Accounting Roundup — Year in Review — 2008
Attached is the 2008 issue of Accounting Roundup: Year in Review . This issue covers accounting standard-setter and regulatory activities that affect year-end financial reporting, as well as recent developments at the end of 2008. During December, a number of standard setters, including the FASB and PCAOB, have issued additional guidance on areas of accounting and reporting affected by the current economic environment. In this issue of Accounting Roundup: Year in Review, articles related to the current economic environment are conveniently located under the topic heading “Impact of Current Market Environment on Financial Reporting.”
In addition, we expect the FASB to issue two proposed FSPs in December that would address accounting for other-than-temporary impairments and disclosures for certain financial instruments that must be analyzed for impairment. These proposals are being fast-tracked and are expected to be finalized and effective for this year’s reporting season. The FASB is also expected to issue an FSP shortly that will clarify paragraph 14B of Statement 133, which discusses whether an embedded credit derivative must be separated from its host contract. This FSP is expected to be effective for quarters that begin after December 15, 2008 (first quarter for calendar-year-end companies).
Find the complete Year in Review — 2008 issue of Accounting Roundup in the PDF attachment. Or visit our Accounting Roundup Archive , where you can access past issues and other special editions, including: Third Quarter in Review — 2008, Second Quarter in Review — 2008, First Quarter in Review — 2008, and Year in Review — 2007.