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Featured News

IASB addresses uncertainty in accounting for income taxes

September 12, 2017 - The IASB on Tuesday released for comment a set of proposed IFRS statement amendments that would help companies distinguish accounting policies from accounting estimates.

New IASB standard aims for consistent reporting for insurers

August 1, 2017 - IFRIC 23 adds to the requirements of IAS 12

New IASB standard aims for consistent reporting for insurers

July 1, 2017 - IFRS 17 creates a single approach for insurance contracts accounting. (Journal of Accountancy)

IASB interpretation addresses uncertainty in accounting for income taxes

June 7, 2017 - A new interpretation issued by the IASB specifies requirements for how organizations should reflect uncertainty in their accounting for income taxes. (Journal of Accountancy)

New IASB standard aims for consistent accounting for insurers

May 18, 2017 - A new standard issued by the IASB aims to provide transparent reporting about insurers’ financial position and risk. (Journal of Accountancy)

IASB proposes amendments to 3 standards

March 1, 2017 - The changes are part of an annual improvement process. (Journal of Accountancy)

IASB proposes amendments to 3 IFRS standards

January 12, 2017- The IASB issued clarifications to standards related to income taxes, borrowing costs and investments in associates and joint ventures. (Journal of Accountancy)

Why IFRS remains relevant in the U.S.

December 5, 2016 - Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said. (Journal of Accountancy)

Bringing leases into view

April 1, 2016 - New lease accounting standards issued by FASB and the International Accounting Standards Board will result in substantial changes in recognition and presentation on the balance sheet for lessees. (Journal of Accountancy)

IASB requires disclosures about debt financing

April 1, 2016 - The board responded to questions about changes in debt. (Journal of Accountancy)

How expected credit loss standards will challenge auditors

March 3, 2016 - Financial reporting standards requiring reporting of expected credit losses related to financial instruments are expected to create new challenges for auditors as well as management and audit committees. (Journal of Accountancy)

Kathryn A. Byrne, CPA, CGMA

March 1, 2016 - Kathryn A. Byrne, CPA, CGMA, is a partner and the manufacturing distribution practice leader at WeiserMazars in New York City. On Jan. 1, she started a three-year term as the chair of the International Federation of Accountants Compliance Advisory Panel. (Journal of Accountancy)

New FASB leases standard brings transparency to lessee balance sheets

February 25, 2016 - FASB issued a new standard on financial reporting for leases that is designed to bring transparency and comparability to lessee balance sheets. (Journal of Accountancy)

FASB continues simplification efforts

February 1, 2016 - Presentation of deferred income taxes changes under a new standard. (Journal of Accountancy)

IASB proposes 4 amendments

February 1, 2016 - The board considers annual improvements and its investment property standard. (Journal of Accountancy)

SEC discusses supplemental IFRS plan

February 1, 2016 - The option would permit U.S. issuers to provide information in addition to U.S. GAAP. (Journal of Accountancy)

What Does the New Revenue Recognition Standard Mean for Tax?

February 1, 2016 - The new standard presents a unique opportunity for taxpayers to revisit their tax methods for revenue recognition to not only ensure compliance with the tax rules, but also to take advantage of tax opportunities and planning around revenue recognition. (The Tax Adviser)

IFRS amendments require disclosures about debt financing liabilities

January 29, 2016 - The changes are part of an initiative the IASB has undertaken to improve the effectiveness of disclosures in financial reports. (CGMA.org)

IASB issues leases standard; FASB to follow

January 12, 2016 - The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet. (Journal of Accountancy)

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 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.

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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, AICPA Store or this website.