Just Tryin’ To Keep Up

In case you were anticipating a quiet summer, I thought I should remind you that international accounting standard-setting doesn’t take a break.  In fact, don’t forget that comments on the IASB ED, Financial Instruments: Amortized Cost and Impairment, are due June 30th.

Of course, if you’re a regular respondent to IASB proposals, you already know that several IASB comment letter deadlines are quickly approaching, including 3 additional proposal deadlines in July:

  1. An ED, Conceptual Framework for Financial Reporting: The Reporting Entity, comments due July 15th;
  2. An ED, Fair Value Option for Financial Liabilities, comments due on July 16th; and
  3. A discussion paper, Extractive Activities, comments due July 30th.

In addition, the IASB has been very busy.  On June 24th, they (along with the FASB) issued an exposure draft on revenue recognition, which is a follow-up to their December 2008 discussion paper.  The comment deadline for the new ED is October 22, 2010.

Then there’s the deluge of letters, revised workplans, and speeches about IASB – FASB convergence activities, including a recently issued revised progress report and workplan (www.iasb.org). 

Gotta read those materials.

And what about the other important standard-setters and their publications.  For me that list includes: the SEC, the IFAC Committees, the PCAOB, and, of course, the FASB. I also like follow the related activities of the EU and EFRAG. 

By the way, on June 3rd, EFRAG issued an interesting report on the compatibility of IFRS for SMEs with the EU accounting directives.  That report can be obtained from the EFRAG (www.efrag.org).

Oh yeah and I’ve still got my day job, which from June – August, allows me significant time to monitor the various standard-setting organizations’ activities.

However, lately, I find that my “Docjonz to Read” folder is bursting at its seams. 

In fact, I’d better get started reading. I’m sure that while I was writing the blog, at least two new proposals or important publications were issued.

And I thought it was going to be a quiet summer.

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About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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