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    US Week in Review - Week ending 23 February 2012

    The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by Ernst & Young.

    Certain materials referenced below are available exclusively in AccountingLink. The site is available free of charge, but requires a one-time registration.

    Ernst & Young publications


    US GAAP versus IFRS: The basics now available

    Our new edition of US GAAP versus IFRS: The basics has been updated for key developments through December 2011. While convergence efforts continued to be a high priority on the agendas of both the FASB and the IASB in 2011, differences continue to exist between US GAAP and IFRS. In this guide, we provide an overview by accounting area of where the standards are similar, where differences are most commonly found in practice, and when applicable, provide an overview of how and when those differences are expected to converge.


    Standard Setter updates


    Financial Accounting Standards Board (FASB)

    Upcoming meetings and webcasts

    27-29 February 2012 joint FASB-IASB Board meeting

    The Boards are scheduled to discuss their projects on classification and measurement of financial instruments, impairment of financial instruments, leases, and insurance contracts. For additional detail, see the FASB calendar.

    Outreach meetings on revised revenue recognition proposals

    The FASB and the IASB will host several roundtable meetings in March, April and May 2012 on their revised joint proposals on revenue recognition. For additional details and registration information, see the FASB's site.

    Education sessions

    See the FASB calendar for upcoming education sessions. No decisions are made at these sessions.

    Upcoming Thought center webcasts and podcasts


    Bottom-line benefits of sustainable business practices 
    Global survey results and discussion of action steps - a webcast by Ernst & Young LLP and GreenBiz
    19 March 2012, 1:00 p.m. Eastern time

    The Ernst & Young Q1 2012 financial reporting update 
    Co-sponsored by Financial Executives International
    22 March 2012, 1:00 p.m. Eastern time

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