Posted on Jan 25, 2011

The accounting profession has been busy. The Financial Accounting Standards Board (FASB) is rewriting accounting rules related to revenue recognition, leasing, financial instruments, and insurance contracts — phew — that’s a lot to tackle at once, and there’s more to follow. Comment letters are flying. Companies are more engaged in monitoring FASB meetings than ever before, the accounting firms are trying to educate their clients and audit committees, and internal auditing is gearing up to perform readiness assessments — once we can figure out when to book the work.

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