Current Economic Instability: Accounting Issues and Risks for Financial Management and Reporting—2011

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

• FASB ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment
• FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
• FASB ASU No. 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations (a consensus of the FASB Emerging Issues Task Force)
• FASB ASU No. 2010-28, Intangibles – Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts (a consensus of the FASB Emerging Issues Task Force)

This alert also includes information on emerging issues such as:

• Internal Control and Processes
• Private Company Financial Reporting
• Sustainability
• 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.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

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