Overview

 

General

International Financial Reporting Standards (IFRS) — an AICPA Backgrounder
The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession.
International Financial Reporting Standards (IFRS) — Questions and Answers
Questions and answers developed by American Institute of Certified Public Accountants.

December 2011
SEC Releases Two IFRS Staff Papers

The first staff paper, "A Comparison of U.S. GAAP and IFRS," explores standard by standard how the two systems differ. It describes the status of the convergence efforts of the FASB and IASB in aligning various standards as part of their memorandum of understanding and outside the MoU.

The second paper, "An Analysis of IFRS in Practice," examines how a sampling of foreign companies have used IFRS in their filings with the SEC, and summarizes areas that drew comments from the SEC's Division of Corporate Finance as part of its disclosure review program.

December 1, 2011
AICPA to IASB: Completion of Conceptual Framework Is Key

The AICPA's senior technical committee for financial reporting advised the International Accounting Standards Board (IASB) to continue focusing on completion of a conceptual framework, including a presentation and disclosure framework. The IASB requested the feedback when it issued its Agenda Consultation 2011 in July. (Journal of Accountancy)

May 12, 2011
IFRS Resources

The Journal of Accountancy provides a compilation of news, articles and videos on IFRS and accounting convergence, along with links to additional resources. (Journal of Accountancy)

January 28, 2011
Updated AICPA IFRS Backgrounder

Get an introduction to the movement behind adoption of IFRS throughout the world. The AICPA's IFRS Backgrounder has been updated for developments through 2010 and is available for download.

December 13, 2010
'IFRS at a critical crossroad' – speech by Harvey Goldschmid

December 13, 2010 - This is a section of the keynote speech entitled 'Regulatory Reform and IFRS at a Critical Crossroad' at the FEI conference, given by IFRS Foundation Trustee Harvey Goldschmid. The FEI conference took place from 15-17 November 2010, in New York. (IFRS.org)

October 15, 2010
Seven Myths about IFRS

Experts address myths about International Financial Reporting Standards. (CFO.com)

May 13, 2010
Study Suggests that Rules-Based Standards Provide Better Protection from Litigation

CFO.com reports on an academic study that addresses the question whether or not rules-based standards provide better protection from lawsuits. The study’s conclusion suggests that rules based standards reduces the threat of litigation.

April 27, 2010
Test Your Knowledge of International Standards

May 2010 – More than 100 countries around the world, including all major U.S. trading partners, now use or have committed to adopting IFRS. IFRS is coming to the CPA exam in 2011. Try these sample questions. (Journal of Accountancy)

February 24, 2010
Journal of Accountancy IFRS Resources

The Journal of Accountancyi> has compiled links to several JoAi> news headlines, featured articles, videos, and other resources on IFRS, accounting convergence, private company reporting and other important developments.

February 2, 2010
Merits and Challenges of Having Fewer Rules

The "U.S. Perspective" panel at October's AICPA/IASC Foundation Conference on IFRS, featuring six financial industry heavyweights, evolved into a discussion about the merits and challenges of a principles-based system of accounting. Read what the panel participants said during the discussion.

January 26, 2010
The Transition to IFRS

Can the convergence project replace it? The CPA Insider addresses the question of whether accounting standard convergence is a substitute for adoption of IFRS.

January 22, 2010
Making financial reporting simpler and more useful: The way forward

The Global Accounting Alliance (GAA) has published its report Making financial reporting simpler and more useful: The Way forward which is based on a series of roundtable events held in London, Beijing and New York in 2009. (Global Accounting Alliance)

November 16, 2009
Highlights of IFRS Research

The Journal of Accountancy is running a series of articles that samples research and distills key findings for busy practitioners and preparers. This article provides highlights of several IFRS research studies.

October 27, 2009
Financial Executives Split on IFRS

Grant Thornton LLP releases results of a national IFRS survey conducted with CFOs and senior comptrollers. According to the survey, 40 percent said that they do not believe that U.S. companies should ever have to use IFRS. Another 39% said they believe IFRS should be required in 3 to 5 years. An additional 14% said IFRS should be required in 5 years or longer, while 7% said IFRS should be required immediately.

October 8, 2009
Deloitte Survey: Respondents Want Roadmap Approved

WebCPA reports on a Deloitte IFRS survey, which was published on Monday. With over 150 financial executives participating, 51% responded that the SEC should approve the proposed roadmap, but consider pushing back the mandatory deadline a year, and 19% responded that the SEC should approve its proposed road map "as is". (WebCPA) (Deloitte Survey)

September 30, 2009
Interpreting IFRS

With the increasing acceptance of IFRS in the global economy and its possible adoption in the U.S., CPAs are keenly interested in developing a broader understanding of international standards. This Journal of Accountancy article will help you gain an understanding of the role of the International Financial Reporting Interpretations Committee (IFRIC).

