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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 practicesSpeech 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)
Yael Almog appointed as Executive Director of the IFRS Foundation
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, today announced the appointment of Yael Almog as Executive Director of the IFRS Foundation. Ms. Almog will be responsible for the management of the day-to-day operations of the organisation and provide executive leadership in support of the work of the Trustees. (IFRS.org)
Trustees announce revised membership of IFRS Advisory Council
The Trustees of the International Financial Reporting Standards (IFRS) Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced today the appointments and reappointments to the IFRS Advisory Council following the expiration of membership periods at the end of 2011. (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)
SEC Won't Decide on IFRS for At Least a Few More Months
The SEC's decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on IFRS. (Journal of Accountancy)
FASB, IASB Chiefs Agree New Convergence Model is Needed
The heads of the U.S. and international accounting boards that have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective. (Journal of Accountancy)
SEC Releases Two IFRS Staff Papers
The first staff paper, "A Comparison of U.S. GAAP and IFRS," explores standard by standard how the two systems differ. It describes the status of the convergence efforts of the FASB and IASB in aligning various standards as part of their memorandum of understanding and outside the MoU.
The second paper, "An Analysis of IFRS in Practice," examines how a sampling of foreign companies have used IFRS in their filings with the SEC, and summarizes areas that drew comments from the SEC's Division of Corporate Finance as part of its disclosure review program.
IASB and FASB Publish Revised Proposal for Revenue Recognition
November 14, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. (FASB.org) (Exposure Draft)
Most U.S. CPAs Support Giving U.S. Public Companies Option to Adopt IFRS, Survey Finds
October 18, 2011 - A majority of CPAs support optional adoption of the International Financial Reporting Standards (IFRS), the emerging set of globally accepted accounting rules, according to a recent survey by the American Institute of Certified Public Accountants. (Survey Results)
AICPA Recommends IFRS Option
The AICPA issued a comment letter to the Securities and Exchange Commission recommending that U.S. public companies be given the option to adopt International Financial Reporting Standards. Do you believe the SEC should allow U.S. public companies the option to use IFRS?
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 |  |
- IFRS Webcast Highlight
- Excerpt from AICPA's 3rd Quarter IFRS Webcast - Deloitte's D.J. Gannon discusses FASB and IASB Convergence Projects: the big three - revenue recognition, lease accounting and financial instruments.
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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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.
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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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