To the Point - Private Company Council proposes alternatives under US GAAP
The Private Company Council approved exposure of proposals to allow alternatives that would provide relief for private companies when (1) recognizing intangible assets in business combinations and subsequently measuring goodwill and (2) accounting for certain interest rate swaps. Any alternatives proposed by the Council must be endorsed by the FASB before an exposure draft can be issued. Our To the Point publication summarizes the proposed alternatives.

To the Point - FASB issues new liquidation basis accounting guidance
The FASB issued final guidance requiring entities to begin preparing financial statements on a liquidation basis when liquidation is imminent, as defined in the standard. The guidance doesn’t apply to investment companies regulated under the Investment Company Act of 1940 or limited-life entities that follow a liquidation plan established at their inception. The guidance is effective prospectively for reporting periods beginning after 15 December 2013. Early adoption is permitted.

Technical Line - Changes proposed to federal grant policies
The US Office of Management and Budget has proposed streamlining its grant guidance and making other changes aimed at increasing the effectiveness and efficiency of federal programs. The proposal would allow new grantees to use a minimum flat indirect cost rate for a few years and provide opportunities for certain grantees to simplify the reporting needed to support salary charges. It also may lead to more robust subrecipient monitoring. Other proposed changes include streamlining the compliance requirements tested in the Circular A-133 audit, changes to the major program determination process and raising the audit threshold to $750,000. Our Technical Line publication tells you what you need to know about the proposed changes.

To the Point - A revised framework for considering relief to private companies
The Private Company Council (PCC) and the FASB have issued an Invitation to Comment on a revised decision-making framework that they would use to consider whether and when to provide alternatives for private companies under US GAAP. Our To the Point publication summarizes the framework and highlights changes from the initial staff recommendations the FASB sought comment on in July 2012.

Technical Line - How to report AOCI in interim periods
ASU 2013-02 amended interim and annual reporting requirements about accumulated other comprehensive income (AOCI) for public and nonpublic companies. In interim periods, public companies are required to report information about reclassifications out of AOCI and changes in AOCI balances. Nonpublic companies are required to report only changes in AOCI balances. This Technical Line addresses implementation of the ASU for interim reporting. The ASU is effective for the first quarter of 2013 for calendar-year public companies.

To the Point - FASB issues proposal to change reporting of discontinued operations
The FASB proposed raising the threshold for reporting a discontinued operation (e.g., a separate major line of business or major geographical area) and permitting an increased level of ongoing involvement (e.g., allows for continuing cash flows and significant continuing involvement). The proposal would require additional disclosures about discontinued operations and new disclosures about certain individually material disposal transactions that would not meet the definition of a discontinued operation. Comments are due by 30 August 2013.

To the Point - New guidance for not-for-profit entities
The American Institute of Certified Public Accountants (AICPA) has issued a comprehensive revision of its Audit and Accounting Guide, Not-for-Profit Entities,for the first time in 15 years. Questions raised as the Guide was being updated have resulted in new guidance from the Emerging Issues Task Force (EITF) on two not-for-profit topics. Our To the Point publication summarizes the guidance from the AICPA and the EITF.

Financial Reporting Developments - Exit or disposal cost obligations
We have updated our Financial Reporting Developments publication on exit or disposal cost obligations to provide additional interpretive guidance.

Technical Line - What the new AOCI disclosures will look like
The FASB has issued new guidance requiring companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (AOCI). Public companies must make the disclosures in fiscal years and interim periods within those years beginning after 15 December 2012. For calendar-year public companies, that means the first quarter of 2013. Our Technical Line describes the requirements and provides examples of what the disclosures might look like.

Financial Reporting Developments - Joint ventures
Our new Financial reporting developments publication, Joint ventures, is designed to help properly identify joint ventures and understand the related accounting issues. This publication addresses the latest guidance and views on the accounting applied by both a joint venture and its venturers for noncash assets contributed at formation.

To the Point - New definition and disclosures coming for discontinued operations
The FASB tentatively decided to propose a new definition of a discontinued operation that would raise the threshold to qualify (e.g., a separate major line of business or major geographical area) and permit an increased level of ongoing involvement (e.g., allows for continuing cash flows and significant continuing involvement). The FASB also tentatively decided to require disclosures about discontinued operations and about certain individually material disposal transactions that do not meet the definition of a discontinued operation. The Board directed its staff to draft a proposal as soon as possible. Our To the Point tells you what you need to know.

