Financial reporting professionals had their hands full this year keeping up with new accounting standards and reporting requirements. Developments surrounding the turbulent credit environment were also noteworthy. The publications below serve as a helpful guide to the past year.

Accounting Roundup: 2008 in Review 
The year-end Accounting Roundup issue highlights the year’s accounting standard setter and regulatory activities affecting year-end financial reporting. It also covers hot topics such as the current credit environment. Noteworthy standard setter developments include the issuance of FASB guidance on fair value and business combinations.

2008 AICPA National Conference on SEC & PCAOB Developments 
It’s that time of year again – when the accounting standard setters and regulators provide financial professionals with updates on new developments, regulations and priorities – just in time for the annual reporting season. For insight into what was covered at the conference, take a look at our recently issued Heads Up.

Role of Fair Value in Year-end Reporting
Fair value will play an important part in this year’s financial reporting. The SEC and the FASB have issued guidance to preparers and auditors of financial statements to help them tackle accounting and valuation issues resulting from turbulent conditions in the credit and financial markets.

Newsletter: FASB Issues Guidance on Measuring Fair Value of Financial Assets in an Inactive Market
Newsletter: FASB Partially Defers and Limits Scope of Statement on Fair Value Measurements
Newsletter: SEC Issues Letter Clarifying Other-Than-Temporary Impairment Guidance for Perpetual Preferred Securities
Newsletter: SEC and FASB Release Fair Value Clarifications
Newsletter: SEC Advises Registrants to Further Explain Fair Value in MD&A — An Addendum to the March 2008 SEC Letter
Newsletter: SEC Advises Registrants to Further Explain Fair Value in MD&A

FASB Expands Disclosure Requirements for VIEs and QSPEs
This issue of our Heads Up newsletter includes a summary of the FASB’s recent issuance of guidance expanding disclosure requirements for entities involved with variable interest entities and qualified special purpose entities. This guidance is effective for public entities with fiscal years ending after December 15, 2008 (this year’s financial statements for calendar year-end companies).

Newsletter: Mind Your V(IE)s and Qs — FASB Decides to Eliminate QSPEs and Modify the Consolidation Model in Interpretation 46(R)
Newsletter:  FASB Issues Exposure Documents That Eliminate QSPEs, Modify the Consolidation Model in Interpretation 46(R), and Expand Required Disclosures 

SEC Issues Proposed IFRS Roadmap
This issue of our Heads Up newsletter includes a summary of the SEC’s recent decision to allow issuers to prepare financial statements using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) without reconciling to U.S. GAAP as early as 2010.

Accounting for Business Combinations and Related Topics
This issue of the Roadmap series provides a single source for the requirements, and interpretive guidance, applicable to business combinations completed in 2009. The issue of Heads Up below highlights important aspects of the new business combinations and noncontrolling interests FASB statements issued in December.

Newsletter: Major Changes to Business Combination Accounting as FASB and IASB Substantially Converge Standards 

Related Content
Technical Library: The Deloitte Accounting Research Tool
Resource: Roadmap Series
Newsletter: Accounting Roundup
Newsletter: Heads Up
Webcasts: Dbriefs for Financial Executives