Accounting Roundup: Second quarter in review — 2012
This edition of Accounting Roundup summarises the key financial reporting developments in the second quarter of 2012.
In the second quarter of 2012, the EITF held its second meeting of the year. In addition, the FASB and IASB continued to make progress on their financial instruments project, most notably on (1) classification and measurement and (2) impairment. The FASB also issued an ED on liquidity and interest rate risk disclosures.
In other news, on April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the “JOBS Act” or the “Act”). The primary objective of the Act is to “increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies.” The SEC also issued some FAQs on the JOBS Act during this quarter.