The informational reporting requirements of grants received under the American Recovery and Reinvestment Act adds a layer of external federal reporting that may require grant recipients to modify their business processes to assemble data, ensure data integrity for reporting, and meet audit requirements.

SSAP No. 101 was previously exposed on March 22, 2011. The re-exposure of SSAP No. 101 brings changes to the previous exposure draft.

On Aug. 2, 2011, President Obama signed the Budget Control Act of 2011 (the Act) to increase the debt limit and avoid a potentially catastrophic default. While the Act contained no tax provisions, it created a new bipartisan joint committee responsible for identifying an additional $1.5 trillion in deficit reduction measures, which under the new law must be voted on in Congress by the end of the year. The members of this committee are expected to be named within the next few weeks. The committee’s specific agenda has not been set, but we expect there to be significant debate about major changes to the tax code.