Financial Reporting Developments - Segment reporting - Accounting Standards Codification 280
We have updated our Financial Reporting Developments, Segment reporting, to further clarify and enhance our interpretive guidance.

Accounting pronouncements effective in 2012
Several new accounting pronouncements are effective for 2012 interim or annual periods for calendar-year entities. We have listed those pronouncements in our publication, along with a description of the related Ernst & Young resources. All entities should carefully evaluate which accounting requirements apply to them for the first time in 2012.

To the Point - Private Company Council holds inaugural meeting
In its initial meeting in December, the Private Company Council asked the FASB staff to research four issues that the Council may consider in its review of whether and when to make accommodations for private companies. Our To the Point publication summarizes those issues and other matters discussed at the meeting.

Comment letter - FASB discussion paper on disclosure framework
Our comment letter supports the FASB’s decision to address disclosure effectiveness and to develop a framework to promote consistent decisions about disclosure requirements. However, we believe disclosure overload exists and therefore urge the FASB to make reducing disclosure requirements a priority of the project and to limit new disclosure requirements until the project is completed.

Technical Line - Implementing the medical device excise tax
An excise tax of 2.3% on the sale, lease, rental or use of certain medical devices was mandated by the 2010 health care reform legislation and goes into effect 1 January 2013. The tax applies to manufacturers, producers and importers of taxable medical devices. In some situations, a health care organization such as a hospital or other provider may also be liable for the tax. This Technical Line addresses who is affected by the tax and how it should be calculated. The Technical Line also addresses accounting considerations under US GAAP and IFRS.

To the Point - Management would have to assess going concern
The FASB tentatively decided to require management to assess a company’s ability to continue as a going concern and the need for disclosure when certain levels of uncertainty exist. This would be a change because today’s requirement to assess a company’s ability to continue as a going concern rests primarily with auditors. The FASB expects to issue a proposal in the first quarter of 2013.

Financial Reporting Developments - Earnings per share
We have updated our Financial Reporting Developments publication, Earnings per share. This updated edition includes further enhancements to our interpretative guidance, including the earnings per share treatment of vested restricted stock units with deferred settlement provisions and instruments that may be settled in cash or stock. We also have included an example to illustrate the effect of a warrant that may be settled in cash or stock.

To the Point - Proposed non-GAAP framework could make reporting easier for SMEs
The AICPA is requesting comments on a proposed financial reporting framework for small- and medium-sized privately held entities that are not required to use US GAAP. The proposed framework is intended to be less complicated and less costly to apply than US GAAP. Our To the Point publication provides a brief overview of the framework.

Technical Line - Accounting for the effects of natural disasters - Hurricane Sandy
In the aftermath of Hurricane Sandy, we received inquiries regarding the related financial reporting effects. Our Technical Line provides a reminder of existing accounting guidance that should be considered when accounting for the effects of natural disasters.

Comment letter - FASB staff recommendations for a private company decision-making framework
In our comment letter, we support the use of a framework to help the Private Company Council (PCC) and the FASB make decisions about whether and when to modify the requirements of accounting standards for private companies. We explain why we believe recognition and measurement generally should be the same for private and public companies, and why the Board should focus on disclosure and transition relief for private companies.

Comment Letter - FASB proposal to present items reclassified out of AOCI
Our comment letter supports the FASB’s proposal to require the presentation of items reclassified out of AOCI in the notes to the financial statements rather than on the face of the financial statements as previously proposed. We are also supportive of the Board’s decision to not require breakout and disclosure of amounts included in net income for items that are not reclassified into net income in their entirety (e.g., items that are capitalized on reclassification out of AOCI and recognized in income at a later date). However, we believe the usefulness of disclosures that are proposed is compromised by the lack of conceptual basis for OCI and related reclassifications.

Quarterly tax developments - September 2012
Our September edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, global tax treaties, regulatory developments and other items through 30 September 2012 to consider as you prepare your tax provision. We've also listed our tax alerts and other publications that provide more detail on the topics we discuss.

