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U.S. and International Accounting:
Understanding the Differences
U.S. and International Accounting: Understanding the Differences provides clear and simple examples of the key differences between United States and international accounting standards. The authors demonstrate the variance in accounting rules with illustrations drawn directly from actual corporate balance sheets.
Now Available:
IFRS Certificate Program
Developed by subject matter experts from around the world, this comprehensive, integrated curriculum of 25 online scenario-based self-study courses uses multimedia elements and interactive exercises guide you through the concepts under each area of IFRS.
IFRS Update and Review
of Complex Topics
This course provides an in-depth examination of some of the most economically significant international accounting topics: revenue recognition, business combinations and impairments. The last part of the course provides an update on the issues and challenges of major current IASB projects.
IFRS Accounting Trends & Techniques — Global Edition
IFRS Accounting Trends & Techniques — Global Edition presents carefully selected reporting examples from the audited annual reports of 170 international public companies across 43 industries and 38 countries to illustrate current reporting techniques and various presentation and disclosure practices.
IFRS Accounting Trends & Techniques — U.S. Edition
IFRS Accounting Trends & Techniques — U.S. Edition is ideal for international companies that have adopted IFRS and would like to stay current with the latest IFRS reporting techniques. As an additional benefit for financial statement preparers and auditors of foreign subsidiaries of a U.S. parent company, the narrative commentary identifies and explains many of the key differences between IFRS and U.S. GAAP.Summary of the April 2012 Trustees’ meeting, London
The Trustees of the IFRS Foundation, the body responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced the conclusions of their meeting in London on 13 April 2012. (IFRS.org)
IFRS Interpretations Committee 2012 appointments
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced today appointments and reappointments to the IFRS Interpretations Committee. (IFRS.org)
IFRS Amendments Proposed by IASB
IASB has recently released, for public comment, an exposure draft related to 11 IFRSs amendments. (Journal of Accountancy)
IASB publishes proposals for amendments under its annual improvements project
The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposed amendments to eleven International Financial Reporting Standards (IFRSs) under its annual improvements project. (IFRS.org)
U.S. Delay in Adopting IFRS Leaves Investors In Difficult Waiting Period
Analysis includes comments by Nigel Sleigh-Johnson, of IASB; Ed Nusbaum, of Grant Thornton, member of FASB's oversight foundation; James Kroeker, SEC's Chief Accountant; and others, which highlight the continuing, and far-reaching, tension resulting from waiting for the U.S.'s decision to commit to IFRS. (Reuters)
Speech by Hans Hoogervorst at IFRS Taxonomy Annual Convention 2012
On 25 April 2012 Hans Hoogervorst, Chairman of the IASB, addressed the IFRS Taxonomy Annual Convention 2012 in London, hosted by the IFRS Foundation with XBRL International Inc. (IFRS.org)
U.S. Delay Over IFRS Adoption is Problematic For The Rest of the World, Says ICAS President Tweedie
Comments by Tweedie, Herz and Cherry from the joint AICPA-ICAS "Shaping the Future" event reveal concerns. (AccountancyAge)
U.S. Must Decide on Adoption of IFRS, Says ICAS President Tweedie
Comments from Sir David Tweedie, Bob Herz and Sir Paul Cherry from the joint AICPA-ICAS "Shaping the Future" event held on April 24th address the U.S.'s delay in IFRS adoption, the creation of standards for SMEs, integrated financial reporting and the role of political pressure in standard setting. (Journal of Accountancy)
The Move to IFRS
Article discusses the reasons why companies should make the move to IFRS and outlines how to undertake the process for doing so. (Business Finance)
Speech by Hans Hoogervorst, Mexico March 2012
On 7 March 2012 Hans Hoogervorst, Chairman of the IASB, addressed the Consejo Mexicano de Normas de Información Financiera (CINIF) in Mexico City, Mexico. (IFRS.org)
SEC's Chief Schapiro Says the Commission Will Not Be Pressured Into Action That Is Not Right for U.S. Markets and U.S. Investors
Despite the continued suspense felt by over a hundred countries that currently utilize IFRS and are awaiting the U.S.'s adoption of them, as well as recent pressure being expressed by Michel Barnier, European Union Commissioner, Schapiro has indicated that the SEC will not make the final decision until the time is right. (Huffington Post)
At London Summit, IASB Chairman Hans Hoogervorst Expresses Thoughts on Likelihood of Upcoming U.S. Adoption of IFRS
In his talk, Hoogervorst indicated that, while probably not adopting IFRS in totality, the U.S. will very cautiously decide, in the next few months, to take a positive step in that direction. However, in the Chairman's words, the process of replacing U.S. GAAP with the international rules may be likened to "Chinese water torture." (AccountancyAge)
President's budget proposes AMT elimination, tax reform
President Barack Obama unveiled his proposed budget for fiscal year 2013 on Monday. Included in its 256 pages are several tax reform proposals, including plans to eliminate the alternative minimum tax (AMT), to repeal LIFO, and to tax dividends of high-income taxpayers at ordinary income rates. (Journal of Accountancy)
Speech by Hans Hoogervorst at Ernst & Young IFRS seminar in Moscow, Russia
On 23 January 2012, Hans Hoogervorst, Chairman of the IASB, addressed the Ernst & Young IFRS seminar in Moscow, Russia. On his first visit to Russia, the Chairman discussed three main topics: the status of current progress on the "IFRS Roadmap;" the prospects for global accounting standards; and "…what is being done to support Russia and other emerging economies that have adopted IFRSs." (IFRS.org)
SEC's Shapiro Expresses Her Thoughts On Corporate Ballot Board Candidates and the Integration of U.S. GAAP and IFRS
The Chairman expressed her regret over being unable to successfully reverse the court's challenge regarding a rule that lets shareholders place board candidates on corporate ballots and also expressed hope that, in the next few months, the U.S. GAAP/IFRS integration issue will be resolved. (Bloomberg Businessweek)
International Financial Reporting Standards (IFRS) - A Backgrounder
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Get an introduction to the movement behind adoption of IFRS for public companies throughout the world. The AICPA's IFRS Backgrounder walks you through the regulators, standard setters and others who play a critical role and the timeline of convergence and adoption activities, including the SEC's announcement of its work plan. |
IFRS Primer for Audit Committees
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Over 120 nations and reporting jurisdictions require or allow the use of International Financial Reporting Standards (IFRS) for preparation of financial statements for domestic listed companies. Audit Committees should anticipate this significant change and inquire of the company's management as to the readiness of the company, and their implementation plan for moving to IFRS if or when required by the SEC. |
Financial System Considerations in IFRS Conversion Projects
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Prepared by the Information Technology Section of the AICPA, this white paper explores information technology implications of an IFRS conversion, including the impact on financial and business reporting, implementation considerations and lessons learned from the European experience.
View information technology white paper > |
| IFRS Video | ARCHIVES |  |
- Importance of Global Standards
- Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards.
FASB and IASB Convergence Projects
Keep up with the progress of convergence efforts between the International Accounting Standards Board and the U.S. Financial Accounting Standards Board. This section of IFRS.com provides links to the IASB Work Plan and the FASB Technical Plan and Project Updates page, in addition to other resources to help you keep track of accounting convergence.
Learn more.
IFRS for SMEs — U.S. GAAP Comparison Wiki
The AICPA is developing a resource that compares the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) with corresponding requirements of U.S. generally accepted accounting principles (U.S. GAAP). This resource is available in a Wiki format and you are invited to contribute to its development. To learn more about the resource, view available sections and contribute to its content, click here: Learn more.
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Who Issues IFRS?
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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.
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