Accounting Roundup: Year in Review — 2011

Published on: 23 Dec 2011

In 2011, the FASB and IASB continued their efforts to converge U.S. GAAP and IFRSs, making progress on their joint projects on (1) financial instruments, (2) revenue recognition, (3) leasing, and (4) insurance contracts.

Two other topics also dominated the accounting news: (1) IFRSs in the United States and (2) private-company accounting. In response to the feedback received from the FAF, AICPA, and others on its proposed framework to incorporate IFRSs into the U.S. financial reporting system, the SEC released two additional staff papers. In addition, the AICPA grabbed headlines this year when it (1) recommended optional adoption of IFRSs by U.S. public companies in a comment letter to the SEC and (2) disagreed with the FAF's proposal to create a council under the oversight of the FASB that would work toward improving private-company standard setting.


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