IFRS Update and Review
of Complex Topics

This course provides an in-depth examination of some of the most economically significant international accounting topics: revenue recognition, business combinations and impairments. The last part of the course provides an update on the issues and challenges of major current IASB projects.

IFRS Accounting
Trends & Techniques

Introducing a new AICPA publication on reporting under IFRS with illustrative excerpts from the audited annual reports of 100 companies that have made the conversion.

Accounting Trends and
Techniques Bundle

The bundle provides examples of reporting practices under U.S. GAAP and IFRS. The set features Accounting Trends & Techniques and IFRS Accounting Trends & Techniques at a savings up to $62.50 off the price of the books if they were purchased separately.
IFRS News ClipsMORE
Using Scenario Planning Techniques to Prepare for IFRS
CFO.com contributor Bruce Pounder uses scenario planning to look at the future of financial reporting in the U.S. and finds more opportunities than threats.

User questionnaire – exposure draft on measurement uncertainty analysis
On 28 July 2010 the International Accounting Standards Board (IASB) published a questionnaire for financial statement users on its June 2010 exposure draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements. (IASB.org)

Lease Proposals Could Change How Lessors and Tenants Approach Lease Financing
GlobeSt.com reports on how the joint FASB/IASB project on leases could change the future of lease transactions for landlords and tenants.

Group Says Time to Rethink IFRS in UK
In a letter to The Times, a small group of academics, politicians and business experts has called for the repeal of the requirement to use IFRS in the UK. Accountancy Magazine reports and provides a reprint of the letter.

Featured IFRS News

Video: The Role of the U.S. in IFRS

July 29, 2010 - IASB Chairman David Tweedie emphasizes the importance of U.S. involvement in IFRS. He says completing IASB-FASB convergence projects is his top priority in his last year on the international board. (Journal of Accountancy)

Convergence Milestone

July 26, 2010 - FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they gave themselves an extra six months to complete the ambitious project. (Journal of Accountancy)

FASB Issues Proposed Accounting Standards Update on Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs

June 29, 2010 - The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). (FASB.org)

IASB proposes improvements to disclosure requirements for Level 3 fair value measurements

June 29, 2010 - The International Accounting Standards Board (IASB) today published for public comment further enhancements to a disclosure proposal on Level 3 fair value measurements that formed part of the IASB’s exposure draft Fair Value Measurement published in May 2009. (IASB.org)

Big Changes Proposed for Revenue Recognition

June 25, 2010 - FASB and the IASB on Thursday released a proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. (Journal of Accountancy)

IASB and FASB Propose a New Joint Standard for Revenue Recognition

June 24, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs. (FASB.org)

Featured Blog Posting

Revenue Recognition and Customer Credit Risk

On June 24, the U.S. Financial Accounting Standards Board and the International Accounting Standards Board issued a proposed new joint standard for revenue recognition.

The proposals in this exposure draft are far reaching. Under the new exposure draft, collectibility would not directly affect the timing of revenue recognition but is considered in determining the transaction price, thus affecting how much can be recognized.

Have you had a chance to study the Exposure Draft Revenue Recognition (Topic 605): Revenue from Contracts with Customers? What do you think about the proposals?

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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 >
The New AICPA Coming Soon!
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Video Clip: IFRS for SMEs
Excerpt from the AICPA’s Second Quarter 2010 IFRS Webcast. Panelists discuss aspects of the International Financial Reporting Standard for Small and Medium-sized Entities.

IFRS for SMEs — U.S. GAAP Comparison Wiki

The AICPA is developing a resource that compares the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) with corresponding requirements of U.S. generally accepted accounting principles (U.S. GAAP). This resource is available in a Wiki format and you are invited to contribute to its development. To learn more about the resource, view available sections and contribute to its content, click here: Learn more.

Follow IFRS.com on Twitter

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.