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)
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)
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)
February 1, 2016 - Presentation of deferred income taxes changes under a new standard. (Journal of Accountancy)
February 1, 2016 - The board considers annual improvements and its investment property standard. (Journal of Accountancy)
February 1, 2016 - The option would permit U.S. issuers to provide information in addition to U.S. GAAP. (Journal of Accountancy)
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)
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)
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)
November 24, 2015 - Thehe IFRS Foundation is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented. (CGMA.org)
November 19, 2015 - The American Institute of CPAs (AICPA) submitted a comment letter to the International Financial Reporting Standards (IFRS) Foundation Trustees, expressing its overall support of the Foundation's views on the issues identified in the Review of Structure and Effectiveness: Issues for the Review. (AICPA.org)
September 8, 2015 - Faculty recommend best practices for teaching the standards. (AICPA.org)
July 2014 - FASB and the IASB have basically achieved convergence with Accounting Standards Update (ASU) No. 2014-09 and International Financial Reporting Standards (IFRS) 15, with some minor differences related to the collectibility threshold, interim disclosure requirements, early application and effective date, impairment loss reversal, and nonpublic entity requirements. (AICPA.org)
July 2014 - The Financial Reporting Brief reorganizes the guidance contained in FASB ASC 606 (revenue recognition standard), to follow the five step revenue recognition model along with other guidance impacted by this standard. Additionally, it highlights differences between FASB ASC 606 and IFRS 15, and provides reference to applicable examples in the implementation guidance. (AICPA.org)
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.
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.
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.
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.