Comment Letter - The liquidation basis of accounting
We support the Board’s efforts to provide guidance on how and when to apply the liquidation basis of accounting. This Proposed Update would promote consistency in how and when entities apply the liquidation basis of accounting and would provide information that is more relevant to users of the financial statements.

To the Point - Private companies in the spotlight
Standard setters, regulators and lawmakers are focusing on how to reduce financial reporting burdens and promote capital formation for private companies. Our To the Point highlights accounting, auditing and regulatory initiatives and other projects focused on private company financial reporting.

Technical Line - New principles and criteria for assessing the quality of XBRL files
The AICPA issued Principles and Criteria for XBRL-Formatted Information, which can help companies improve the quality of the financial information they format in computer-readable XBRL and submit to the SEC and other regulators. The document is especially useful now that the SEC staff has indicated it will begin issuing comment letters on XBRL exhibits shortly. Our Technical Line publication summarizes what you need to know about the AICPA document.

To the Point - FASB proposes more AOCI reclassification disclosures
The FASB issued an exposure draft that proposes new tabular disclosures about items reclassified out of accumulated other comprehensive income (AOCI). The proposal would also increase disclosures about changes in the balances of AOCI components and require new interim reporting disclosures. Our To the Point publication summarizes what you need to know about the proposal.

To the Point - Sustainability reporting gets a boost from stock exchanges
The NASDAQ Stock Market became one of the latest stock exchanges to urge listed companies to measure and report on environmental and social issues. Our To the Point publication tells you what you need to know about the trend.

To the Point - No IPEs, but fair value could still be an option
The FASB tentatively decided not to develop entity-based accounting guidance for investment property entities (IPEs). The Board plans to consider the results of related standard-setting projects before deciding whether to pursue another approach, such as developing asset-based guidance for investment property, or to abandon the investment property project entirely. Our To the Point publication describes the Board’s latest decisions.

To the Point - Private companies - a framework for consideration
The FASB issued an Invitation to Comment on its staff's initial recommendations for a private company decision-making framework that would help the FASB and the new Private Company Council decide whether and when to change US GAAP financial reporting requirements for private companies. Our To the Point publication summarizes the approach described in the discussion paper.

Technical Line - Lessons learned from our review of restatements
Our Technical Line discusses the accounting topics that gave rise to restatements and will be helpful for companies as they perform internal risk assessments and evaluate their control environment.

To the Point - Qualitative impairment test added for indefinite-lived intangibles
The FASB issued final guidance giving companies the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. Our To the Point summarizes what you need to know about the Accounting Standards Update.

To the Point - FASB drops loss contingencies disclosure project
The FASB discontinued its project to expand requirements for loss contingencies disclosure but could revisit the issue as part of its disclosure framework project. In the mean time, we expect the SEC staff to continue to focus on compliance with existing requirements. Our To the Point publication describes the Board’s decision and summarizes the SEC staff’s recent comments on companies’ disclosures.

Quarterly tax developments - June 2012
Our June edition is designed to help you identify certain changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes certain enacted and effective tax legislation, global tax treaties, regulatory developments and other items through 30 June 2012 to consider as you prepare your tax provision. We've also listed our tax alerts and other publications that provide more detail on the topics we discuss.

To the Point - Liquidation accounting would be required when liquidation is imminent
The FASB proposed requiring entities to prepare financial statements on a liquidation basis when management stops making significant decisions about furthering the operations of an entity or limits its decision to those necessary to carry out a liquidation plan. Our To the Point publication summarizes what you need to know about the proposal.

To the Point - Now is the time to address disclosure overload
The volume of disclosures required in annual reports has grown sharply over the past two decades, largely fulfilling the prediction made in a 1994 study. Our To the Point publication updates the study of the average number of pages devoted to footnotes and Management’s Discussion and Analysis in annual reports of a select group of companies and highlights the plans of the FASB and SEC staff to increase the effectiveness of disclosures.

To the Point - Spotlight on private company standard setting
Improving the standard-setting process for private companies has become an area of focus on several fronts for the Financial Accounting Foundation and the Financial Accounting Standards Board. The creation of a Private Company Council and projects to develop a private company decision-making framework and to better define a nonpublic entity, reaffirm a strong commitment to private company stakeholders. Our To the Point highlights these initiatives.

Financial Reporting Developments - Discontinued operations
We have updated our Financial Reporting Developments publication on discontinued operations to provide additional interpretive guidance.

