FASB and IASB joint proposals regarding reporting of lease contracts
The Financial Accounting Standards Board and the International Accounting Standards Board recently published for public comment joint proposals regarding the financial reporting of lease contracts.  If finalized, these proposed standards will result in significant changes to the model for lease accounting.

FASB Issues Exposure Draft on Revenue Recognition
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board have issued a proposed Accounting Standards Update, Revenue Recognition (Topic 605): Revenue from Contracts with Customers. The required approach to apply this proposed guidance, together with several other significant items included in the draft standard, are described in this document published by McGladrey & Pullen’s National Accounting Standards Group.

Disclosures about credit quality of financing receivables and allowance for credit losses
The Financial Accounting Standards Board has issued Accounting Standards Update (ASU) 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses.  This ASU requires companies to provide more information in their disclosures about the credit quality and risk exposures of their financing receivables and the credit reserves held against them.

Bob Dohrer Elected Chairperson of IFAC Forum of Firms
Bob Dohrer, National Director of Assurance Services for McGladrey & Pullen, has been elected as the new chairperson of the International Federation of Accountants (IFAC) Forum of Firms.