Recognizing that financial statement users (and busy valuation specialists) may not “have the time to read and respond to detailed technical proposals,” the FASB has just released its first summary Update for 2012. Highlights include:

• Current international accounting convergence activities, such as joint discussions between the FASB and IASB on leases and financial instruments;

• A list of standards that will take effect early this year, such as new guidance on capitalizing the costs incurred by insurance companies and FASB/IASB proposals on offsetting;

• Requests for feedback from financial statement users on revenue recognition, investment companies, and investment property entities;

• New rules in healthcare reporting; and

• New standards/disclosure requirements for financial institutions.