Proxy season 2012 - early voting results
This publication provides a view into early voting patterns and shareholder campaigns regarding director elections, say-on-pay proposals, and shareholder proposals, all of which guide expectations as the proxy season unfolds.

Financial Reporting Developments - Statement of cash flows
We have updated our Financial Reporting Developments publication on statement of cash flows to provide additional interpretive guidance.

Proxy season 2012: trends in proxy statement disclosure
An early look at the 2012 proxy season shows that companies are using the proxy statement as a strategic tool to strengthen board communications with shareholders, effectively enhancing transparency around their corporate governance practices and policies. This publication reviews the emerging trends in proxy statement disclosures among large US companies and the evolving corporate governance practices they reflect.

Quarterly tax developments - March 2012
Our new publication is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. Every quarter, we will summarize enacted and effective tax legislation, global tax treaties, regulatory developments and other items to consider as you prepare your tax provision. We'll also list our tax alerts and other publications that provide more detail on the topics we discuss.

Technical Line - Changes in reporting comprehensive income
Many companies will have to change how they present comprehensive income under Accounting Standards Updates 2011-05 and 2011-12. The new guidance is effective for public companies for fiscal years, and interim periods within those years, beginning after 15 December 2011. This means the first quarter of 2012 for calendar year-end public companies. For nonpublic companies, the amendments are effective for fiscal years ending after 15 December 2012 and interim and annual periods thereafter. Retrospective application is required. Early adoption is permitted. Our Technical line publication describes the new requirements.

Proxy season 2012: board priorities for shareholder engagement
This issue offers boards insights into investor priorities for 2012 so they can better prepare for shareholder engagement and communications. It offers an overview of the emerging corporate governance themes and highlights key shareholder initiatives that are expected to dominate the proxy season. Stay tuned for the remaining Proxy Perspectives during the proxy season.

Audit committee - leading practices and trends
This publication outlines key considerations for audit committees as they focus on risk oversight, committee composition and self assessment. Also included are suggestions for executive sessions, interaction with other board committees, continuing education and new member orientation.

2011 year-end issues audit committees should consider
Audit committees continue to face change, economic volatility and regulatory uncertainty as they head into the year-end reporting season. Our publication, 2011 year-end issues audit committees should consider, discusses the key challenges facing audit committees and lays out 20 questions audit committees should consider as they prepare for their upcoming discussions. Our publication also provides additional insights by references to other Ernst & Young publications.

To the Point - FASB tries to simplify impairment test for indefinite-lived intangibles
Based on concerns raised by financial statement preparers about recurring costs and complexity of calculating the fair value of indefinite-lived assets for impairment testing, the FASB today issued a proposed ASU to simplify the impairment test. The proposal would give companies the option to perform a qualitative assessment (similar to the one introduced by ASU 2011-08 for goodwill) to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. Comments are due by 24 April 2012.

Practical matters for the c-suite - Time for real estate entities to prepare for fair value?
Our new edition of Practical matters for the c-suite complements our recent Technical Line and To the Point publications on the FASB’s recent proposal on the accounting for real estate investment property entities and explores how the proposal would affect an organization’s finance, tax, IT systems and business processes. The Practical matters for the c-suite series is produced by our Financial Accounting Advisory Services (FAAS) group and is intended to help companies assess the potential effect of accounting proposals on their organizations.

Technical Line - Accounting for incentive payments for using electronic health records
Many questions have arisen about the appropriate accounting treatment for incentive payments under the Medicare and Medicaid programs for certain eligible professionals and hospitals that meaningfully use certified electronic health record (EHR) technology. The SEC staff has informally expressed its view on the accounting treatment of these payments. Our Technical Line discusses the SEC staff’s view and the accounting implications of these incentive payments for issuers and non-issuers that operate hospitals.

Comment letter - FAF proposal to establish Private Company Standards Improvement Council
Our comment letter supports the Financial Accounting Foundation’s (FAF) plan to establish a new council that would identify, propose, deliberate and formally vote on specific improvements to US accounting standards for private companies, subject to ratification by the FASB. However, we believe that the criteria for determining whether and when exceptions or substantive modifications to US GAAP for private companies are warranted must be developed judiciously to minimize the risk that the process will result in two sets of US accounting standards.

