This week in AccountingLink

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

In addition, this week's edition (pdf, 572kb) provides notes from the FASB meeting, comments on the Wall Street reform act exemption for non-accelerated filers from Section 404(b), gives highlights from the Center for Audit Quality April meeting and comments on IFRS matters.

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.


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.

Financial statement presentation model

The FASB and the IASB issued a staff draft of an Exposure Draft on Financial Statement Presentation in conjunction with the Boards’ decision to engage in additional outreach activities to obtain input prior to finalizing and publishing an exposure draft. Our Hot Topic (pdf, 534kb) provides an overview of the draft presentation model.

Accounting for financial instruments

The FASB released its Proposed Update on the accounting for financial instruments. Our Technical Line (pdf, 1.0mb) provides an in-depth discussion of the proposal and provides our views on the implications of several key aspects of the proposed guidance.

Fair value measurements and disclosures

We have updated our Financial Reporting Developments (pdf, 4.7mb) publication to include references to the ASC and address various clarifications and amendments made by the FASB to its fair value guidance subsequent to the issuance of FASB Statement No. 157.

Proposed changes in fair value standards

The FASB released a Proposed Accounting Standards Update that would amend the fair value measurement and disclosure guidance in order to converge US GAAP and IFRS requirements. Our Hot Topic (pdf, 516kb) provides an overview of the proposal and indicates areas where the amendments could potentially affect current practice.

Cloud computing arrangements

The growing number of vendors providing cloud computing services has led to an increased awareness of the complexities inherent in accounting for the revenue associated with these transactions. The recently modified guidance for multiple-element arrangements could have a significant effect on the revenue recognition practices of cloud computing vendors. Our Technical Line (pdf, 749kb) provides an overview and describes how these amendments may affect cloud computing arrangements.

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