IFRS Primer for Audit Committees
AICPA | June 2010
International Financial Reporting Standards (IFRS) are being used worldwide by over 120 countries and reporting jurisdictions that either require or allow its use for the preparation of financial statements for publicly-held companies. Convergence of U.S. GAAP with IFRS is happening. In addition, there is a possibility that the SEC will give U.S. companies an option to follow IFRS rather than U.S. GAAP, or require them to switch to IFRS. Audit committees should anticipate this significant change and inquire of the CEO and CFO as to the readiness of the company, and their implementation plan for moving to IFRS if or when required.
Download this document for a background on IFRS and for a list of recommended questions audit committees should review with management.