Accounting Roundup: First Quarter in Review 2011
In the first quarter of 2011, the FASB and IASB continued to work feverishly on their joint projects, including financial instruments, leases, revenue recognition, and insurance contracts. Although no new accounting standards have yet been issued during 2011, the FAF created some headlines by forming a trustee working group to address private-company financial reporting and to continue the efforts of the Blue-Ribbon Panel.
As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the SEC continues to propose a number of new rules and regulations, has adopted a few final rules, and has completed certain studies in response to the Dodd-Frank Act’s requirements. More regulatory action is expected, so stay tuned.
