March 19, 2013 - The Financial Accounting Standards Board is one of 12 standard setters from around the world that will serve as an inaugural member of an accounting advisory group. The Accounting Standards Advisory Forum will provide technical advice to the International Accounting Standards Board (Journal of Accountancy)
Kabureck’s Appointment to IASB Helps Assure Significant Representation on the Board by the U.S.
March 1, 2013 - IFRS Foundation’s Monitoring Board has chosen Masamichi Kono as its Chairman and has instituted a new approach to its membership criteria assessment, which will allow for greater participation of expanding markets. (AccountingToday)
February 18, 2013 - The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have published an updated version of the IFRS Foundation Due Process Handbook. (IFRS.org)
The IFRS Foundation Trustees have approved the appointment of IASB member Darrel Scott as Chairman of the SME Implementation Group (SMEIG), replacing Paul Pacter, whose term at the IASB ended on 31 December 2012. (IFRS.org)
IASB recently opened the office, due to the Asia-Oceania region’s rapidly-growing economies and markets, as well as the fact that adoption of IFRS has already occurred in many areas. (AccountancyAge).
Hoogervorst states that the international community of standard setters will have a new forum, chaired by the IASB, in which to discuss the establishment of IFRS as a global standard, as well as other related topics. (AccountancyAge)
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.
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.
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.
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.
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.
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)
Stay on top of accounting for
a global marketplace with the IFRS Report, a new monthly
e-newsletter. Key articles summarized with links to original sources and videos.
It's opt-in only so sign up today.