To the Point - Reclassifications are deferred - for now
The FASB has issued Accounting Standards Update 2011-12 (ASU 2011-12), Deferral of the Effective date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05. ASU 2011-12 defers the requirement that companies present reclassification adjustments for each component of AOCI in both net income and OCI on the face of the financial statements.

Comment Letter - Technical corrections
Our comment letter agrees that most of the proposed changes would not be expected to have a significant effect on current accounting practice. However, we believe that several of the proposed amendments would have significant implications for some entities and those proposals should either be revised or transition should be provided.

Technical Line - New investment property guidance may be in store for real estate entities
The FASB proposed a new accounting standard for investment property entities that could change the financial reporting for many entities that invest in real estate. Entities that meet the criteria for investment property entities would be required to measure their real estate investment property at fair value, with changes in fair value recognized in net income. They would present investment properties and related debt on their consolidated balance sheets and rental revenue and related expenses on their consolidated income statements.

Financial Reporting Developments - Bankruptcies and liquidations
We have updated our Financial Reporting Developments publication, Bankruptcies and liquidations. This updated edition includes an overview of the different types of bankruptcies, certain accounting considerations prior to entering bankruptcy and further enhancements to our interpretative guidance.

Comment letter - Deferral of effective date for amendments to the presentation of reclassifications of Items out of AOCI in ASU 2011-05
Our comment letter supports the FASB’s proposal to defer the effective dates of the requirement in Accounting Standards Update 2011-05 to present on the face of the financial statements the effects of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income. We believe the deferral should be permanent.

To the Point - OCI requirements may be changing - again
The FASB issued an exposure draft that proposes deferring the requirement in ASU 2011-05 that companies present reclassification adjustments for each component of accumulated other comprehensive income (AOCI) in both net income and other comprehensive income on the face of the financial statements. If finalized, the proposal would have the same effective dates as ASU 2011-05. Our To the Point publication summarizes what you need to know about the proposal.

Financial Reporting Developments - Impairment or disposal of long-lived assets
We have updated our Financial Reporting Developments publication on impairment or disposal of long-lived assets to provide additional interpretive guidance.

Comment Letter - Concept release on possible revisions to PCAOB standards related to reports on audited financial statements
Our comment letter to the PCAOB supports responsible change to the auditor reporting model and outlines a possible approach to revising the auditor’s reporting model.

Dangerous world - practical steps for global companies to evaluate and address corruption risk
Corruption risk continues to be a significant concern for global companies. The trend of increased Department of Justice and SEC enforcement of the US Foreign Corrupt Practices Act continues in the US. We provide suggestions for how large and mid-size companies should go about evaluating their corruption risks and put a program in place to address these risks responsibly.

Technical Line - Current economic conditions - financial reporting considerations
The downgrade by S&P of the long-term sovereign credit rating of the United States has contributed to the recent volatility in the capital markets. It also raises a number of financial reporting considerations, including whether US Treasury rates can continue to be used as the risk-free interest rate for financial reporting purposes. Our Technical Line publication discusses this and other matters.

To the Point - Other comprehensive income is moving
The FASB issued new guidance to make the presentation of items within other comprehensive income (OCI) more prominent. Companies will be required to present items of net income, items of OCI and total comprehensive income in one continuous statement or two separate consecutive statements. They will no longer be allowed to present items of OCI in the statement of stockholders’ equity. Out To the Point summarizes what you need to know about the rule.

Financial Reporting Developments - Asset retirement obligations
We have updated our Financial Reporting Developments publication on asset retirement obligations to reflect our current understanding of this guidance.

InSights - Regulatory compliance: adapting to a pressurized environment
This edition of InSights looks at how company compliance functions are adapting to more stringent regulatory environment. It is based on conversations with audit committee chairs, compliance executives and a broad range of other advisors.

Proxy Perspectives: Proxy season preview board priorities in 2011
Our publication outlines what boards need to know now as we enter the 2011 shareholder meeting season.

Proxy Perspectives: Shareholders target board oversight of company tax strategy
Our publication discusses shareholder concerns about board oversight of risks arising from a company’s tax strategy.

Technical Line - Accounting for the effects of natural disasters - Japan
While the tragedy in Japan continues to evolve, companies are raising a number of questions about the related financial reporting effects. Our Technical Line provides a reminder of existing accounting guidance that should be considered when accounting for the effects of natural disasters.

