UPDATES
View the latest IFRS news and updates from the International Accounting Standards Board (IASB), Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA).
Featured
- IASB and FASB publish revised proposal for revenue recognition
- FASB Chairman Leslie Seidman Addresses the AICPA Conference on Current SEC and PCAOB Developments
- Most U.S. CPAs Support Giving U.S. Public Companies Option to Adopt IFRS, Survey Finds
- SEC Staff Pap er: Exploring a Possible Method of Incorporation of IFRS
The IASB is an independent accounting standard-setting body, based in London. It consists of 14 members from nine countries, including the United States. The IASB began operations in 2001, when it succeeded the International Accounting Standards Committee, established in 1973.
The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. See www.ifrs.org.
The Securities and Exchange Commission (SEC), created in 1934 by an Act of Congress, is the U.S. government agency with primary responsibility for enforcing the federal securities laws and regulating the securities industry and the U.S. stock market. For the past three decades it has become increasingly vocal in its support of a single set of robust accounting standards that would be used worldwide. Visit the SEC web site at www.sec.gov.
The Financial Accounting Standards Board (FASB) is working with the IASB to converge their respective accounting standards into a robust set of rules that will meet the needs of preparers and users worldwide. Visit the FASB web site at www.fasb.org.
The American Institute of Certified Public Accountants (AICPA) will provide programs to raise awareness of IFRS and accelerate understanding of the CPA’s leadership role among third-party financial statement users, such as investors, lenders, financial industry regulators, and insurers.
The AICPA will be an advocate for its members in making the use of IFRS by public companies a success. Ongoing efforts include:
- Continuing to educate AICPA members about IFRS
- Working with accounting educators, textbook authors, and educational institutions to prepare future professionals to use IFRS
- Making certain the voice of U.S. CPAs is heard internationally
- Incorporating questions about IFRS into the Uniform CPA Exam
