Since the European Union’s 2002 regulation mandating IFRS for EU public companies and the execution of the Norwalk Agreement by FASB and the International Accounting Standards Board (IASB), momentum has been building for global standards convergence. Currently, more than 100 countries have adopted IFRS, and a number of other economically
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
International
On Nov. 11, just before the release of the SEC’s proposed road map for IFRS adoption, Mexico announced it would adopt IFRS for all listed entities beginning in 2012. Mexico plans to allow early adoption for some entities beginning with 2008 results subject to requirements that will be established by
IASB, FASB Focus on Impairment, Other Issues Raised by G-20
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. New disclosure requirements related to impairment. The IASB and FASB have proposed changes in disclosure requirements for impairments to arrive at a common outcome,
SEC Nominee Pledges to Revitalize Enforcement, Has Concerns About IFRS
Mary Schapiro, President-elect Barack Obama’s nominee for SEC chair, testified Thursday before the Senate Banking, Housing, and Urban Affairs Committee that she would aggressively revitalize the SEC’s enforcement efforts. When asked by committee Chairman Sen. Chris Dodd, D-Conn., about whether she would support certain actions that would help detect
New XBRL Taxonomy for IFRS Released for Public Comment
The International Accounting Standards Committee (IASC) Foundation on Monday released a near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is the eXtensible Business Reporting Language (XBRL) version of IFRS as of Dec. 31, 2008. XBRL, or “interactive data” as the SEC often
The Death of LIFO?
Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public companies to IFRS could affect many companies currently using LIFO for both financial reporting and taxation. This is because the
Highlights
The 165-page document echoes the outlines of the plan unveiled Aug. 27, when the Commission voted unanimously to seek comments on the road map. Under the proposal, the SEC would decide in 2011 whether to proceed with rulemaking to require that U.S. issuers use IFRS beginning in 2014. Limited early
International
The International Accounting Standards Board (IASB) published guidance on the application of fair value measurement when markets become inactive. The guidance includes a report by an expert advisory panel established to consider the issue, as well as a summary document highlighting important issues associated with measuring the fair value of
Conversations From the IFRS Round Table
The SEC’s proposal to require U.S. public companies to file financial reports using IFRS is being felt on college campuses. Student interest in international standards is growing. Professors are grappling with resource and training issues. While incorporating IFRS into the accounting curriculum can be daunting, some professors say it will
Prince Charles to Host Accounting for Sustainability Forum
Accounting and business leaders from around the world will meet Wednesday, Dec. 17, in London for a forum on accounting for sustainability hosted by Prince Charles. The forum will include remarks from Prince Charles, HSBC Holdings Plc. Chairman Stephen Green and BP Plc. CEO Tony Hayward. The AICPA will also
U.S. CPAs Show Growing Acceptance of Change From U.S. to International Accounting Standards
The U.S. accounting profession increasingly believes that international accounting standards will be implemented in the U.S. and is beginning to prepare for a change in standards, according to a recent survey conducted by the AICPA. As the Securities and Exchange Commission moves toward adoption of international accounting standards in place
On the Verge of an Academic Revolution
For those charged with educating the next generation of accountants, the expected shift from U.S. GAAP to IFRS stirs up a host of potentially thorny issues. Professors and college administrators are dealing with questions about the timing of the curriculum expansion and the resources needed to handle IFRS. They are
Test-Driving the Codification
UPDATE: FASB Delays Codification Launch to July In January, FASB released the FASB Accounting Standards Codification (ASC or codification). The codification simplifies the classification of accounting standards by restructuring all authoritative U.S. GAAP for nongovernmental entities into one online database under a common referencing system. The codification is a first
Highlights
The effects of such accounting standards on a financial institution’s balance sheet. The impacts of such accounting on bank failures in 2008. The impact of such standards on the quality of financial information available to investors. The process used by FASB in developing accounting standards. The advisability and feasibility of
International
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has issued for comment the first in a series of consultation papers focused on developing an international public-sector conceptual framework. The consultation paper, Conceptual Framework for General Purpose Financial Reporting by
SEC Chairman Speaks to Future of International Standards
SEC Chairman Christopher Cox delivered the following speech Tuesday at the FEI 2008 Current Financial Reporting Issues Conference in New York. The text was provided by the SEC. Watch the speech here. This year’s Conference on Current Financial Reporting Issues is taking place at a critical time. The
IFAC President: Financial Crisis Demonstrates Need for Common Standards
At a meeting of the International Federation of Accountants’ (IFAC) Board and Council last week in Rome, IFAC President Robert Bunting, a past AICPA chairman, said the global financial crisis has shown the close ties international markets share. He also emphasized the need for a common set of accounting and
G-20 Addresses Accounting Issues at Financial Summit
Leaders of 20 of the world’s richest nations agreed on common principles to guide financial market reform at the Summit on Financial Markets and the World Economy in Washington on Saturday. An attached plan charged G-20 financial ministers with accomplishing “immediate” high priority tasks designed to strengthen financial market transparency
SEC Road Map for Transition to IFRS Available
UPDATE: SEC Extends Comment Period on IFRS Road Map The SEC on Friday released a long-awaited road map for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS). The Commission set a longer-than-expected 90-day comment period for the proposal, which puts forth milestones
Standard Setters Schedule Round Tables on Global Financial Crisis
FASB and the International Accounting Standards Board (IASB) announced details of three public round-table discussions to identify financial reporting issues highlighted by the global financial crisis. The discussions will be held in London on Nov. 14, in Norwalk, Conn., on Nov. 25 and in Tokyo on Dec. 3. The boards
Features
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