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November 2009 |  BY MATTHEW G. LAMOREAUX, PAUL BONNER |  Article

Robert R. Harris takes a large view of the profession. He believes the economic crisis, global convergence of standards, a worldwide concern about the depletion of nonrenewable natural resources, and generational changes all present unprecedented opportunities for CPAs. Harris, who was elected to a oneyear term as chairman of the AICPA during the fall Council meeting in October, says he is concerned that young people don’t fully appreciate the innovation and breadth associated with the CPA profession—a view he hopes to foster during his year as chairman.

November 2009 |  BY CYNTHIA BOLT-LEE, CPA, L. MURPHY SMITH, CPA, DBA |  Article

Conversion from U.S. GAAP to IFRS is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial reporting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position.

November 2009 |  Article

The International Accounting Standards Board (IASB) on Thursday issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a threepart project to replace IAS 39, Financial Instruments Recognition and Measurement, with a new standard, IFRS 9, Financial Instruments.

November 2009 |  BY MATTHEW G. LAMOREAUX |  Article

The International Accounting Standards Board (IASB) on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost. Both International Financial Reporting Standards (IFRS) and U.S.

October 2009 |  BY SARA YORK KENNY, PH.D., ROBERT K. LARSON, CPA, PH.D. |  Article

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. A major goal of both the International Accounting Standards Board (IASB) and the SEC is for IFRS to be consistently and appropriately interpreted and applied.

October 2009 |  Article

AICPA President and CEO Barry Melancon, speaking at the fall meeting of the Institute’s governing Council in Las Vegas on Monday, gave an update on the impact of globalization on the profession, the AICPA’s ongoing efforts to support members and the public during the economic downturn and recovery, and on new technology efforts on the horizon.

October 2009 |  Article

CPAs must embrace change if they are to succeed in the future, newly elected AICPA Chairman Robert R. Harris said Tuesday during his inaugural speech at the Institute’s fall Council meeting in Las Vegas, where he began a oneyear term. Harris has served the Institute in many capacities, most recently as vice chairman (2008�).

October 2009 |  Article

The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010�, which includes, among other goals, a continued commitment “to promote the establishment of highquality accounting standards by independent standard setters” and support for “a single set of highquality global accounting standards.” The draft Strategic Plan is a statement of the SEC’s mission, vision, values, strategic goals, planned initiatives and performance metrics.

October 2009 |  BY ALEXANDRA DEFELICE, MATTHEW G. LAMOREAUX |  Article

To be most effective, international financial reporting standards should be fieldtested prior to adoption, and the international standard setter needs to more clearly communicate its processes while gathering stakeholders’ opinions, a group of global accounting leaders including AICPA President and CEO Barry Melancon told the representatives of the International Accounting Standards Board during a roundtable discussion in New York City on Tuesday.

October 2009 |  BY Matthew G. Lamoreaux |  Article

SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC’s commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. In response to a question following his speech at an AICPAInternational Accounting Standards Committee Foundation conference in New York about when the SEC proposal would be finalized, Kroeker said that “fall ends Dec.