International Financial Reporting Standards

TOPICS / ACCOUNTING & REPORTING

December 7, 2009

SEC Chief Accountant Remains Mum on Specifics of Possible IFRS Adoption

Those waiting for clarity from the SEC regarding its road map for adopting International Financial Reporting Standards in the U.S. are still waiting following a speech by the agency’s chief accountant Monday. In an October speech, Chief Accountant James Kroeker said the Commission would provide greater clarity on the future

December 1, 2009

Highlights

FASB brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. FASB ratified the consensus approach reached at the Sept. 9–10 Emerging Issues Task Force

December 1, 2009

IFRS for SMEs: The Next Standard for U.S. Private Companies?

In July 2009, the International Accounting Standards Board (IASB) released International Financial Reporting Standards designed for use by small and medium-sized entities (SMEs). IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. Along with the standards, the board released implementation guidance, such as example financial

December 1, 2009

International

To be most effective, international financial reporting standards should be field-tested 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

November 12, 2009

IASB Releases New Standard for Financial Instruments

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 three-part project to replace IAS 39, Financial Instruments: Recognition and Measurement, with a new standard, IFRS 9, Financial

November 5, 2009

IASB Proposes New Accounting Model for Financial Instruments

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. GAAP currently

November 1, 2009

Highlights of IFRS Research

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

October 30, 2009

SEC Chief Accountant Promises “Clarity” on IFRS Road Map This Fall

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 AICPA/International Accounting Standards Committee Foundation conference in New York about

October 29, 2009

FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal

FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New

October 20, 2009

New AICPA Chairman Outlines Goals, Council Releases GAAP Survey at Fall Meeting

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 one-year term. Harris has served the Institute in many capacities, most recently

October 20, 2009

Melancon: Issues Facing CPAs Include Globalization, Economic Recovery

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

October 8, 2009

SEC Crafts Strategic Goals for 2010–2015

The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment “to promote the establishment of high-quality accounting standards by independent standard setters” and support for “a single set of high-quality global accounting standards.” The draft Strategic Plan is a

October 6, 2009

Accounting Leaders Recommend Changes to IASB’s Constitution

October 1, 2009

Canada Finalizes Private Company Accounting Standards

The Canadian Accounting Standards Board (AcSB) on Wednesday approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release. The private

October 1, 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. A major goal of both the International Accounting Standards Board (IASB) and the SEC is for IFRS to be consistently and

September 27, 2009

G-20: Achieve Single Set of Global Accounting Standards by June 2011

In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent

September 24, 2009

FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach

FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. At its board meeting, FASB ratified the consensus approach reached at the

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. The second annual KPMG-AAA

September 1, 2009

IFRS Risk Planning and Controls Execution

Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks. These include system changes, modifications to processes impacting employees’ day-to-day duties, and

September 1, 2009

Highlights

U.S. private companies may have a new choice for accounting and financial reporting—a slimmed-down version of IFRS tailored more to their needs. IFRS for SMEs (small- and medium-size entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the new standard in July after

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Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.