US Week in Review - Week ending 9 February 2012

    The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by Ernst & Young.

    Certain materials referenced below are available exclusively in AccountingLink. The site is available free of charge, but requires a one-time registration.

    Ernst & Young publications

    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.

    Technical Line: Tax extenders have expired - again

    Several tax provisions that affect businesses, including the research and development tax credit, the active financing exception for financial services businesses and a host of renewable energy incentives, expired on 31 December 2011. While some or all of the tax provisions known as "tax extenders" may be reinstated as they have been in the past, a reinstatement can be accounted for only in the period of enactment. Our Technical Line tells you what you need to know about this issue.

    Standard Setter updates

    Financial Accounting Standards Board (FASB)

    Upcoming meetings and webcasts

    The Board is tentatively scheduled to meet on 15 February 2012 and is also tentatively scheduled to meet with the IASB in London 27 - 29 February 2012. See the FASB calendar for details.

    Education sessions

    See the FASB calendar for upcoming education sessions. No decisions are made at these sessions.

    Public Company Accounting Oversight Board (PCAOB)

    Jeanette Franzel named to PCAOB

    The Securities and Exchange Commission named Jeanette M. Franzel a member of the Public Company Accounting Oversight Board (PCAOB). Ms. Franzel, currently a managing director of the US Government Accountability Office (GAO), succeeds Daniel L. Goelzer, a founding member of the PCAOB and former interim chairman.

    Upcoming Thought center webcasts and podcasts

    Tax legislative update: what to expect in 2012 and beyond 
    21 February 2012, 1:00 p.m. Eastern time

    Bottom-line benefits of sustainable business practices 
    Global survey results and discussion of action steps - a webcast by Ernst & Young LLP and GreenBiz
    19 March 2012, 1:00 p.m. Eastern time


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