AICPA NEWS
- December, 2008
- U.S. SEC Releases Final Rule Mandating Companies
to Report Financial Statements Using XBRL, Interactive Data Format
- The U.S. Securities and Exchange Commission approved final rules, which require companies to submit Financial Statements in XBRL format with their SEC filings. The new rules will require the largest companies to use interactive data beginning with their quarterly June 2009 filings. The rules will be phased in over a three-year period.
- December, 2008
- SEC action convinces CPAs that switch to IFRS is coming.
- December 2008 - The AICPA releases results of new survey that shows a significant and positive shift in the number of firms and companies that are starting to prepare for eventual adoption of International Financial Reporting Standards.
- October, 2008
- Accounting Profession Reacts to IFRS Plan
- October 2008 - In August, the SEC agreed to a series of steps that could lead to the required use of IFRS by U.S. issuers by 2014. The Journal of Accountancy asked a group of accounting thought leaders for their views on the SEC’s proposal.
- September, 2008
- AICPA Comments on IASCF Proposal:
Public Accountability and the Composition of the IASB Proposals for Change
- August, 2008
- AICPA Statement on SEC Roadmap for IFRS
- August 27, 2008 – Commenting on the SEC roadmap, Barry Melancon, AICPA president and CEO, said "The AICPA supports one set of high quality global accounting standards for public companies."
- July, 2008
- Journal of Accountancy International News Digest
June, 2008- AICPA Calls for Three to Five Year Timeline for Reasonable Transition to IFRS
- June 17, 2008 – Barry C. Melancon, president and CEO of the AICPA, calls for a reasonable and clear-cut time frame of three to five years for the U.S. accounting profession to adopt International Financial Reporting Standards.
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June, 2008
- How Will IFRS Affect Tax Practitioners?
- Many companies are in the early stages of considering what impact the transition to International Financial Reporting Standards (IFRS) from U.S. GAAP will have on financial reporting.
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May 1, 2008
- FASB ITC on Reducing Complexity in Reporting Financial Instruments
- The Financial Accounting Standards Board (FASB) issued an Invitation to Comment (ITC) on Reducing Complexity in Reporting Financial Instruments, including International Accounting Standards Board (IASB) Discussion Paper, Reducing Complexity in Reporting Financial Instruments.
- May 1, 2008
- IASB Discussion Paper on Post-Employment Benefits
- The International Accounting Standards Board (IASB) has published for public comment a discussion paper on IAS 19, Employee Benefits. The discussion paper addresses the main concerns expressed by a wide range of interested parties that the accounting model set out in IAS 19 is inadequate and should be reviewed.
- May 1, 2008
- IASB Meets with Auditing Standards Board of Japan
- The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their second meeting in Tokyo since the announcement of the initiative to accelerate convergence between Japanese generally accepted accounting principles and International Financial Reporting Standards (IFRS), known as the "Tokyo Agreement," in August.
- May 1, 2008
- IPSASB Launches Project on Long-Term Fiscal Sustainability
- In developing its project on social benefits, the IPSASB has concluded that financial statements alone may not provide users with enough information to assess the long-term viability of social benefit programs. It has, therefore, undertaken this new project to develop a framework for reporting on the long-term fiscal sustainability of governmental programs and finances.
- April 30, 2008
- SEC IFRS Position
- The Security and Exchange Commission (SEC) advocates reducing disparity between the accounting and disclosure practices of the United States and other countries as a means to facilitate cross-border capital formation while providing adequate disclosure for the protection of investors and the promotion of fair, orderly and efficient markets.
- April 29, 2008
- Convergence With International Accounting Standards
- The Financial Accounting Standards Board (FASB) is working with the International Accounting Standards Board (IASB) to converge their respective accounting standards into a robust set of rules that will meet the needs of preparers and users in all global constituencies.
- April 25, 2008
- Global Accounting Alliance
- The Global Accounting Alliance (GAA) is the formalization of an informal group, which consists of the CEOs of nine leading national accounting institutes, shares trends, information and work products.
- April 24, 2008
- Convergence Of Audit And Attest Standards
- As international standards in audit and attest services become accepted worldwide, CPAs in the United States, including smaller firm practitioners, will need to be familiar with these international standards on auditing ("ISAs") and may be required to perform engagements in accordance with these international standards (or equivalent national standards) in order to serve international businesses.
