Beyond the GAAP - 2011 issues
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Beyond the GAAP - 2011 issues
March 2011
As is clear from the updated IASB work plan, the second half of 2011 will be quite exceptional in the history of the international standard setter. No fewer than four new standards will be published, two will be amended and the final vote on the content of four future major standards will be taken.
April 2011
In April, the IASB and the FASB decided to postpone the target date for completion of the major convergence projects on revenue recognition, lease accounting, financial instruments and insurance contracts.
May 2011
The IASB published no fewer than six new standards in May: five relating to consolidation, and one on fair value measurement.
June 2011
In June, the IASB was once again busy, with the publication of amendments to IAS 1, the standard IAS 19R and the 4th annual improvements exposure draft (after a pause in 2010).
January 2011
It is already clear that 2011 will be a particularly important year in the history of the IASB. This year will see the SEC’s decision on whether IFRSs can be applied by American entities. The decision could lead to the end of US GAAP or disrupt the adoption of IFRSs at international level.
February 2011
February saw significant changes of direction in two key projects in the work plan for convergence between IFRS and US GAAP: the accounting treatment of leases and revenue recognition.
July-August 2011
The IASB is struggling to make the hoped-for progress on the projects on its work plan. Hence, after revenue recognition in June 2011, the IASB has decided this month to publish a new exposure draft on Leases.
September 2011
Hardly had Hans Hoogervorst taken up his position at the head of the IASB than he had put his stamp on the institution.
December 2011
The year just ended should have seen the publication of the final standards for the joint projects on financial instruments, revenue recognition, leases and insurance contracts.
November 2011
The 2011 reporting date is drawing near! It is likely to be a tricky exercise, not because of the new accounting standards but because of the sovereign debt crisis.
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