IFRS Accounting
Trends & Techniques

Introducing a new AICPA publication on reporting under IFRS with illustrative excerpts from the audited annual reports of 100 companies that have made the conversion.

Introduction to IFRS: Grasping the Big Picture

A condensed version of the popular course International Versus U.S. Accounting: What in the World is the Difference, this course outlines some of the major differences between IFRS and U.S. GAAP.

Self-study format
Recommended CPE: 5

IFRS Digest:
What U.S. Practitioners and
Entities Need to Know Now

In this AICPA publication, prominent experts on IFRS have selected top articles and whitepapers, added commentary, and guide you through five major IFRS considerations.

IFRS SEMINARS

IASeminars, a leading provider of IFRS training courses, to offer a comprehensive range of IFRS training solutions worldwide.

AICPA members can save 20% on 2010 course fees when they register by Nov 30th. (Be sure to use coupon code: AICPA-EARLY)

IFRS Digest:
IFRS Quarterly Webcast Series — Fourth Quarter 2009

Live Webcast, Tuesday, December 1, 2009
2-4pm Eastern

This webcast discusses revenues, inventory, presentation issues, financial instruments.

IFRS News ClipsMORE
IFRS: Benefits are in Eyes of Beholder – Benefits of IFRS can vary greatly from company to company. CFO.com writes about a Financial Executives International conference roundtable discussion recently held in New York.

IFAC Presses for Action to Adopt and Implement Global Financial Standards – The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing. (IFAC.org)

Former SEC Chairs Warn Against Moving Oversight of Standards – In an article titled Don't Let Banks Hide Bad Assets in The Wall Street Journal, three former SEC chairmen warn about the risks of transferring accounting standards oversight to a systematic risk regulator.
Featured IFRS News

Europe Withholds Endorsement of IASB Standard

November 13, 2009 – Risk.net reports that a key advisory panel to the European Commission has delayed endorsement of IFRS 9 Financial Instruments, which was issued yesterday. The IASB rushed issuance of the standard so companies could adopt the rule for 2009 reporting. Without the endorsement, European companies will not be able to adopt the standard this year.

IASB Completes First Phase of Financial Instruments Accounting Reform

November 12, 2009 – The International Accounting Standards Board (IASB) issued today a new International Financial Reporting Standard (IFRS) on the classification and measurement of financial assets. Publication of the IFRS represents the 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. (IASB.org)

IASB and FASB Reaffirm Commitment to Memorandum of Understanding

November 5, 2009 – At their joint meeting last week, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (U.S. GAAP) and to bring about their convergence. The Boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. (FASB.org) (IASB.org)

IASB Publishes Proposals on the Impairment of Financial Assets

November 5, 2009 – The International Accounting Standards Board (IASB) today published for public comment an exposure draft on the amortized cost measurement and impairment of financial instruments. The proposals form the second part of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard, to be known as IFRS 9 Financial Instruments. (IASB.org)

AICPA Volunteers Needed to Develop or Review Questions on IFRS for CPA Examination

September 24, 2009 – The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards (IFRS) to develop or review questions ("items") on IFRS for the Uniform CPA Examinations. Learn more.

Featured Blog Posting

Tension in Europe

As the U.S. continues its debate about a move to IFRS, there is concern about support for the IASB in Europe. European officials have voiced displeasure with the speed and direction of fair value reforms. Do you believe Europe will ultimately back the IASB? Also, do you believe the IASB and FASB will be able to come together on accounting standards for financial instruments?

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International Financial Reporting Standards (IFRS) - A Backgrounder

The American Institute of Certified Public Accountants (AICPA) has recently issued a background document on International Financial Reporting Standards (IFRS). Read a brief overview by clicking on the links below –

• Get Ready for IFRS
• Worldwide Momentum
• SEC Leadership in International Effort
• AICPA Participation
• Two Sides of the Story
• GAAP and IFRS, Still Differences
• What CPAs Need to Know

View full background document >

IFRS Primer for Audit Committees

The globalization of business and finance has led more than 12,000 companies in over a hundred countries to adopt IFRS.

The convergence of US GAAP with International Financial Reporting Standards (IFRS) for US companies seems increasingly likely. Audit Committees should anticipate this significant change and inquire of the CEO and CFO as to the readiness of the company, and their implementation plan for moving to IFRS if/when required by the SEC.

View full IFRS Primer document >
Single player for Home page.
Video Clip: Provisions
Excerpt from the AICPA's Second Quarter IFRS Webcast – Deloitte's D.J. Gannon provides an overview of recognition and measurement of provisions.

Follow IFRS.com on Twitter

IFRS.com – Your source for IFRS guidance – has started a page on Twitter. Get the latest IFRS news, updates and IFRS resources at www.twitter.com/IFRScom.
(Use hashtag #IFRS)

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Who Issues IFRS?

International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website.