In this US GAAP edition, we discuss FASB, SEC and Auditing developments. During the quarter, the SEC issued an order to amend some requirements of the Conflict Minerals Rule because of proceedings at the US Court of Appeals.
In May, the IASB and FASB issued a new global accounting model for revenue recognition that will replace all existing guidance on revenue recognition. The new revenue guidance may result in significant changes for some companies. The FASB also made amendments to its standards to eliminate special requirements for development stage entities, to modify criteria for classifying components as discontinued operations, to change accounting and disclosures for certain repurchase agreements.