The time is now to implement global accounting and auditing standards, said International Federation of Accountants (IFAC) President Robert L. Bunting, CPA, in a speech last week at the World Bank in Washington. In a JofA interview, Bunting, a partner in Seattle-based Moss Adams LLP and a former chairman of
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
IFAC Publishes Guide to Quality Control For Small- and Medium-Sized Practices
IFAC has published a Guide to Quality Control for Small- and Medium-Sized Practices. This nonauthoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
AICPA Supports IFRS Adoption, Recommends Changes to SEC Road Map
The AICPA on Thursday submitted comments on the SEC’s proposed road map for the use of IFRS by U.S. public companies. The Institute recommended additional changes to financial reporting regulations, a push to minimize dual recordkeeping requirements, and a call for optional early adoption to be expanded to include smaller
G-20 Committed to Global GAAP, Independence of Standard Setters
Meeting in London, the Group of 20 on Thursday reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington. The primary communiqué released at the end of Thursday’s summit said the G-20 would “call on the accounting standard
IFRS Converges to U.S. GAAP on Segment Reporting
As part of the convergence effort between IFRS and U.S. GAAP, the International Accounting Standards Board published IFRS 8, Operating Segments, which became effective Jan 1. IFRS 8 supersedes IAS 14, Segment Reporting, and closely resembles the “through the eyes of management” approach of FASB Statement no. 131, Disclosures about
Highlights
The SEC extended by two months the comment period for its proposed road map for the adoption of IFRS for U.S. issuers. The comment period for the proposed road map, which was published Nov. 14, was originally scheduled to close Feb. 19. In a rule proposal, the SEC said
IFRS: A Preparer’s Point of View
If you think IFRS is difficult for CPAs to comprehend, talk to non-CPAs. Historically, accounting professionals have insulated their colleagues from understanding the effort involved in implementing newly issued accounting standards. As a result, you cannot expect them to understand the challenge associated with adopting an entirely new framework. To
International
The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), announced constitutional changes that address recommendations made in comment letters from numerous stakeholders, including the AICPA, as well as those made by G-20 leaders at the group’s November summit
Standard Setters Outline Possible Lease Accounting Approach
FASB and the International Accounting Standards Board (IASB) released a paper on a possible new approach to lease accounting. The paper Leases: Preliminary Views responds to concerns raised by investors and other financial statements users about the treatment of lease contracts under IFRS and U.S. GAAP. In the paper, the
FAF and FASB Call for Additional Study of IFRS Conversion
FASB and its parent organization, the Financial Accounting Foundation (FAF), are calling on the SEC for additional study of “strengths, weaknesses, costs, and benefits of possible approaches” to a U.S. shift to IFRS. In a 134-page comment letter, the FAF and FASB reaffirmed support for the development of a single
International
The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington. Improved accounting for off-balance-sheet items. On Dec. 18, the IASB published proposals to strengthen and improve the requirements for identifying which entities a company
Financial Crisis Task Force Will Take Up Fair Value, Off-Balance-Sheet Transactions
The Financial Crisis Advisory Group, a joint task force assembled by FASB and the International Accounting Standards Board (IASB) to respond to the economic crisis, will take up issues including aspects of fair value accounting and off-balance-sheet transactions at its upcoming meeting. The group, which meets March 5 at
IFAC Launches Sustainability Framework
The Professional Accountants in Business Committee of the International Federation of Accountants has developed a sustainability framework for businesses. The free Web-based framework tool is designed to support professional accountants and their organizations in integrating a sustainable way of thinking and working in all business processes. The framework, which
SEC Extends Comment Period on IFRS Road Map
The SEC announced Tuesday that it will extend by two months the comment period for its proposed road map for the adoption of IFRS for U.S issuers. The comment period for the proposed road map, which was published Nov. 14, was originally scheduled to close Feb. 19. In a
IASB Oversight Body Responds to Call for Accountability
The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), announced constitutional changes that address recommendations made in comment letters from stakeholders, including the AICPA, as well as those made by G-20 leaders at the group’s November summit in Washington, D.C. The constitutional
GAA Wants Debate on Simplifying Financial Reporting
An international group of professional accountancy organizations is calling for a global debate on reducing complexity in financial reporting. The Global Accounting Alliance (GAA), a group that includes the AICPA and nine non-U.S. accountancy bodies, published a report that outlines a need for international discussion of financial reporting complexity and accelerating
Online Exclusive: More From IFAC President Robert Bunting
Editor’s note: These are Web-exclusive interview questions from the JofA‘s February 2009 interview with IFAC President Robert Bunting. To read the print interview, click here. JofA: You’ve served as CEO of Moss Adams LLP and chairman of the AICPA. What do you see as your most significant accomplishment? Bunting:
Converting to IFRS
The SEC’s proposed road map for the potential use of IFRS in financial statements prepared by U.S. issuers could result in the mandatory use of international standards beginning in 2014, 2015 or 2016, depending on a company’s size. Under the plan, the SEC would decide in 2011 whether to proceed
Uniting the Global Profession
Robert Bunting became president of the International Federation of Accountants (IFAC) in November, beginning a two-year term. Prior to this, he was deputy president of IFAC for two years and has been a member of the IFAC Board since 2005. Bunting is a partner in Seattle-based Moss Adams LLP, where
Using IFRS to Drive Business Development
Inside the growing footprint of IFRS lies something many small and midsize CPA firms may be overlooking—rich opportunities for business development. IFRS-related work in the United States has largely been the domain of major accounting firms thus far. While national firms are filling many of the needs, there’s a large
Features
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