Accounting Roundup — May 2010


The attached issue of Accounting Roundup presents brief descriptions of pronouncements and other regulatory and professional developments in accounting and financial reporting that occurred during May 2010.

Topics covered in this issue include the following:

Update — FASB/IASB Convergence

  • FASB and IASB Issue Joint Statement on Convergence; SEC Chairman Comments

Cash Flows

  • Effect of ASUs 2009-16 and 2009-17 on Presentation of Trade Receivable Financing Arrangements in the Statement of Cash Flows (as Revised)

Comprehensive Income

  • FASB Issues Proposed Guidance on Presentation of Comprehensive Income

Financial Instruments

  • FASB Issues Proposed ASU on Accounting for Financial Instruments
  • IASB Issues Exposure Draft on Fair Value Option for Financial Liabilities

Foreign Currency Matters

  • FASB Releases ASU on Foreign Currency Issues

Other Accounting

  • Representatives of the SEC, PCAOB, and FASB Testify Before Congress Regarding Accounting and Auditing Issues
  • FASB Announces Members of Not-for-Profit Advisory Committee

Other SEC Matters

  • IASB Issues Exposure Draft on Improvements to Defined Benefit Accounting
  • Health Care Legislation — Impact on Employee Benefits Accounting

Revenue Recognition

  • SEC Issues Final Rule on Amendment to Municipal Securities Disclosure
  • SEC Proposes Consolidated Audit Trail System to Better Track Market Trades
  • SEC Launches New Web Page on Work Plan for Global Accounting Standards

Other Auditing

  • ASB Finalizes Clarified Auditing Standard on Laws and Regulations
  • AICPA Issues TPA on Compilation and Review Engagements
  • PCAOB Solicits Nominations for Standing Advisory Group

FASAB Matters

  • FASAB Issues Exposure Draft on Deferred Maintenance and Repairs

Other International

  • IASB Issues Annual Improvements to IFRSs
  • IASC Foundation Announces Appointments to IFRS Interpretations Committee

Links to additional information are provided for most topics.

Accounting Roundup, published by Deloitte & Touche LLP, briefly describes recent U.S. regulatory and professional developments in the field of accounting. In each issue, visitors find summaries with hyperlinks to more detailed information. Accounting Roundup acts as a resource guide for accounting, financial, investment, legal, tax, and other business professionals.

Find the complete May 2010 issue of Accounting Roundup in the PDF attachment. Or visit our Accounting Roundup Archive, where you can access past issues and other special editions, including:  Year in Review — 2009, Third Quarter in Review — 2009, Second Quarter in Review — 2009, and First Quarter in Review — 2009.


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