As we approach the end of 2011 I thought I would provide an update on some important developments in accounting and auditing that I have written about over the year.
In February, I provided an overview of the many ongoing developments in financial reporting, with a particular focus on several major accounting standard-setting projects between the Financial Accounting Standards Board and the International Accounting Standards Board that were targeted for completion by June 30, 2011. These included projects on revenue recognition, lease accounting, accounting for financial instruments, fair-value measurement, and presentation of comprehensive income. The boards did issue final, converged standards ...