Accounting Roundup: Second Quarter in Review — 2010
We’re pleased to announce the latest edition of Accounting Roundup. This issue covers accounting standard-setter and regulatory activities that affect an entity’s quarterly financial reporting. In the second quarter of 2010, the FASB and IASB continued their efforts to converge accounting standards by issuing exposure documents on their joint projects on accounting for financial instruments, revenue recognition, fair value measurement and disclosure, and comprehensive income. The comment letter process for these exposure documents is sure to keep constituents busy over the next few quarters. The boards also modified their convergence work plan in June, in response to concerns from constituents, and are now limiting the number of joint projects that can be exposed in any one calendar quarter to four. The modified convergence work plan retains a target completion date of June 2011 or earlier for the joint projects for which “the need for improvement of both IFRSs and U.S. GAAP is the most urgent.”
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 Second Quarter in Review — 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.
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