- April 14, 2008
- International Federation Of Accountants
- IFAC is the global organization for the accountancy profession. It works with its 163 member organizations in 120 countries to protect the public interest by encouraging high quality practices by the world's accountants. IFAC members represent 2.5 million accountants employed in public practice, industry and commerce, government and academia.
- April, 2008
- Journal of Accountancy International News Digest
- March, 2008
- Journal of Accountancy International News Digest
- February 11, 2008
- AICPA FAF Board Comment Letter
- The American Institute of Certified Public Accountants (AICPA) is pleased to offer its comments on the Financial Accounting Foundation’s Request for Comments on Proposed Changes to Oversight, Structure, and Operations of the FAF, FASB, and GASB (Proposal).
- February 1, 2008
- Chair's Corner
- The ongoing move toward greater convergence of financial reporting standards should improve the efficiency and effectiveness of financial reporting in a global economy, fostering expansion by businesses, large and small, and investment opportunities, particularly in emerging markets.
- January 1, 2008
- FASB Marks Convergence Milestone with Issuance of Statements on Business Combinations and Noncontrolling Interests
- Effective for fiscal years beginning after December 15, 2008, the standards will improve, simplify and converge internationally the accounting for business combinations and the reporting of noncontrolling interests in consolidated financial statements.
- January 1, 2008
- SEC Eliminates Reconciliation Requirement for Foreign Companies; AICPA Recommends SEC Use International Accounting Standards
- In November 2007, the Securities and Exchange Commission (SEC) unanimously approved a proposal that no longer requires foreign registrants to reconcile their financial statements with U.S. generally accepted accounting principles (GAAP), as long as they use international financial reporting standards (IFRS).
- January 1, 2008
- One Set of International Standards Important for Economic Growth: World Accountancy Leaders
- Convergence to a single set of international standards is a key to economic development, according to a survey of worldwide leaders of the accounting profession conducted by the International Federation of Accountants (IFAC).
- January, 2008
- Journal of Accountancy International News Digest
- November 12, 2007
- AICPA IFRS Option Comment Letter
- The American Institute of Certified Public Accountants (AICPA) is pleased to offer its comments on the Securities and Exchange Commission (SEC) Concept Release on Allowing U.S. Issuers to Prepare Financial Statements in Accordance With International Financial Reporting Standards.
- November 1, 2007
- IASB Proposal on Joint Arrangements
- The International Accounting Standards Board (IASB) has published for public comment a proposal to improve the accounting for joint arrangements.
- 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.
- October 2007
- IASB Proposes Additional Guidance on Hedge Accounting
- The International Accounting Standards Board in fall 2007 published for public comment an exposure draft of proposed amendments to IAS 39, Financial Instruments: Recognition and Measurement. The amendments intended to clarify what can be designated as a hedged item in a hedge accounting relationship.
- Audit and Attest Standards
- This section includes information related to AICPA's audit and attest services activities.
- AICPA Comment Letters to the IASB
- Industry-Specific Accounting Guidance
- The Accounting Standards Team's principal objective is to determine the AICPAs technical policies regarding financial accounting and reporting standards.
- Call for Volunteers to Work on Convergence of International Accounting Standards
- The AICPA is looking for volunteers who have prepared financial statements based on international accounting standards, have audited those financial statements or have taught the subject.
AICPA PRESS RELEASES
- August 27, 2008
- 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.
- May 19, 2008
- AICPA Publishes IFRS.com Website to Inform Members and Financial Professionals About International Accounting Standards
- The American Institute of Certified Public Accountants announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS).
- May 18, 2008
- AICPA Council Votes to Recognize the International Accounting Standards Board as a Designated Standards Setter
- The governing Council of the American Institute of Certified Public Accountants voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.
- November 14, 2007
- AICPA Recommends U.S. Securities And Exchange Commission Use International Accounting Standards
- The American Institute of Certified Public Accountants recommended the U.S. Securities and Exchange Commission take comprehensive steps to harmonize U.S. and international financial reporting, including allowing American public companies to report financial results using international accounting standards.
- October 24, 2007
- AICPA Tells U.S. Senate That Public Companies Should Be Allowed To Use International Accounting Standards
- The American Institute of Certified Public Accountants told a U.S. Senate panel today that American public companies should be allowed to report their financial results using international accounting standards.
