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, the boards have indicated that they expect to complete their financial instruments, leases, and offsetting projects in the second half of 2011.
The SEC made headlines with a staff paper that explores a possible method (one that combines elements of convergence and endorsement) of incorporating IFRSs into the U.S. financial reporting system. A roundtable to discuss the benefits and challenges of IFRS incorporation is scheduled for July 7, 2011. In addition, the SEC adopted several final rules during the second quarter and continues to propose a number of new rules and regulations.
