Beyond the GAAP - 2012 issues - Forvis Mazars

December 2012

Over the course of the year, the IASB has redoubled its efforts on the financial instruments, revenue recognition, leases and insurance contracts projects – but has not yet published final standards for any of them. December 2012 saw nothing more significant than the publication of the proposed limited amendments to IFRS 10 and IAS 28, and to IFRS 11.

November 2012

Once again, year-end reporting has come around! Unfortunately, you might be tempted to say. As in 2011, it’s not the new accounting texts which will make this a tricky exercise; it’s the background of crisis.

October 2012

The SEC’s report on the work plan for the endorsement of IFRSs, published last July, made a great impression, since it was entirely free of any recommendations for adoption of IFRSs by the United States.

September 2012

Following the summer break, it’s back to school for the IASB, with even more new projects. Its work plan now includes three new limited amendments projects and three new research projects. Notably, the Board has decided to publish a revised exposure draft on phase II of IFRS 4: Insurance contracts.

July - August 2012

Despite the uncertainty over whether the US will eventually adopt IFRS, the IASB is
continuing to make progress on its current major projects.

June 2012

For some months, the Leases project seemed to have reached deadlock, largely due to the difficulties encountered by the two Boards in deciding how to account for the result. Some observers were wondering whether it would ever see the light of day.