What an extraordinary year! This year’s audits were some of the most interesting we have seen in a long time. Many of you enjoyed extremely successful years by capitalizing on all of the positives in the short list above. While others not so fortunate were negatively affected by some of the events, a few managed to successfully straddle their ups and downs and come out even.

Effective January 1, 2009 mergers of credit unions will be accounted under the “Acquisition Method” of accounting. Each merger will require an acquirer to be identified. Further, the acquirer is required to recognize the assets acquired and the liabilities assumed to be measured at their fair values as of the date the acquirer achieves control.

All companies should include strategic technology plans as part of their overall business plans. This helps balance the need for new technology now and in the future.

Our firm’s position has not changed in the last year. We are still encouraging our clients to make the appropriate tax filings (990-T) to comply with Internal Revenue Code Sections 511-513.

Here are ten excellent tools and practices for improving your audit committee performance, and to help take it to the next level.

The Codification reorganizes the 1000’s of U.S. generally accepted accounting principles (GAAP) pronouncements into 90 accounting topics, and displays them all using a consistent structure. Pronouncements from multiple standard setters and related literature are covered. It is intended to reflect GAAP for non-governmental entities.