September 23, 2009
Accounting Educators Say U.S. at Disadvantage Without IFRS

Nearly half of accounting faculty at U.S. universities believe the United States should transition to IFRS to remain competitive, and three-quarters think IFRS needs to be immediately incorporated into their school's curricula, according to a survey conducted by the American Accounting Association (AAA) and KPMG LLP. (Journal of Accountancy)

September 11, 2009
Survey: Financial Executives Believe Move to IFRS Will Occur

Reuters reports on a Deloitte survey. Almost 90% of respondents view mandatory conversion to IFRS to be highly likely, or somewhat likely in the U.S.

September 9, 2009
CAQ Issues IFRS Guide

In an increasingly interconnected global economy, all capital markets participants have a stake in discussions about the world's accounting standards. In the interest of an informed public discussion, the Center for Audit Quality (CAQ) has developed the Guide to International Financial Reporting Standards (IFRS). (theCAQ.org)

 
July 30, 2009
International Fair Value Accounting Draft Cross-Referenced to U.S. Counterpart

The International Accounting Standards Board (IASB) on Wednesday published new resources to help stakeholders understand how its exposure draft on fair value measurement compares to the U.S. accounting standard upon which it is based. (Journal of Accountancy)

July 09, 2009
IFRS to XBRL: Is There a GAAP?

The AICPA Corporate Finance Insider interviewed Liz Watson, former VP of Edgar Online and current board member of IRIS Business and asked her about IFRS and XBRL.

July 02, 2009
Revenue Recognition Challenges

Comments on the FASB/IASB joint Discussion Paper on revenue recognition were due June 19. CFO.com writes about the project including the challenges associated with developing a single standard that would apply to all contracts with customers.

 
June 5, 2009
IFRS Adoption May Produce Limited Benefits

WebCPA reports on a new academic study that indicates benefits from adopting IFRS in the U.S. may be limited. According to Rodrigo Verdi of MIT, one of the study's authors, “In countries like the U.S., there may be minimal room for improvement because U.S. GAAP is already considered a high-quality accounting regime”.

June 5, 2009
Sir David Tweedie Takes On IFRS

June 5, 2009 - Read what IASB Chairman David Tweedie says about costs and benefits of IFRS adoption, the best approach to adopting the standards and a shorter version of IFRS designed for small and medium-sized entities that is scheduled to be released in July. (AICPA Corporate Finance Insider)

May 29, 2009
Finance Executives Surveyed about Revenue Recognition Proposal

WebCPA reports on results of a survey conducted by RevenueRecognition.com on the joint FASB/IASB proposal on revenue recognition in contracts with customers.  According to the article, the survey resulted in a mixed response.

May 27, 2009
Do You Have IFRS Training?

If not, read on.  The AICPA CPA Insider explains why market participants need IFRS training today and how to prepare for IFRS in the future.

 
April 2, 2009
Study Analyzes Proposed Shift to IFRS

Knowledge@Wharton reports on the findings of Wharton accounting Professor Luzi Hail, and Professors Christian Leuz from the University of Chicago and Peter Wysocki of MIT. "Based on our study, it is not clear that such a major shift in standards would translate into large net benefits for most companies or the entire U.S. economy, as is often claimed," Hail says.

April 1, 2009
FASB Accounting Standards Codification™ - A Step toward Convergence

The FASB's Accounting Standards Codification™ (the "Codification") is expected to be launched on July 1, 2009. Read a summary of the project which includes links to AICPA resources, the FASB's Codification Web site and the recently issued proposed statement The Hierarchy of Generally Accepted Accounting Standards – a replacement of FASB Statement No. 162.

March 31, 2009
IFRS and Hedge Funds

Hedge Funds Review addresses misconceptions about IFRS conversion and the direction the SEC could take with registered investment companies and hedge funds.

March 26, 2009
Early Involvement of IT Personnel Important

An article in Canadian Underwriter addresses the importance of involving the Information Technology Department early in an IFRS conversion.

March 25, 2009
Information Technology Challenges

IT World Canada writes about information requirements and challenges associated with conversion to IFRS.

March 20, 2009
Standard Setters Outline Possible Lease Accounting Approach

The Journal of Accountancy writes about the recently released joint IASB/FASB Discussion Paper on lease accounting.

March 16, 2009
Narrative Skills Important in Using IFRS

CFO.com writes about the importance of narrative skills in using IFRS. According to the article, footnote disclosures will fill in many of the details formerly supplied under U.S. GAAP.

February 19, 2009
Cornerstone for Successful IFRS Conversion: Training & Education

February 19, 2009 - Adoption of IFRS will affect the whole organization and is a large undertaking.  Development of a scalable training strategy will be important through the conversion process and beyond.  A well-planned and executed training strategy will also be the foundation of a successful project.  (TrainingIndustry.com)

January 26, 2009
IFRS for Private Entities

What are the implications for private entities in Europe and the U.S. as the IASB considers how IFRS should be made accessible to them?  Steven Brice, partner with Mazars in the U.K., addresses this question in the AICPA CPA Insider.

