Assurance Services
Disclosures and Audit Committees Are Key in Turbulent Times.
Lessons learned from the use of fair values in times of market turmoil underscore the need for careful disclosures and bring new challenges for audit committees. The lessons reflect three important developments that emerged as companies scrambled to timely adopt FASB Statement No. 157, Fair Value Measurements, amidst the turbulent credit market conditions of 2008. First, the debate over the pros and cons of fair value accounting became more heated and more urgent. Second, the SEC responded with a set of suggested disclosures. Third, audit committees started to come to grips with a new set of governance issues. These events and trends will help shape the future of financial reporting and governance. For an overview of the key steps that companies can take now to strengthen their disclosures and address the emerging governance issues, read BDO Seidman’s Client Advisory No. 2008-3, “Disclosures and Audit Committees Are Key in Turbulent Times.”
The SEC's Complexity-Killing Committee
BDO Seidman urges CiFR, the Committee on Improvements to Financial Reporting, to reconsider the usefulness of industry-specific accounting guidance and to study how the FASB’s process for evaluating comments could be improved to help the Board get it right the first time and reduce the number of revisions and deferrals that add complexity. Read BDO Seidman's Comment Letter
Not-for-Profits Need More Time
BDO Seidman urges the FASB to trim the disclosures in proposed FSP FAS 117-a on endowments for not-for-profit organizations and suggests extending the effective date to allow an extra six months for implementation. Read BDO Seidman's Comment Letter
XBRL: What Should Companies Do Now?
On the brink of a new era, SEC Chairman Christopher Cox has dubbed 2008 a "watershed year" for interactive data. Will your company be ready? What steps should you take in the next three to six months? What are the longer-term implications? For our assessment, read BDO Seidman's Client Advisory No. 2007-1: XBRL: What should companies do now?
XBRL and You: Where to find the answers you need when you need them
Our new Guide to XBRL provides a wealth of information about the SEC's voluntary filing program and resources available to help companies prepare for what may soon be an SEC requirement to furnish financial statements in XBRL.
Financial Reporting in Turbulent Times
In recent months, the credit and financial markets have been affected by an unprecedented set of conditions. Mounting concerns about such factors as the quality of the assets that serve as collateral for loans, credit downgrades by rating agencies, use of securitizations, and sophisticated valuation models have all played a contributing role. These concerns have resulted in accounting and financial reporting challenges for both banks and other companies. For BDO Seidman’s assessment of the key reporting challenges, read our Client Advisory No. 2008-2, "Financial Reporting in Turbulent Times".
New M&A Accounting: How It Affects Earnings and Deals
In late 2007, the FASB issued new standards on the accounting and reporting for business combinations and minority interests. Acquisitive companies will need time to plan ahead due to the interaction of the key provisions with the transition guidance. For the steps to take now, read BDO's Client Advisory No. 2008-1, New Accounting for M&A Affects Earnings and Deals.
FAQs on FASB Statement No. 157
BDO Seidman's Guide to Statement 157 summarizes FASB Statement No. 157, Fair Value Measurements, in a series of questions and answers.
Financial Reporting Update Calls
BDO Seidman hosts quarterly conference calls for clients and friends. See our Archive of Financial Reporting Calls for information provided in prior quarters.