2010 year-end issues audit committees should consider
Our publication discusses 2010 year-end issues top of mind for audit committee members.

Hot Topic - Loss contingency disclosure
Our Hot Topic provides a more in-depth view of the SEC staff’s actions and expected actions related to loss contingency disclosure.

Hot Topic - FASB’s proposed loss contingency disclosures not effective for 2010
The FASB decided that the proposed loss contingency disclosures will not be required for public entities in 2010. Our publication discusses the actions taken by the FASB.

Comment Letter - Statement of comprehensive income
Under the proposed model, an entity would be required to report total comprehensive income and its components in two parts, net income and other comprehensive income (OCI), in a continuous statement of comprehensive income. Our comment letter notes that we find it difficult to evaluate the proposed changes while there are no clear underlying principles for the recognition of OCI or the reclassification of such items to net income.

Comment Letter - Disclosure of certain loss contingencies
While significantly improved over the first exposure draft in 2008, our comment letter expresses concerns regarding whether the loss contingency proposal is operational and would achieve the FASB's disclosure objectives.

Comment Letter - Blue Ribbon Panel proposal on private company accounting
This comment letter provides our views to the "Blue Ribbon" Panel on standard setting for private companies.

Hot Topic - FASB extends comment period for loss contingency disclosure proposal
On 18 August 2010, the FASB decided to extend the comment period related to its most recent exposure draft on loss contingency disclosures until 20 September 2010. Our Hot Topic updates our previous summary on the re-proposal.

Hot Topic - Change in the HIRE Act statute of limitations
Our Hot Topic amends the 21 May 2010 publication for the change in the HIRE Act statute of limitations.

Hot Topic - FASB’s loss contingency disclosure proposal includes indirect taxes
The scope of the re-proposal on contingencies includes loss contingencies related to indirect taxes (i.e., taxes that are not within the scope of ASC 740, Income Taxes, as the tax is not based on income). Our Hot Topic summarizes the implications.

Hot Topic - FASB re-exposes loss contingency disclosure proposal
The FASB has 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. Our Hot Topic summarizes the key points in the proposal.

Technical Line - Venezuela’s foreign currency exchange market: recent developments
During second quarter 2010, the government of Venezuela acted to halt the free-floating "parallel" currency exchange mechanism that many companies utilized to convert Venezuelan currency to US dollars, replacing that mechanism with a new currency exchange system known as "SITME." The accounting considerations associated with that development are discussed in our Technical Line.

Comment Letter - Conceptual framework for financial reporting: the reporting entity
Our comment letter supports the addition of a project on the reporting entity to the Boards’ agenda. However, we have concerns with the description of the reporting entity and the ability to apply the definition in practice.

Hot Topic - FASB staff draft of new presentation model for financial statements
If ultimately exposed and adopted as proposed, the FASB and IASB staff draft standard will fundamentally redefine the way that entities present their financial position, performance and cash flows and likely will require significant changes to entities’ information systems. Our Hot Topic provides an overview of the draft presentation model.

EY summary of COSO study on fraudulent financial reporting
Our report summarizes the COSO report analyzing fraudulent financial reporting between 1998-2007.

Hot Topic - Accounting for government assistance received
A number of governmental agencies, both domestic and foreign, have established programs to promote or guide the development of business activities by providing grants or credits. Our Hot Topic provides a brief summary of the accounting for tax based incentives and government grants.

Hot Topic - Recent legislative actions
Governments both in the US and abroad have been very active on a broad range of legislative initiatives. Our Hot Topic addresses the accounting for the income tax related to health care reform, clean energy, incentives to hire unemployed workers, extending expired tax legislation and changes in the United Kingdom’s statute of limitations.

Health care reform: top five things employers need to know
Our publication provides an overview of the key elements affecting employers in the Patient Protection and Affordable Health Care Act.

Health care reform has passed: what now?
Our publication outlines the key elements of the Patient Protection and Affordable Health Care Act.

Hot Topic - FASB issues ASU to amend ASC 855, Subsequent Events
As a result of the ASU, SEC registrants will not disclose the date through which management evaluated subsequent events in the financial statements — either in originally issued financial statements or reissued financial statements. Our Hot Topic provides additional detail about the final ASU.

