Accounting Roundup

A monthly newsletter that focuses on the activities of the accounting standard-setters and regulators, including the FASB, EITF, IASB, and SEC. At the time of posting, the external links included in Accounting Roundup were active. However, if the documents on the hosting site were subsequently modified, moved, or archived, the links within the earlier editions of Accounting Roundup may no longer work. To subscribe to this publication, click here.

Accounting Roundup, April 2012

This issue features articles on a proposed ASU of liquidity & interest rate risk disclosures; FASB-IASB's projects of classification and measurement of financial instruments and financial asset impairment; G20 finance ministers' support for accounting convergence; status of convergence efforts; and the SEC's observations on disclosures of smaller financial institutions.

Publication date: 5/2012 | File size: 443 KB

Accounting Roundup: First Quarter in Review — 2012

During the first quarter of 2012, the EITF met for the first time since November 2011; the FASB and IASB continued to make progress on their financial instruments project, agreeing to jointly deliberate classification and measurement and continuing their discussions of impairment; and the FASB proposed amendments to its guidance on impairment testing of indefinite-lived intangible assets. In addition, economic events outside the United States, especially the sovereign debt struggles in Europe, continued to make headlines as the SEC issued guidance on disclosures about European sovereign debt exposures and the IPTF discussed the impacts of highly inflationary economies.

Publication date: 4/2012 | File size: 761 KB

Accounting Roundup, February 2012

This issue features articles on the FASB’s continued progress on its project on the liquidation basis of accounting; the FASB’s and the IASB’s continued progress on financial instruments; the IASB’s updated work plan and update on its IFRS for SMEs; the FAF’s announcement of its next round of post-implementation reviews; and the GASB’s recently expanded and revised user guide on local-government finances.

Publication date: 3/2012 | File size: 345 KB

Accounting Roundup, January 2012

This issue features articles on the continued progress of the FASB and the IASB on their financial instruments project; the FASB's proposed Accounting Standards Update on impairment testing of indefinite-lived intangible assets; the SEC's guidance on disclosures about European sovereign debt exposures and the International Practices Task Force's discussion of the disclosure impacts of highly inflationary economies; the FAF's post-implementation review report on the effectiveness of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes; and the AICPA's Technical Practice Aids on certain accounting and disclosure topics related to financial statements for health and welfare plans.

Publication date: 2/2012 | File size: 347 KB

Accounting Roundup: Special Edition

Changes in the Tax Landscape

This Deloitte publication summarizes significant topics that have affected accounting and financial reporting for income taxes in the current year as well as issues that could have a significant impact in the future. Also included are links to other resources from Deloitte and the SEC, among others, which dive deeper into the topics discussed in the articles.

Publication date: 1/2012 | File size: 220 KB

Accounting Roundup: Year in Review — 2011

In 2011, the FASB and IASB continued their efforts to converge U.S. GAAP and IFRSs, making progress on their joint projects on financial instruments, revenue recognition, leasing, insurance contracts, IFRSs in the United States, and private-company accounting. In response to the feedback received from the FAF, AICPA, and others on its proposed framework to incorporate IFRSs into the U.S. financial reporting system, the SEC released two additional staff papers. In addition, the AICPA grabbed headlines this year when it recommended optional adoption of IFRSs by U.S. public companies in a comment letter to the SEC, and disagreed with the FAF's proposal to create a council under the oversight of the FASB that would work toward improving private-company standard setting.

Publication date: 12/2011 | File size: 275 KB

Accounting Roundup, November 2011

This issue features articles on the FASB’s and IASB’s proposed amendments to their guidance on revenue recognition and progress on converging their guidance on financial instruments and lease accounting. It also discusses the FASB’s proposed amendments to consolidation accounting and its proposal on deferring portions of the new OCI standard as well as the SEC’s two reports on incorporating IFRSs in the United States and the FAF’s letter to the SEC on exploring a possible method of incorporation. Further, it includes information on the EITF’s consensus on derecognition of in-substance real estate and the ASB’s exposure draft on an entity’s ability to continue as a going concern.

