Accounting Roundup: Third quarter in review — 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.