Current Economic Instability: Accounting Issues and Risks for Financial Management and Reporting—2010

This Financial Reporting Alert is intended to be used by members of an entity’s financial management, board members and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting. This alert is intended to help you achieve a more robust understanding of the economic and business environment in which your entity operates and is also an important tool in helping you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

New accounting guidance and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:

• Generally Accepted Accounting Principles (FASB Statement No. 168 and FASB ASU No. 2009-01)
•  Accounting for Uncertainty in Income Taxes (FASB Interpretation No. 48 and FASB ASU No. 2009-06)
• Subsequent Events (FASB Statement No. 165 and FASB ASU No. 2010-09)
• Fair Value (FASB Statement No. 157 and FASB ASU No. 2009-12)

This alert also includes information on emerging issues such as:

• Assessing Business and Liquidity Risks
• Internal Control and Processes
• Succession and Talent Management Planning
• Enterprise Risk Management
• The Role of the Audit Committee
• Convergence with IFRS

You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your entity.