Comment Letter - Proposed ASU on subsequent events
This comment letter provides our views on the FASB's proposal on subsequent events.

Technical Line - Venezuela as a highly inflationary economy
Our Technical Line addresses the accounting for a change from a non-highly inflationary economy for Venezuela to a highly inflationary economy.

Hot Topic - FASB issues proposed ASU to amend ASC 855, Subsequent Events
Our Hot Topic summarizes the FASB's proposal that would amend subsequent event guidance to address practice issues for SEC registrants with respect to processes around issuing financial statements and SEC registration requirements (e.g., incorporation by reference of previously issued financial statements).

Venezuela to be Considered "Highly Inflationary" for 2010 Reporting Periods
Our publication provides guidance on the inflationary status of Venezuela.

Hot Topic - Accounting for financial instruments: A changing landscape
Our Hot Topic provides a summary of FASB actions taken to date in their Accounting for Financial Instruments project and provides an overview of the current status of issues being considered and tentative decisions reached. It also provides an overview of the chapters of IFRS 9 recently issued.

Hot Topic - Financial Crisis Advisory Group reports to the FASB and IASB
Our Hot Topic summarizes the Financial Crisis Advisory Group report to members of the FASB and IASB on the standard-setting implications of the global financial crisis.

Current economic conditions: Accounting and reporting considerations
Our Current Economic Conditions publication is designed to help you understand and address certain accounting and financial reporting issues that may warrant increased focus because of today's market conditions.

Hot Topic - FASB agrees to the effective date of the Codification
Our Hot Topic discusses the use of GAAP references in financial statements after the Codification becomes effective, as well as some reminders for Codification users.

Hot Topic - FASB issues standard on subsequent events
Our Hot Topic summarizes Statement 165 on subsequent events. The FASB issued Statement 165 to provide authoritative accounting literature for a topic that was previously addressed only in the auditing literature. The guidance in Statement 165 is similar to the current guidance in the auditing literature with some exceptions that are not intended to result in significant changes in practice.

Comment Letter - FASB proposal related to various technical corrections
This comment letter provides our views on certain technical corrections proposed by the FASB.

Comment Letter - FASB and the IASB discussion paper on financial statement presentation
This comment letter provides our views on its discussion document related to financial statement presentation.

Comment Letter - Questions raised by Financial Crisis Advisory Group
This comment letter provides our views to questions raised by the Financial Crisis Advisory Group (FCAG) regarding accounting and reporting matters related to the financial crisis.

Topics of interest to shareholders
Our publication is designed to help companies prepare for their annual shareholder meetings and provides questions we believe shareholders are likely to ask.

Hot Topic - FASB hosts loss contingency disclosure roundtables
Our Hot Topic summarizes the two roundtable sessions to discuss the FASB’s project that resulted in the 5 June 2008 Exposure Draft, Disclosure of Certain Loss Contingencies.

Comment Letter - Proposed FSP FAS 144-d, amending the criteria for reporting a discontinued operation
This comment letter provides our views on the FASB's proposed FSP related to discontinued operations.

Comment Letter - FASB Accounting Standards Codification
This comment letter presents our views on the proposed FASB codification.

Hot Topic - Considerations for inventory LOCOM analyses
As a result of the recent economic downturn, companies are evaluating inventories for lower-of-cost-or-market (LOCOM) issues and finding that write-downs of inventory are required to reduce the cost-based carrying value of inventory to market. This Hot Topic discusses the related accounting issues.

Hot Topic - FASB Codification to supersede current US GAAP - Understanding the Change
Our Hot Topic discusses the implications of FASB's recent announcement that on 1 July 2009, the FASB Accounting Standards Codification (Codification) is expected to officially become the single source of authoritative nongovernmental US GAAP.

Comment Letter - FASB Exposure Draft on going concern
This comment letter provides our views on the FASB proposal on going concern.

Comment Letter - FASB Exposure Draft on subsequent events
The comment letter provides our views on the FASB proposal on subsequent events.

Comment Letter - FASB and IASB Exposure Drafts on earnings per share
This comment letter provides our views of both the FASB and IASB proposals on the calculation of earnings per share.

Counterparty nonperformance risk
Our publication highlights important accounting and reporting considerations related to counterparty nonperformance risk.

