Jan. 2012 FASB Update: Financial Statement User Edition
By Theresa Hickman-Oracle on Jan 12, 2012
FASB just released their FASB Update Financial Statement User Edition. It gives a nice snapshot of the various accounting standards-setting projects completed and still in progress. It's a nice 3-page summary that can be found here.
The Lease topic is still being re-debated which will affect everyone from landlords, tenants, air lines who lease planes, trucking companies who lease trucks, rental offices, malls and shopping centers, etc.
There's a revised proposal on Revenue Recognition, another topic that will affect virtually everyone except lease contracts, financial instrument contracts, and insurance companies (since they're not going to wait to recognize revenue until that natural disaster or accident occurs), is also available. This revised proposal has significant changes from the previous Exposure Draft.