Deloitte’s Year End Reporting Issues: An Update on Current Issues and Items on the Horizon

Deloitte, as part of their Financial Reporting Series presented a webinar on year end reporting issues. The panel consisted of:

  • Bob Uhl
  • Beth Ann Reese
  • Glen Donovan
  • Stuart Moss

Valuations will be a hot topic for year end reporting. The problem is the current “market impairment” existing for many securities.

Auction Rate Securities settlements offer some particular accounting issues. Credit derivatives will require enhanced disclosures (both qualitative and quantitative) about why you are using derivatives under Statement 161.

The SEC staff is expecting an increase in the number of goodwill impairments compared to prior years. They are also expecting greater disclosure about the impairments.

The SEC’s Division of Corporation Financial has several initiatives to address the current market conditions. They are focusing on improvements in communications with issues.

Liquidity and capital resource disclosure are likely to be a concern. Companies will need to disclose if the there are uncertianties in their ability to access financing.

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