The American Institute of CPAs has introduced a new service called Financial Reporting Alerts to help financial managers and audit committees identify current accounting and regulatory developments that affect financial reporting.

The first of the series, "Current Accounting Issues and Risks 2008 - Strengthening Financial Management and Reporting," will help AICPA members in business and industry to identify the significant risks that may result in a material misstatement.

Financial management and audit committee members will also gain a better understanding of the current accounting and regulatory developments affecting financial reporting. Subject areas covered include recently issued accounting standards, such as business combinations (FAS Nos. 160 and 141(revised)), fair value accounting (FAS Nos. 157 and 159), accounting for defined benefit pension and other post-retirement pension plans (FAS No. 158), and income tax accruals and deferred income taxes (FIN 48).

The next two alerts in the series will focus on not-for-profit organizations and the FASB Codification.

The service costs $35 for AICPA members, or $43.75 for non-members. For more information, visit www.cpa2biz.com or call (888) 777-7077.

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