FASB and the IASB have released common disclosure requirements for offsetting (netting). Separately, the IASB released clarifications of its offsetting (netting) requirements.
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The PCAOB will meet on December 20 to consider reproposing an earlier proposed auditing standard entitled Communications With Audit Committees.
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The FAF named Chuck Noski Chairman of FASAC, effective 1/1/12, succeeding Dennis Chookaszian. Among the topics discussed at last week's FASAC meeting was the recent collapse of MF Global.
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In her keynote address at an AICPA conference in Washington, DC last week, FASB Chairman Leslie Seidman focused on two predominant themes: the current and future role of IFRS in the U.S. (i.e. current convergence efforts, and the SEC's upcoming decision on the use of IFRS in the U.S.), and on private company standard-setting.
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