IFRS Roadmap Available

On November 14, the SEC released its roadmap for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS).

The Journal of Accountancy summarized important details of the roadmap including milestones that, if met, could lead to required use of IFRS for U.S. issuers.

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 and Updates

SEC Chairman speaks to future of international standards.

November 18, 2008 - In a speech at a conference conducted by Financial Executives International, SEC Chairman Christopher Cox says that "two thirds of American investors own securities of foreign companies". He states, "Whatever the future of IFRS for U.S. issuers, retail and institutional investors alike in our country are relying upon IFRS today". The answer to the question as to whether IFRS will serve as the single set of high-quality, global accounting standards depends on "how quickly both the accounting standards and the processes by which they are established and developed can be globally recognized as world-class."

IASB Chairman Welcomes Moves towards IFRS

November 17, 2008 – Sir David Tweedie, chairman of the International Financial Accounting Standards Board, welcomed actions by authorities in Mexico, Canada and United States regarding adoption of International Financial Standards.

SEC Publishes IFRS Roadmap

November 14, 2008 – The Securities and Exchange Commission released its proposed roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by U.S. issuers. The roadmap sets several milestones that, if achieved, could lead to the required use of IFRS by U.S. Issuers in 2014. Comments should be received on or before 90 days following publication in the Federal Register.

Declarations of the G20 Summit on Financial Markets and the World Economy

November 14, 2008 - Leaders agree on common principles to guide financial market reform. Included in their declarations are goals that will strengthen transparency and accountability. Global accounting standards bodies should work to enhance guidance on valuation of securities, especially during times of stress. With a view toward promoting financial stability, the governance of the international accounting standard setting body should be enhanced, including a review of its membership, to ensure accountability and an appropriate relationship between this independent body and relevant authorities. The declarations from the meeting also stress that key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard.
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Featured Blog Posting

Fair Value Debate In Europe

International Accounting Standards Board responds to fair concerns by suspending normal due process and amending accounting standards. What is your opinion of recent actions taken by the IASB in response to concerns about fair value measurements?

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IASB and FASB Publish Update to 2006 Memorandum of Understanding
 

SEC Unanimously Approves Exposing Proposed IFRS Roadmap for Public Comment

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.

 

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.

 

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 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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SEC Releases Proposed IFRS Roadmap
The Securities and Exchange Commission releases a proposal with key milestones and a timeline for continuing progress toward adoption of IFRS for U.S. public companies.

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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.