE Act statute of limitations

The Education Jobs and Medicaid Assistance Act, among other things, provides a technical correction to the statute of limitations provision of the Hiring Incentives to Restore Employment (HIRE) Act. Our Hot Topic (pdf, 381kb) provides an overview of the new legislation and accounting implications.

Tax accounting for international tax legislation

The Education Jobs and Medicaid Assistance Act contains a series of income tax provisions that will change how foreign tax credits are determined and used in a number of situations. Our Hot Topic (pdf, 356kb) gives an overview of the new legislation along with the accounting implications.

Q&A on financial reform bill

The provisions of the recently signed financial reform bill will affect every public company, not just financial institutions, and will bring about enhanced SEC enforcement authority and changes to corporate governance. We have prepared a Q&A document (pdf, 187kb) that outlines the main provisions of the law and discusses its expected impact on the capital markets and the economy.

Loss contingency disclosure includes indirect taxes

On 20 July 2010, the FASB released its second exposure draft on loss contingency disclosures. If adopted as proposed, the proposal would expand the population of loss contingencies that are required to be disclosed to include remote contingencies that could have a severe impact. The scope of the Exposure Draft includes loss contingencies related to indirect taxes. Our Hot Topic (pdf, 584kb) provides an overview of the exposure draft.

Quarterly standard setter update

Our Second quarter 2010 Standard Setter Update (pdf, 732kb) highlights significant developments in financial accounting and reporting current through 2 July 2010. It also provides summaries of certain proposals presently under consideration by the FASB, SEC, AICPA, EITF, PCAOB and GASB.

Reforming proxy rules

The SEC published a Concept Release soliciting comment on the US proxy voting system. The release focuses on whether the US proxy system is operating with the accuracy, reliability, transparency and integrity shareholders and issuers should expect. Our Hot Topic (pdf, 548kb) provides an overview of the more significant aspects of the Concept Release.