Accounting Roundup: Third Quarter in Review — 2012
We’re pleased to announce the latest edition of Accounting Roundup. During the third quarter of 2012, the FASB and IASB continued to make progress on their respective technical agendas. The International Accounting Standards Board (IASB) issued a staff draft of its new hedge accounting model, and the Financial Accounting Standards Board (FASB) began deliberating a new model for the impairment of financial assets. The boards also jointly addressed a number of “‘sweep”’ issues related to their leases project. In addition, the Emerging Issues Task Force (EITF) and International Financial Reporting Interpretations Committee (IFRIC) held meetings in September to discuss items on their respective agendas.
In other news, over the past three months, the Securities and Exchange Commission (SEC) has issued a number of new disclosure requirements related to items such as (1) conflict minerals, (2) payments made by issuers engaged in resource extraction, and (3) sanctionable activities with Syria and Iran. Further, the SEC staff released its final report on the incorporation of International Financial Reporting Standards (IFRSs) in the United States. The SEC is also currently weighing in on the Public Company Accounting Oversight Boards (PCAOB) Auditing Standard 16, which addresses an auditor’s communication with audit committees.
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 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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