2009 Financial Reporting Year in Review: Changes in Practices and Rules, and More On the Way


Changes to U.S. GAAP can have major effects on financial reporting in general, and on certain classes of business transactions or requirements – including mergers and acquisitions, and computations of obligations under earnout agreements and of compliance with debt covenants – in particular.

Changes to accounting rules, even when positive overall, can also play havoc with obligations under already-completed transactions. Post-transaction changes in reporting standards can impact the continuing duties of the parties (e.g., under earn-out arrangements), in ways that may prove deleterious to one or the other.

Some of the new pronouncements and other important developments over the past year are addressed below. Topics include variable interest entities, fair value accounting, and international accounting convergence (IFRS, GAAP).

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Barry Epstein, Epstein + Nach LLC | Attorney Advertising

Written by:


Epstein + Nach LLC on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.