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 COMPASS:
IT Systems Implications

IT systems issues generated by the IFRS convergence need to be addressed now in order to have the necessary programming and systems in place to meet the requirements of the standards. This book provides a guideline to navigate the intricacies of successful IT systems implementation.

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

New edition features illustrative excerpts from the audited annual reports of 160 companies that report under IFRS as issued by the IASB.
IFRS News ClipsMORE
Early Adoption or Not for IFRS 9
International Accounting Standards Board proposes that the effective date of the IFRS 9 project be extended to 1 January 2015. IFRS 9 covers the classification and measurement of financial assets and methodology for impairment and hedge accounting. Decision has not been made if early adoption is allowed or not. (GFS News)

IFRS Taxonomy updated for fair value measurement and disclosure of interests in other entities
IFRS Foundation published the International Financial Reporting Standards (IFRS) Taxonomy 2011 interim release for IFRS 12 Disclosure of Interests in Other Entities and IFRS 13 Fair Value Measurement. All IFRS Taxonomy 2011 interim releases will be incorporated and consolidated in the IFRS Taxonomy 2012. The public draft of the 2012 taxonomy is due to be published in Q1 2012. (IFRS.org)

IASB Seeking Input on Future Work Program
The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program. The IASB will accept comments on its future work program until November 30, 2011 (Journal of Accountancy)

Featured IFRS News

IASB launches a public consultation on its future work programme

The consultation document published today asks deliberately open questions to gather views on the IASB's future work programme from all those involved in or affected by financial reporting. The IASB is seeking feedback on how it should balance the development of financial reporting with the maintenance of IFRSs and—with consideration of our time and resource constraints—those areas of financial reporting that should be given the highest priority for further improvement. (IFRS.org)

AICPA Survey Tracks IFRS Readiness

June 22, 2011 - The large majority of CPAs in the United States have some knowledge of IFRS—the emerging, globally accepted set of accounting rules, according to a recent AICPA survey. The Journal of Accountancy provides an overview of the survey. (Survey Results)

IASB and FASB align presentation requirements for other comprehensive income

June 16, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the US national standard-setter, issued today amendments that will improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and those prepared in accordance with US generally accepted accounting principles (GAAP). (IFRS.org)

FASB Issues Accounting Standards Update to Improve Presentation of Comprehensive Income

June 16, 2011 - The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update (ASU) No. 2011-05 Comprehensive Income (Topic 220): Presentation of Comprehensive Income. The Update is intended to increase the prominence of other comprehensive income in financial statements. (FASB Update No. 2011-05)

IASB and FASB to Re-Expose Revenue Recognition Proposals

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) agreed today to re-expose their revised proposals for a common revenue recognition standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on revenue recognition in June 2010. (FASB.org)

Video: FASB/IASB Convergence Project

AICPA President and CEO Barry Melancon, CPA, discusses the importance of the FASB's and IASB's ongoing convergence of U.S. GAAP and International Financial Reporting Standards and the significant changes it'll bring to accounting standards in the U.S.

SEC Staff Paper: Exploring a Possible Method of Incorporation of IFRS

SEC staff issued a Staff Paper to outline a possible approach for incorporation of IFRS into the U.S. financial reporting system, if the Commission were to decide that incorporation of IFRS is in the best interest of U.S. investors. Feedback can be provided through the SEC website. Feedback would be most helpful if received before July 31, 2011. (SEC.gov)

Featured Blog Posting

IFRS Discussion Heats Up Again

SEC staff outlined a possible method of incorporating IFRS into the financial reporting system for U.S. issuers and SEC Commissioner Kathleen L. Casey said, "The Commission is slated to make a decision on these questions this year, and we can no longer kick the can down the road."

What do you think about the SEC plan? Should IFRS be available as an option? Do you believe the SEC will make a decision on IFRS in 2011? Let us know what you think?

Visit the IFRS Blog and subscribe to the RSS feed


International Financial Reporting Standards (IFRS) - A Backgrounder

 

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.

View full background document >
 

IFRS Primer for Audit Committees

 

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.

The convergence of US Generally Accepted Accounting Principles (US GAAP) with IFRS is underway. The SEC has directed its staff to execute a Work Plan that would help the SEC evaluate the impact of IFRS use by U.S. public companies on the U.S. securities market. The Work Plan will help the SEC decide whether to incorporate IFRS into the U.S. financial reporting system, and if so, when and how.

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.

View full IFRS Primer document >

Financial System Considerations in IFRS Conversion Projects

 

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.

To learn more about Information Technology resources, including information about joining the IT Section of the AICPA, visit the AICPA's Information Technology Center at AICPA.org.

View information technology white paper >
Visit the AICPA Information Technology Center >
IFRS Certificate Program: A comprehensive, integrated curriculum of 25 online self-study courses developed with input from subject matter experts from around the world. Learn More

IFRS Video ARCHIVES
IFRS Certificate Program Builds Competence, Demonstrates Expertise
The AICPA's new IFRS Certificate Program was specially designed to help accountants build the knowledge needed in International Financial Reporting Standards for success in today's global business world. Knowledge of IFRS is now standard entry-level practice for CPAs.

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.

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)

IFRS Report Email Alerts

Sign up to receive
the IFRS report by email

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.

Subscribe to the IFRS Report Feed

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.