Inside IFRS: Accounting and Financial Reporting Fundamentals

Get comprehensive and updated guidance on virtually all IFRSs. This book takes a topical approach to laying out financial accounting and reporting requirements to allow practitioners and preparers of financial statements to quickly find what they're looking for.
News ClipsMORE
Russell Golden, Recently-Appointed FASB Chairman, Discusses Entity's Present Role in Shaping U.S. and International Standards
July 29, 2013 - The Chairman talks about a new collaboration between FASB and IASB and outlines approach and progress in a number of projects related to convergence, leasing, revenue recognition, insurance and codification. (AccountingToday)

Conceptual Framework Revision Comments Sought by IASB
July 24, 2013 - Hans Hoogervorst, IASB Chairman, explains in a news release that comments are being solicited in regards to a proposed revision of the conceptual framework for financial reporting, a framework which affects all IFRS that are developed. (Journal of Accountancy)

FEI Canada publishes study of transition costs from Canadian GAAP to IFRS
July 17, 2013 - FEI Canada published the findings of its research into the costs borne by Canadian companies in their transition from Canadian GAAP to IFRS. The research was jointly funded by the Canadian Accounting Standards Oversight Council and the IFRS Foundation. (IFRS.org)

Speech by Hans Hoogervorst: 'Breaking the boilerplate'
June 27, 2013 - In a speech to the IFRS Conference in Amsterdam, Hans Hoogervorst, Chairman of the IASB set out a 10-point plan to tackle the use of boilerplate text in financial reporting disclosures. (IFRS.org)

Featured News

Transition Group Formed by IASB and FASB to Address Revenue Recognition

July 31, 2013 - Russell Golden, FASB Chairman, indicates that the purpose of the group will be to help resolve any issues of diversity that may arise as companies and other entities move toward implementing the final revenue recognition standard. (AccountingToday)

IASB publishes Guide for Micro-sized Entities Applying the IFRS for SMEs (2009)

June 27, 2013 - The International Accounting Standards Board (IASB) today issued guidance to help micro-sized entities apply the IFRS for Small and Medium-sized Entities (IFRS for SMEs). (IFRS.org)

FASB among 12 participants in IASB advisory forum

March 19, 2013 - The Financial Accounting Standards Board is one of 12 standard setters from around the world that will serve as an inaugural member of an accounting advisory group. The Accounting Standards Advisory Forum will provide technical advice to the International Accounting Standards Board (Journal of Accountancy)

Kabureck’s Appointment to IASB Helps Assure Significant Representation on the Board by the U.S.

Kabureck’s Appointment to IASB Helps Assure Significant Representation on the Board by the U.S.

IFRS Foundation Overseer Finalizes Membership Criteria

March 1, 2013 - IFRS Foundation’s Monitoring Board has chosen Masamichi Kono as its Chairman and has instituted a new approach to its membership criteria assessment, which will allow for greater participation of expanding markets. (AccountingToday)


International Financial Reporting Standards (IFRS) - A Backgrounder

 

Get an introduction to the movement behind adoption of IFRS for public companies throughout the world. The AICPA's IFRS Backgrounder walks you through the regulators, standard setters and others who play a critical role and the timeline of convergence and adoption activities, including the SEC's announcement of its work plan.

View full background document >
 

IFRS Primer for Audit Committees

 

Over 120 nations and reporting jurisdictions require or allow the use of International Financial Reporting Standards (IFRS) for preparation of financial statements for domestic listed companies.

The convergence of US Generally Accepted Accounting Principles (US GAAP) with IFRS is underway. The SEC has directed its staff to execute a Work Plan that would help the SEC evaluate the impact of IFRS use by U.S. public companies on the U.S. securities market. The Work Plan will help the SEC decide whether to incorporate IFRS into the U.S. financial reporting system, and if so, when and how.

Audit Committees should anticipate this significant change and inquire of the company's management as to the readiness of the company, and their implementation plan for moving to IFRS if or when required by the SEC.

View full IFRS Primer document >

Financial System Considerations in IFRS Conversion Projects

 

Prepared by the Information Technology Section of the AICPA, this white paper explores information technology implications of an IFRS conversion, including the impact on financial and business reporting, implementation considerations and lessons learned from the European experience.

To learn more about Information Technology resources, including information about joining the IT Section of the AICPA, visit the AICPA's Information Technology Center at AICPA.org.

View information technology white paper >
Visit the AICPA Information Technology Center >
IFRS Certificate Program: A comprehensive, integrated curriculum of 25 online self-study courses developed with input from subject matter experts from around the world. Learn More

IFRS Videos ARCHIVES
Importance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards.

FASB and IASB Convergence Projects

Keep up with the progress of convergence efforts between the International Accounting Standards Board and the U.S. Financial Accounting Standards Board. This section of IFRS.com provides links to the IASB Work Plan and the FASB Technical Plan and Project Updates page, in addition to other resources to help you keep track of accounting convergence.

Learn more.

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IFRS.com – Your source for IFRS guidance – has started a page on Twitter. Get the latest IFRS news, updates and IFRS resources at www.twitter.com/IFRScom.
(Use hashtag #IFRS)

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Who Issues IFRS?

International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website.