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

The AICPA has teamed up with IASeminars, a leading provider of IFRS training courses, to offer a comprehensive range of IFRS training solutions worldwide.

Among the courses offered is IFRS Immersion (4-day course) which provides a detailed step-by-step guide through the technical issues faced in producing IFRS financial statements.
IFRS News ClipsMORE
SEC Chair Encouraged By Convergence Efforts – According to Accountancy Age, SEC chairwoman Mary Schapiro released a statement of support for the IASB and FASB's reaffirmed commitment toward standard convergence.

SEC Struggles With Lack of Consensus – While many agree with the goal of a single set of global standards, there is a lack of consensus on how to get there. Reuters reports on comments from an SEC deputy chief accountant Julie Erhardt.

French May Seek Greater EU Control Over Accounting Standards – Accountancy Age reports that French finance minister Christine Lagarde may lobby for more political control over international accounting standards.

IASB Proposes New Accounting Model for Financial Instruments – The IASB on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost. (Journal of Accountancy)
Featured IFRS News

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)

Video: Impact of IFRS Adoption in Global Capital Markets

November 2, 2009 – Paul A. Volcker, Chairman of the President's Economic Recovery Advisory Board, discusses the impact of adopting IFRS in global capital markets. (Journal of Accountancy)

SEC Chief Accountant Promises "Clarity" on IFRS Road Map This Fall

October 30, 2009 – SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC's commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. The article includes a link to video highlights of Kroeker's speech. (Journal of Accountancy)

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.