In the perfect storm of strained economic conditions, spastic market activity, and heightened regulatory scrutiny, companies continue to face a number of complex financial reporting issues as they close the books on 2010. For calendar-year companies now getting the close process under way, Big 4 firms have assembled various checklist-like resources to help assure nothing gets overlooked.

Areas such as revenue recognition, pension obligations, asset impairments, and debt modifications continue to cause heartburn, while new guidance is in place for consolidations, fair-value disclosures, and credit quality disclosures related to finance receivables. In addition, the Securities and Exchange Commission is looking harder than ever at compliance with existing requirements, especially goodwill impairments and segment reporting, liquidity, and loss contingencies.

PwC published a 21-page “Dataline” newsletter giving companies plenty to consider as they close out 2010. The newsletter summarizes the hot topics of 2010 and reminds companies of key issues to take into account as they reach their year-end determinations. It covers issues such as reorganizations, clawback provisions, income taxes, accelerated share repurchase plans, investment impairments, debts, liabilities, equity, foreign currency, earnings per share, and other reporting matters of interest to the SEC.

KPMG provides a series of disclosure checklists for interim and annual reports, all updated in December to reflect the latest issues of concern to public companies. Deloitte, Ernst & Young, and KPMG also hosted Webcasts in late 2010 to help companies get ready for the close.

Deloitte's Webcast focuses heavily on themes that emerged at the annual year-end conference of the American Institute of Certified Public Accountants and their implications for year-end reporting. E&Y, likewise, focused its Webcast on recent areas of focus for the SEC as well as accounting rules that are being developed by the Financial Accounting Standards Board and the International Accounting Standards Board. PwC also hosted a Webcast devoted exclusively to year-end accounting and reporting issues related to taxes.