Technical Line - Two-class method of computing EPS: Applying FSP EITF 03-6-1/EITF 07-4
Our Technical Line addresses the guidance issued by the FASB and the EITF on applying the two-class method of computing EPS in certain instances.

Hot Topic - FASB issues preliminary views on financial statement presentation
Our Hot Topic summarizes the joint FASB and IASB Discussion Paper (DP) on financial statement presentation. The Boards plan to create a standard that requires entities to organize financial statements in a manner that clearly communicates an integrated financial picture of the entity.

Hot Topic - New FASB exposure drafts on subsequent events and going concern issued
Our Hot Topic summarizes the FASB Exposure Draft, Subsequent Events and Going Concern. The intent of the proposal is to provide authoritative accounting literature for two topics that currently are addressed in the auditing literature.

Comment Letter - IASB/FASB Joint Conceptual Framework Project - DP/ITC on Reducing Complexity in Reporting Financial Instruments
This comment letter provides our views on the joint IASB/FASB Discussion paper on reducing complexity in financial instruments.

Hot Topic - Highlights: Emergency Economic Stabilization Act Issued
Our Hot Topic summarizes the Emergency Economic Stabilization Act (the Act) that was signed into law on 3 October 2008.

Comment Letter - IASB/FASB Joint Conceptual Framework Project - PV on the Reporting Entity
This comment letter provides our views on the joint FASB/IASB discussion document on the conceptual framework.

Comment Letter - IASB/FASB Joint Conceptual Framework Project - Exposure Draft - Chapter 1 and Chapter 2
This comment letter provides our views on the Joint FASB/IASB Exposure Draft on Chapters 1 and 2 of the conceptual framework.

Hot Topic - Effect of surcharges on frequent flier programs on travel liabilities
Our Hot Topic addresses questions that have arisen as to how certain FFP surcharges should be considered in an airline’s calculation of the travel liabilities associated with its frequent flier program.

Hot Topic - FASB proposes new definition of a discontinued operation
Our Hot Topic summarizes the FASB's proposed FSP on discontinued operations

Hot Topic - FASB releases proposed Statement to amend Statement 128, Earnings Per Share
Our Hot Topic summarizes the changes proposed in the FASB proposal on earnings per share. The FASB issued the proposal as part of a joint project with the IASB. The IASB also issued an Exposure Draft proposing amendments to IAS 33.

Comment Letter - FASB proposed statement to significantly expand disclosures for loss contingencies
This comment letter provides our views on the FASB's proposal to significantly expand disclosures for loss contingencies.

Comment Letter - FASB Request for Additional Comments NFP: M&A
This comment letter provides our views on the FASB's proposal on mergers and acquisition of not-for-profit entities.

Comment Letter - Recommendations of the Treasury Advisory Committee on the accounting and auditing profession
This comment letter provides our views on the Treasury Advisory Committee on the accounting and auditing profession.

Hot Topic - FASB releases proposed statement to significantly expand disclosures for loss contingencies
Our Hot Topic discusses the FASB's proposal that would significantly expand disclosures about loss contingencies under Statement 5.

Comment Letter - Proposed FASB FSP ARB 43-a-physical inventories held for trading
This comment letter provides our views on the FASB's proposed FSP on physical inventories held for trading.

Hot Topic - Best practices for resolving complex accounting issues
Our Hot Topic focuses on best practices for resolving complex accounting issues in accounting consultations.

Hot Topic - Asset impairment considerations in the current economic environment
Our Hot Topic addresses asset impairment considerations in the current economic environment.

Comment Letter - FASB Proposed FSP FAS 117-a-NFP endowments
This comment letter provides our views on the FASB's proposed FSP on endowments held by not-for-profits.

Comment Letter - Proposed FSP SOP 90-7-a, An Amendment of AICPA Statement of Position 90-7
This comment letter provides our views on the proposed amendment of AICPA Statement of Position 90-7. This Sop related to entities undergoing reorganization or bankruptcy.

Helping you prepare for your annual meeting
Our publication is designed to help companies prepare for their annual shareholder meetings and provides questions we believe shareholders are likely to ask.

Comment Letter - Proposed changes to structure of the FASB
This comment letter provides our views on the Financial Accounting Federation's proposal to change the structure of the FASB and GASB.