Overview

Financial Management

International Financial Reporting Standards (IFRS) — an AICPA Backgrounder
The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession.
International Financial Reporting Standards (IFRS) — Questions and Answers
Questions and answers developed by American Institute of Certified Public Accountants.

January 2, 2009
Death of LIFO?

International Financial Reporting Standards do not permit the use of the last-in, first-out (LIFO) method of accounting for inventories.  The proposed shift of U.S. public companies to IFRS could affect many companies currently using LIFO.  The Journal of Accountancy explores the accounting and tax ramifications of a change from LIFO.

December 24, 2008
Georgia Tech Financial Analysis Lab Releases LIFO Study
The Georgia Tech Financial Analysis Lab released a study titled The Potential Consequences of the Elimination of LIFO as part of IFRS Convergence.
December 17, 2008
IFRS Taxonomy Module Manager released..
The International Accounting Standards Committee Foundation announced the release of the IFRS Taxonomy Module Manager (ITMM 3.0) with Viewer functionality. Based on IFRS Taxonomy 2008, the license-free ITMM 3.0 offers taxonomy users many new features.
November 25, 2008
Revenue recognition is not any easier under IFRS.
Laurie Brannen reports in Business Finance on a 2008 survey conducted by RevenueRecognition.com covering complexities and risks associated with revenue reporting under U.S. and international rules. Survey link (registration required)
November 21, 2008
Case Study: Acquisition Results in Accelerated Adoption of IFRS
After the acquisition by a foreign company, the Financial Director of a U.S. corporation learns a month before year-end that he will have to report results using International Financial Reporting Standards.
November 14, 2008
Overview of FASB, IASB joint project on financial statements
Four years ago, the Financial Accounting Standards Board and International Accounting Standards Board started a joint project with the goal of enhancing the presentation of financial statements. This Journal of Accountancy article offers a comprehensive overview of the project as well as an analysis of its strengths and weaknesses.
July 31, 2008
IFRS and Income Taxes
With international financial reporting standards on the horizon, how will income taxes be affected?
May 2008
Interest Capitalization: One Small Step Toward Convergence
Convergence generally involves standard setters working together to achieve a standard that is superior to either of their existing standards.
March 6, 2008
XBRL and IFRS Joining Hands
The movement towards a single set of global financial reporting standards is gaining speed in the United States. The Security and Exchange Commission's (SECs) concept release on the use of International Financial Reporting Standards (IFRS) by U.S. companies has put real meaning into this trend.
March 6, 2008
Is That a Light at the End of the IFRS Tunnel or Just Another Train?
Overall, it would be prudent for small U.S. public companies that own international units and considering reporting under IFRS to access international markets to commence implementation efforts sooner rather than later.
October 18, 2007
New-Age Skills for Accounting Professionals
Business today is more connected and more integrated internationally, with interactions and transactions spanning continents. According to the Robert Half International Financial Leadership Council, the relentless progress of globalization means that U.S.-based accounting professionals can no longer rely solely on the rules and standards they learned in the past.
October 17, 2007
New IFAC Paper Focuses on Internal Control from a Risk-Based Perspective and the Role of Accountants in Business
The International Federation of Accountants’ Professional Accountants in Business (PAIB) Committee has published an information paper on internal control from a risk-based perspective and the role of accountants in business.
August 31, 2007
Ernst & Young International GAAP® Illustrative Financial Statements
July 2007
Simplifying Global Accounting
IASB chair discusses the future of IFRS, U.S. GAAP and the global accounting profession.