Accounting Roundup – special edition
22 May 2010
Deloitte (United States) has published a special edition of Accounting Roundup titled The Tidal Wave of Accounting and Financial Reporting Changes.
While much of the recent debate in the US financial reporting community has focused on when and if US-based public entities should be permitted or required to adopt IFRSs, this special edition focuses on a number of projects that are currently under way at the FASB that will change US GAAP.
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The US Securities and Exchange Commission (SEC) is expected to decide on the use of IFRSs for US public entities sometime next year. In the meantime, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have been working both individually and jointly on a number of projects that, if finalized, would bring about a seismic shift in the accounting and financial reporting landscape, the likes of which US entities have never before experienced. |
So, regardless of whether the SEC sets a date for US-based public entities to convert to IFRSs, all US-based entities will be affected by the changes to US GAAP as a result of the FASB's efforts. The remainder of the calendar year is likely to feature the issuance of a number of proposals and final standards.
Click to download Accounting Roundup Special Edition May 2010 (PDF 184k).
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