This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Accounting Roundup: Third quarter in review — 2012

Published on: 02 Oct 2012

This edition of Accounting Roundup summarises the key financial reporting developments in the third quarter of 2012.

In the third quarter of 2012, the FASB and IASB continued to make progress on their respective technical agendas. The IASB issued a staff draft of its new hedge accounting model, and the 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 EITF and IFRIC held meetings in September to discuss items on their respective agendas.

In other news, over the past three months, the 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 IFRSs in the United States. The SEC is also currently weighing in on the PCAOB’s Auditing Standard 16, which addresses an auditor’s communication with audit committees.

Download

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.