There is high likelihood that the streamlined standards will have major impact on the financial reporting over a wide cross-section of organizations and industries. For this reason, it is important that various audit committee members remain updated on the progress of this initiative in order to identify areas of particular concern and facilitate smooth transition period from the old processes, systems, and financial reporting to newly adopted ones. The proposed revenue model requires recording of the amount of revenue in a pattern that reflects the transfer of control of the goods and or services in question. The FASB recently released a proposed Accounting Standard Update (ASU) touching on classification and measurement of financial instruments. This made with the object of increasing the convergence between US GAAP and IFRS and above all simplify classification methods. Concerning leasing accounting, the boards intend to provide an open and steady representation of leasing transactions in the financial statements by taking into consideration information relating to the rights and obligations that comes with lease contracts. This article is related to the international accounting particularly International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) in a number of ways. First IAS 39 Financial Instruments: Recognition and Measurement of 2003 categorically stipulates the requirements for the recognition and measurement of financial assets and liabilities as well as certain contracts that relates to purchase and sale of non-financial items. Additionally IAS 32 Financial Instruments: Presentation also summarizes mandatory accounting requirements for the presentation of financial instruments especially with regard to their classification into financial assets, liabilities and equity instruments. The same case applies with the IFRS 9 Financial Instruments, which outlines the requirements for recognition and measurement for financial instruments. IAS 17 Leases also touches on the policies and disclosures concerning leases contracts. This is a clear indication that the initiative of Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) to streamline accounting standards should not contravene terms of IFRS or IAS with respect to financial instruments, revenue recognition and lease accounting. 2. Philbin, B. (February 22, 2013). SEC Pressed Citi for More Details on Brokerage Joint Venture The Securities and Exchange Commission (SEC) recently requested Citigroup Inc to come out and defend how it was disclosing and valuing its brokerage joint venture with Morgan Stanley to its investors in its 2011 annual report a few months before it was forced to take approximately $3 billion write-down on the business. It is believed that the business events played an integral role in paving way for exist of Vikram Pandit as the chief executive officer. This request was intend to make the New York Company expand on its language in its report to the investors about valuation and disclosures regarding ownership the business formerly known as Morgan Stanley Smith Barney. The request has not been a onetime event but rather entangle in correspondence, which began in April 2011 and continued into last summer when Citigroup was asked to avail a copy of the report it used to establish the value
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