Publication date: 12/2011 | File size: 318 KB

Accounting Roundup: Special Edition

The Tides Continue to Change

This issue contains status summaries of some of the key FASB/IASB joint and FASB-only projects. Thus, it reflects the FASB’s and IASB’s revisions to their agenda and timeline and developments that have occurred in the joint and FASB-only projects since the last issuance of the publication (in May 2011). In addition, this publication includes references to Deloitte Heads Up newsletters and Industry Spotlights that provide more specifics about these projects.

Publication date: 11/2011 | File size: 315 KB

Accounting Roundup, October 2011

This issue features articles on FASB's and IASB's continued progress on lease accounting convergence; FASB's proposed amendments to investment company accounting and proposed technical corrections to the FASB Accounting Standards Codification; FAF's new plan to establish the Private Company Standards Improvement Council; and SEC roundtable discussions, proposed rules related to cybersecurity disclosures, and considerations on tax and legal opinions.

Publication date: 11/2011 | File size: 339 KB

Accounting Roundup: Third Quarter in Review – 2011

In the third quarter of 2011, the FASB and IASB continued to make progress on several joint projects. In addition, the FASB issued ASUs on multiemployer benefit plans and goodwill. Moreover, the SEC continued to adopt and propose new rules and regulations during the third quarter, most of which were mandated by the year-old Dodd-Frank Wall Street Reform and Consumer Protection Act. Further, the AICPA recommended optional adoption of IFRSs by U.S. public companies in a comment letter to the SEC.

Publication date: 10/2011 | File size: 418 KB

Accounting Roundup, August 2011

This issue covers pronouncements and other regulatory and professional developments in accounting and financial reporting that occurred in August 2011. Among the topics discussed are convergence efforts between the FASB and IASB;  the boards' decisions related to investment companies; investments in Greek and other Eurozone sovereign debt; and the PCAOB’s requests for feedback on auditor independence and the potential for mandatory audit firm rotation.

Publication date: 9/2011 | File size: 315 KB

Accounting Roundup, July 2011

This issue covers pronouncements and other regulatory and professional developments in accounting and financial reporting that occurred in July 2011. Among the topics discussed are convergence efforts between the FASB and the IASB and the boards' announcements to re-expose the revenue recognition and leasing exposure drafts. It also summarizes the IASB's new process for seeking public input on its standard-setting agenda.

Publication date: 8/2011 | File size: 350 KB

Accounting Roundup: Second Quarter in Review — 2011

In the second quarter of 2011, the FASB and IASB moved closer to completing several joint projects, issuing final standards on other comprehensive income and fair value. In addition, they have decided to reexpose their revenue recognition exposure draft for public comment, which may delay the issuance of the standard until September 2012. The boards have indicated that they expect to complete their financial instruments, leases, and offsetting projects in the second half of 2011.

Publication date: 7/2011 | File size: 490 KB

Accounting Roundup, May 2011

This issue covers pronouncements and other regulatory and professional developments in accounting and financial reporting that occurred in May 2011. Among the topics discussed are the IASB's final standards on consolidation, joint ventures, and disclosures about interests in other entities; the SEC's staff paper exploring the method for incorporating international standards into the U.S. reporting system; and the SEC's new whistleblower regulations.

Publication date: 6/2011 | File size: 322 KB

Accounting Roundup: Special Edition

This edition contains status updates of some key FASB/IASB and FASB projects, including revisions to their agenda and timeline and developments that have occurred since our January 2011 issue. It also references Deloitte Heads Up newsletters that provide more specifics about these projects.

Publication date: 5/2011 | File size: 237 KB

Accounting Roundup, April 2011

This issue covers pronouncements and other regulatory and professional developments in accounting and financial reporting that occurred in April 2011. Among the topics discussed are goodwill impairment, debt restructurings, repurchase agreements, FASB/IASB convergence work, and the SEC's upcoming IFRS roundtable.

Publication date: 5/2011 | File size: 764 KB

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