IFRS News and Updates

SEC Unanimously Approves Proposed IFRS Roadmap

In what all of its members agreed was a significant decision, the Securities and Exchange Commission today unanimously agreed to a series of steps that could lead to the required use of IFRS by U.S. issuers by 2014.

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AICPA Statement on SEC Roadmap for IFRS

The Securities and Exchange Commission’s roadmap for the adoption of International Financial Reporting Standards (IFRS) marks an important stage in what the American Institute of Certified Public Accountants believes will be the eventual move from U.S. Generally Accepted Accounting Principles to international accounting standards for public companies.

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SEC Chairman Cox Says Subprime Market Crisis a "Stress Test" for GAAP, IFRS

Securities and Exchange Commission Chairman Christopher Cox kicked off a discussion on financial reporting Monday Aug. 4, 2008 saying the subprime mortgage crisis provided "a critical stress test" for U.S. generally accepted accounting principles and International Financial Reporting Standards.

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IASCF Issues IASB Governance Restructuring Proposal

The International Accounting Standards Committee Foundation, the governing body of the London-based International Accounting Standards Board, issued a proposal to broaden the board’s membership and establish a new international regulatory and institutional panel to monitor development of global accounting standards.

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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

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IFRS Primer for Audit Committees

The globalization of business and finance has led more than 12,000 companies in almost 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 >

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Roadmap for Potential Use of IFRS
Chair Christopher Cox discusses the SEC’s proposed roadmap for a possible transition to IFRS for U.S. issuers in 2014.

More Videos

Video Thumb PlaceholderBob Bunting Interview
Deputy Chair of IFAC, Bob Bunting, CPA, offers an overview of IFRS and what it means to the United States.
Video Thumb PlaceholderSEC Chair, Christopher Cox
SEC Chair, Christopher Cox discusses the importance of IFRS to a meeting of the International Federation of Accountants.

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.