January 14, 2009
Early training in IFRS is way to boost career.

According to CFO Magazine and H. David Sherman, an accounting professor at Northeastern University, accountants who establishes themselves as IFRS experts within a company will have great influence over how the company appears to the public. "It's going to be a different kind of expert than we've had under GAAP, and that person is going to be extremely valuable because they will help the company understand what its real options are," Sherman said.

January, 2009
Deloitte's IFRS University Consortium - Deloitte LLP

Through the formation of Deloitte's IFRS University Consortium, Deloitte is contributing essential IFRS resources and materials to help prepare and develop future accounting professionals. For more information about Deloitte's IFRS University Consortium, click on the link above.

December, 2009
Is IFRS That Different From U.S. GAAP?

The U.S. is moving toward IFRS. Unlike what happened with other countries, IASB and FASB have been working on convergence for many years. Are the two standards still very different?

December 5, 2008
On the Verge of an Academic Revolution

The Journal of Accountancy hosted a virtual round table with eight academics to discuss how IFRS is affecting accounting education. The round table participants discussed how IFRS is being integrated into course work and shared their thoughts on how the international standards might affect the business curriculum in the future. Full Article | Audio Clips

December 4, 2008
Practical Implementation Issues: United Kingdom

The United Nations invited the Institute of Chartered Accountants in England and Wales to provide an assessment of experiences in implementing International Financial Reporting Standards in the United Kingdom. The report was published in the name of the United Nations Conference on Trade and Development and presented in November 2008. The report provides a review of practical implementation issues and lessons learned. A link to the report is provided on the ICAEW website.

December 4, 2008
Implementation of IFRS: Lessons Learned

In 2008, the United Nations Conference on Trade and Development (UNCTAD) published a report titled Practical Implementation of International Financial Reporting Standards: Lessons Learned. The report provides a review implementation issues and lessons learned through a series of country case studies. The case studies discuss implementations in Brazil, Germany, India, Jamaica, Kenya, Pakistan, South Africa and Turkey. Highlights and the full report are available on the UNCTAD.org website

December 4, 2008
Implementation of IFRS across European Union

The Institute of Chartered Accountants in England and Wales (ICAEW) published a report on the first year of implementation of International Financial Reporting Standards and the Fair Value Directive across the European Union. This comprehensive study includes detailed review of the 2005 financial statements of 200 companies across EU member states. The full report and executive summary are available for download at the ICAEW website

December 3, 2008
Business Survey about IFRS and IASB available

Assessing the IASB: Results of a Business Survey about International Financial Reporting Standards and IASB's Operations, Accountability, and Responsiveness to Stakeholders is a research report issued by The International Standards Project. Professors Tim Buthe of Duke University and Walter Mattli of Oxford University conducted the study.

December 1, 2008
Study analyzes implementation experiences in Europe

The Institute of Chartered Accountants of Scotland sponsored a research study titled The Implementation of IFRS in the UK, Italy and Ireland.  The study, released earlier this year, compared 175 financial statements pre- and post-IFRS and conducted interviews with preparers, auditors, users and regulators. 

October 22, 2008
One in five CFOs and senior controllers have experience preparing financial statements according to IFRS,
according to a recent Grant Thornton survey. Fifty-five percent of the 688 CFOs and senior controllers surveyed by Grant Thornton said that U.S. companies should be permitted to use international standards instead of U.S. GAAP. When asked about the SEC's decision to permit foreign firms to file financial statements prepared according to IFRS without reconciliation to U.S. GAAP, 59 percent disagreed.
October 2008
Accounting Profession Reacts to IFRS Plan
In August, the SEC agreed to a series of steps that could lead to the required use of IFRS by U.S. issuers by 2014. The Journal of Accountancy asked a group of accounting thought leaders for their views on the SEC's proposal.
June 16, 2008
Gut Check on International Accounting Standards
Adoption of global standards fast approaching in the rear-view mirror.
May 2008
Adopting IFRS: One Nation's Experience
The JofA spoke with Itamar Levin, editor of The Accountant, a publication of the Institute of Certified Public Accountants in Israel, on how the transition to IFRS has gone.
April 14, 2008
International Federation Of Accountants
IFAC is the global organization for the accountancy profession. It works with its 163 member organizations in 120 countries to protect the public interest by encouraging high quality practices by the world's accountants. IFAC members represent 2.5 million accountants employed in public practice, industry and commerce, government and academia.
February 2008
Change Agent
Robert Herz discusses FASB's priorities, the road to convergence and changes ahead for CPAs.
January 1, 2008
One Set of International Standards Important for Economic Growth: World Accountancy Leaders
Convergence to a single set of international standards is a key to economic development, according to a survey of worldwide leaders of the accounting profession conducted by the International Federation of Accountants (IFAC).
 

Top