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FIN 48 Deferred for Private Companies
On October 15, 2008, the Financial Accounting Standards Board voted to defer FIN 48 for the second time for private companies. The new effective date for implementation will be for fiscal years beginning after December 15, 2008.

SFAS 157 – Fair Value Measurements (as amended)
The purpose of SFAS 157 is to provide a revised definition of fair value and to incorporate this new definition into all GAAP where fair values are required in order to improve consistency and comparability. It does not apply to fair value under SFAS 123[R], the practicability exceptions to fair value measurements in existing standards and statements that involve values that are similar to fair value, but not actual fair value, such as with valuing inventories. Read the full article for more information.

SFAS 158 – Employers’ Accounting for Defined Benefit Pension and Other Post-Retirement Plans
There are two primary changes in financial reporting as a result of FAS 158 that will affect clients:

• The over funded / under funded status of a Defined Benefit plan must be recorded as an asset / liability on the company’s balance sheet
• The funded status of a plan must be measured as of a company’s reporting date

Read the full article for a summary of the FAS 158 impact on financial statements.

SFAS 159 – The Fair Value Option for Financial Assets and Financial Liabilities (as amended)
The purpose of SFAS 159 is to expand the use of fair value measurements for financial instruments that are not otherwise required to be stated at fair value. The use of fair value is optional and applies to non-for-profits as well as for-profit entities. An entity’s decision to apply fair value under this statement is made at certain defined election dates on an item-by-item basis. However, once the choice is made to apply fair value under this statement, it is irrevocable – read the full article for details.

The New Risk Assessment Standards
The Auditing Standards Board the AICPA recently issued eight Statements on Auditing Standards on risk assessment in a financial statement audit. For details, read the full article to find out what effect the Risk Assessment Standards have on your audit and what your organization can do to accommodate the changes...

FASB Summary
The Financial Accounting Standards Board (FASB) is an organization that provides standardized guidelines for financial reporting. The mission of FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information.

FASB 141R – Summary
This article details the key points of FASB 141R. Including the statement requires the acquirer to recognize the assets, liabilities and any non-controlling interest in the acquiree at the acquisition date, measured at there fair values as of that date.

Fin 46-R Summary
FIN 46 R became effective with the December 15, 2005 year end financial statements for non-publicly traded companies. FIN 46R's implementation resulted in one of the most significant changes in the financial statements of non public companies in the last 40 years.

FIN 48 – Summary
FAS elected to delay the effective date of FIN 48 for nonpublic entities to fiscal years beginning after December 15, 2007. FIN 48 requires Companies to analyze the technical merits of their tax positions and determine the likelihood that these positions will be sustained if they were ever examined by the taxing authorities. If Companies determine that it is unlikely that their tax positions will be sustained, a corresponding liability is created and the tax benefit of such position is reduced for financial reporting purposes. Read the full article for details on tax positions you should consider including.

FASB 159 Summary
The purpose of FASB 159 (effective for fiscal years beginning after November 15, 2007) is to expand the use of fair value measurements for financial instruments that are not otherwise required to be stated at fair value. It does not change any previous standards that require the use of fair value.

Statement on Auditing Standards (SAS) 114
SAS 114 outlines the auditor’s responsibilities of communication under generally accepted auditing standards, the planned scope and timing of the audit, independence, and the significant findings from the audit are described in this article.

Church Audits
Church audits are routine procedures designed to protect both your staff and your church. Feeley and Driscoll provides compliance audits to verify that the organization's financial statements are free from material misstatements.

Find out how our expertise in accounting, auditing, and assurance can add value to your business. Email us or call us at 1 (888) 875-9770.

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