OVERVIEW
The increasing acceptance of IFRS, both in the United States and around the world, means that now is the time to become knowledgeable about these changes.
IASB and IFAC to Enhance Cooperation in Developing Private and Public Sector Accounting Standards
The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) announced today an agreement to strengthen their cooperation in developing private and public sector accounting standards. (IFAC.org)
 |
The American Institute of Certified Public Accountants (AICPA) has recently issued a background document on International Financial Reporting Standards (IFRS). Read a brief overview by clicking on the links below – • Get Ready for IFRS |
The globalization of business and finance has led more than 12,000 companies in almost a hundred countries to adopt IFRS.
IFRS Primer for Audit Committees
The convergence of US GAAP with International Financial Reporting Standards (IFRS) for US companies seems increasingly likely. 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/when required by the SEC.
IFRS Frequently Asked Questions
What is IFRS?
International Financial Reporting Standards (IFRS) are a set of accounting standards, developed by the International Accounting Standards Board (IASB), that are becoming the global standard for the preparation of public company financial statements. In the United States, the Securities and Exchange Commission (SEC) is considering taking steps to set a date to allow U.S. public companies to use IFRS, and perhaps make its adoption mandatory.
Other FAQs:
• How widespread is the adoption of IFRS around the world?
• What are the advantages of converting to IFRS?
• When comparing IFRS and GAAP, what are some overall key differences I should be aware of?
