Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey released Monday. Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
IFAC Signs Agreement with Accounting for Sustainability Project
The International Federation of Accountants (IFAC) and the Accounting for Sustainability (A4S) Project headed by the Prince of Wales on Tuesday entered into a memorandum of understanding to support the global accountancy profession’s role in developing sustainable organizations. “Professional accountants play a vital role in helping to create sustainable organizations
Test Your Knowledge of International Standards
More than 100 countries around the world, including all major U.S. trading partners, now use or have committed to adopting IFRS. Nearly as many use international auditing and assurance standards and international ethics standards developed by independent standard-setting boards under the International Federation of Accountants. To ensure that CPAs have
International
The International Accounting Standards Committee (IASC) Foundation published its second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The training material is designed to assist companies and accountants in applying the standard. The remaining material will be published in
SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011
While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the JofA Tuesday that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay. “June
Project Planning and IT Considerations During an IFRS Conversion Project
This free white paper, “Financial System Considerations in IFRS Conversion Projects,” is provided by the AICPA’s IT Section of the Specialized Communities/Firm Practice Management Group and includes: High level discussion of potential system impacts during an IFRS conversion Highlighting key differences between IFRS and US GAAP as well as
The SEC’s IFRS Work Plan
The SEC’s unanimous approval in February of a new policy statement and staff work plan set the scene for a watershed vote next year on if and when the CPA profession will be required to transition to IFRS for U.S. public company financial reports. Though much remains uncertain, the SEC
IFRS for SMEs-U.S. GAAP Comparison Tool Available Online
While the SEC moves toward a 2011 vote on whether to require U.S. public companies to report using IFRS, a more compact version of the international standards is already an option, subject to state board approval, for U.S. private companies. Now there’s a free online tool to help preparers understand
Technology Considerations for Converting to IFRS
Lewis A. Dulitz, vice president of accounting policies and research at Covidien—a $10.7 billion health care products company with 42,000 employees in more than 60 countries—was part of a team that implemented the necessary technology changes in Europe to help Covidien convert to IFRS and led a similar team in
International
The International Accounting Standards Board (IASB) issued a minor amendment to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendment relieves first-time adopters of IFRS from providing the additional disclosures introduced in March 2009 in an amendment to IFRS 7, Improving Disclosures about Financial Instruments. It thereby ensures
FASB, IASB Proposal Seeks to Clarify Reporting Entity Concept
FASB and the IASB Thursday published an exposure draft, Conceptual Framework for Financial Reporting: The Reporting Entity, that is part of a joint project between the boards to develop a common and improved conceptual framework for developing future accounting standards. The ED discusses what constitutes a reporting entity, which in
Countdown to Convergence
In November, FASB and the IASB reaffirmed their commitment to a 2006 Memorandum of Understanding (MoU) that outlines major convergence projects scheduled for completion by June 2011. The affirmed convergence plan continues the commitment made by the two boards seven years ago in “The Norwalk Agreement” to “make their existing
News Highlights for March 2010
A new blue-ribbon panel is poised to take on the issue of whether separate accounting standards are needed for private companies. The AICPA and the Financial Accounting Foundation, FASB’s parent organization, have launched the panel charged with making recommendations on the future of standard setting for private companies. The
International
The International Accounting Standards Board (IASB) re-exposed part of a proposed replacement for IAS 37, Provisions, Contingent Liabilities and Contingent Assets. IAS 37 applies to liabilities not covered by other accounting standards, such as liabilities to decommission assets and liabilities arising from legal disputes. The IASB previously published proposals
No IFRS Requirement Until 2015 or Later Under New SEC Timeline
The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with a mandate to use
SEC to Consider IFRS Statement
In its first formal action on IFRS since Chairman Mary Schapiro took office, the SEC plans to consider its policy on the use of IFRS by U.S. issuers at an open meeting Wednesday. The SEC, under former Chairman Christopher Cox, published in November 2008 a proposed road map for the
International
The International Accounting Standards Board (IASB) issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a three-part project to replace IAS 39, Financial Instruments: Recognition and Measurement, with a new standard, IFRS 9, Financial Instruments.
Financial Reporting
The heads of both FASB and the International Accounting Standards Board announced at an October conference on IFRS that they will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the 2011 target date. The aim is to allow one
International
The IASB issued a revised version of IAS 24, Related Party Disclosures, that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. The revised standard is effective for annual periods beginning on or after Jan. 1, 2011. Early application is permitted. The revised
SEC Action on IFRS Could Come Early in 2010
SEC Commissioner Elisse B. Walter on Wednesday said she expects the commission to “consider further action” on IFRS adoption early next year. Walter’s comments at an AICPA conference followed remarks by SEC Chief Accountant James Kroeker on Monday in which he said more information about IFRS adoption would be forthcoming
Features
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