The update suggests new disclosures that the Board believes would help users of financial statements better assess the potential risks faced by those organizations.

Under the recommendations, a separate private company standards board would be established to make exceptions and modifications for both new and existing standards.

The latest economic stimulus law, enacted on February 17, 2009, contains tax incentives designed to get the stagnant U.S. economy moving again. Here are 10 significant changes that might have an impact on your business.

As most of you know, the pooling of interests method simply combined the accounts of each merging company at book value, with no adjustments to reflect market value differences. In addition, retained savings of both companies were also combined.

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.

This new standard now helps to clarify the status of Plans by requiring employers to recognize critical information on the financial statements instead of only recording it in the footnotes.