Financial Reporting Network

Defining Issues: Constituents Respond to the Revised Revenue Recognition Exposure Draft Financial Reporting Network | May 17, 2012 | Accounting & Financial Reporting The FASB and IASB (the Boards) received over 350 comment letters on their November 2011 revised joint exposure draft on revenue recognition. The letters came from preparers, financial statement users, auditors, regulators and industry groups. The boards expect to begin joint redeliberations in June, with a goal of issuing a final standard in early 2013.

Defining Issues: SEC Issues Letter on Accounting for OTC Derivatives Under Dodd-Frank Act Financial Reporting Network | May 17, 2012 | Accounting & Financial Reporting This edition of Defining Issues reports that the SEC's Office of the Chief Accountant recently provided guidance in a letter to the International Swaps and Derivatives Association about whether implementation of certain provisions of the Dodd-Frank Act that relate to over-the-counter derivatives would affect a companyÂ’s hedge accounting.

In the Headlines: IASB/FASB Update Status of Convergence Projects Financial Reporting Network | May 14, 2012 | Accounting & Financial Reporting In the Headlines 12-06 summarizes the recently issued joint IASB and FASB progress report about the boards' convergence activities.

FASB Meeting - May 9, 2012 Financial Reporting Network | May 14, 2012 | Accounting & Financial Reporting The FASB met on May 9 and discussed Accounting for Financial Instruments: Impairment, Liquidity and Interest Rate Risk Disclosures.

Defining Issues: SEC Staff Issues Disclosure Guidance for Smaller Financial Institutions Financial Reporting Network | May 11, 2012 | Accounting & Financial Reporting This edition of Defining Issues reports that the SEC's Division of Corporation Finance staff recently issued disclosure guidance that summarizes its observations about Management's Discussion and Analysis and accounting policy disclosures of smaller financial institutions.

Updated Employee Benefit Plans Disclosure Checklist Financial Reporting Network | May 07, 2012 | Accounting & Financial Reporting Updated versions of the Accounting Disclosure Checklist - Employee Benefit Plans and the related WhatÂ’s New document are available.

SEC Posts New FAQs About the JOBS Act Financial Reporting Network | May 07, 2012 | Accounting & Financial Reporting The SEC posted on its website 24 new Q&As about the general applicability of the Jumpstart Our Business Startups (JOBS) Act to companies.

PCAOB Solicits Nominations for Standing Advisory Group Financial Reporting Network | May 07, 2012 | Accounting & Financial Reporting The PCAOB recently announced that it is soliciting nominations for members of its Standing Advisory Group (SAG).

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