Credit Suisse Securities has sent clients a neat concise report detailing the "hot button" accounting issues for 2011that were discussed at the recent annual AICPA Conference on Current SEC & PCAOB Developments.

The report highlights four major topics: International Convergence, Liquidity, Contingencies and Restoring the Public Trust.

The recent joint proposals from FASB and IASB to eventually overhaul lease accounting rules would most impact retailers, according to an in-depth report from Credit Suisse Securities.

The Swiss investment bank estimates off-balance-sheet lease liability for the S&P 500 companies is at least $549 billion. It figures two industry groups--Food & Staples Retailing and Specialty Retail--account for 25 percent of the total.