There is a lot of speculation regarding the proposals which are currently on the floor of Congress which would determine the future of hedge fund regulations.
SEC Chair, Mary Schapiro, recently pointed out that Reporting and open Books & Records were high on the regulatory priority list:
So we really need reporting. We need registration. We need the ability to examining their books and records, and understand how they’re conducting business. (source)
While there is still debate as to what will be required by hedge funds, the requirements for investment advisors are laid out in Rule 204-2 under the Investment Advisers Act. Based on this, Accounting and Compliance International has put together a comprehensive document of books and records to be maintained by hedge funds. ACI recommends all hedge funds review this document and file it for future reference.