Accounting Roundup: First 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 particular, entities should be mindful that the FASB Accounting Standards Updates on consolidation of variable interest entities and transfers of financial assets are effective January 1, 2010, for calendar-year-end entities.
In addition, in first quarter of 2010, standard setters continued their efforts to converge accounting standards. The FASB and IASB have worked closely on many projects to more closely align U.S. GAAP and IFRSs. The remainder of the calendar year is likely to feature the issuance of a number of proposals and final standards — watch for Deloitte publications covering their release. The SEC also issued a statement expressing its strong commitment to the development of a single set of high-quality globally accepted accounting standards and published its Work Plan for moving forward with IFRSs for U.S. issuers.
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 First 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, including: Year in Review — 2009, Third Quarter in Review — 2009, and Second Quarter in Review — 2009.
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