On June 24, 2010, in response to concerns from constituents, the Financial Accounting Standards Board (FASB) revised its agenda and timeline for completing its (1) joint projects with the International Accounting Standards Board (IASB) and (2) FASB-only projects. [See IAS Plus story directly below.] Many of those concerns focused on the FASB's due process procedures and whether exposing so many proposed standards at one time would cause the Board to 'shortcut' those procedures or would allow constituents enough time to provide public comments to the FASB. Taking those concerns into consideration, the FASB and IASB have spread out their standard-setting agendas, limiting the number of joint projects that can be exposed in any one calendar quarter to four.

This update to Accounting Roundup – Special Edition reflects (1) the FASB's revisions to its agenda and timeline (discussed in the Next Steps sections of the articles in this publication) and (2) developments that have occurred in the joint and FASB-only projects since the original issuance of this publication, in particular the offsetting, financial instruments with characteristics of equity, and leases projects.