Accounting Insights

Recent accounting news and financial reporting insight

November/December 2011

Other comprehensive income reclassifications deferral
In November 2011, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.

The project considers removing the requirement of presenting how and where the reclassification adjustments out of accumulated other comprehensive income are recorded. 

2011 FASB updates roundup
The Financial Accounting Standards Board (FASB) has issued nine Accounting Standards Updates (ASU) in 2011. As the year closes, we have gathered these in one place for your convenience. We have provided commentary to those that are broadly applicable throughout the year, and have provided a links to that commentary. For industry-specific ASUs we have provided relevant links to the FASB website.

International INSIGHT
The International Accounting Standards Board (IASB) has issued a number of new standards and has amended others, making further progress with the convergence project undertaken with the Financial Accounting Standards Board (FASB) in the US to align more closely International Financial Reporting Standards (IFRS) and generally accepted accounting principles in the United States of America (US GAAP).

The boards have also decided to re-expose their amended proposal for both revenue recognition and lease accounting—a welcomed development given the volume of comments received on the original exposure draft on these key topics.

International INSIGHT is Baker Tilly International’s newsletter highlighting recent and proposed changes to International Financial Reporting Standards (IFRS) and related issues. For more information on this subject please download the latest issue.

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