A Global Reach with a Local Perspective University of North Alabama 19th Annual Decosimo Accounting Forum July 22, 2011 www.decosimo.comAccounting Update - Exposure Drafts,Proposals & ProjectsTOM EISEMAN, CPAPrincipal In Charge of Assurance and Assurance
TOPICS Joint FASB/IASB projects FASB-only projects Other activities
FASB/IASB PROJECTS AND TARGET DATE Expected Date 2011 Project 3Q 4Q Balance Sheet - Offsetting F Consolidation: Policy & Procedures E Consolidation: Investment Companies E Revenue Recognition E Accounting for Financial Instruments F Leases F Insurance Contracts E Emissions Trading Schemes E Financial Instruments with Characteristics of Equity E Financial Statement Presentation E Reporting Discontinued Operations E F - Final document E - Exposure draft
FASB-ONLY PROJECTS Expected Date 2011 Project 3Q 4Q Disclosure about an Employers Participation in a Multi-Employer Plan F Goodwill Impairment Assessment F Codification Technical Corrections E Investment Properties E Disclosure about Risks and Uncertainties and the Liquidation Basis of Accounting E Disclosure Framework D Disclosure of Certain Loss Contingencies F - Final document E - Exposure draft D – Discussion paper
OTHER ACTIVITIES EITF International Financial Reporting Standards Standard Setting for Nonpublic Entities
FASB WEBSITE www.fasb.org Click on tab heading “Projects” Technical Plan and Project Updates Other Technical Activities Research Projects Recently Completed Projects Projects Removed from Agenda Exposure Documents Comment Letters Technical Inquiry Service Effective Dates of Recent FASB Pronouncements FAS 133 Derivatives Implementation FASB XBRL
CONNECT WITH ME Tom Eiseman, CPA Principal in Charge of Assurance 423.756.7100 firstname.lastname@example.org Disclaimer: The contents of this presentation are for informational purposes only. The information is not intended to be a substitute for professional accounting counsel. Always seek the advice of your accountant or other financial planner with any questions you may have regarding your financial goals or specific situations.