Accounting Firms

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.

November 22, 2011
IASB and IFAC to Enhance Cooperation in Developing Private and Public Sector Accounting Standards

The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) announced today an agreement to strengthen their cooperation in developing private and public sector accounting standards. (IFAC.org)

October 14, 2011
Illustrative Compilation and Review Reports – IFRS for SMEs

Review illustrative accountant's compilation and review reports on financial statements prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities.

June 29, 2011
SME Implementation Group publishes its first Q&A guidance

June 23, 2011 - The SME Implementation Group, responsible for assisting the International Accounting Standards Board (IASB) on matters related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published today its first question and answer (Q&A) guidance on the IFRS for SMEs. (IFRS.org)

December 6, 2010
PCAOB Outlines Coming Changes

Accounting Today reports on a presentation given by PCAOB Chief Auditor and Director of Professional Standards Martin Baumann last week.

September 23, 2010
Comparing the Ethics Codes: AICPA and IFAC

Sharp increases in the number of multinational audits being performed by U.S. accounting firms means that more CPAs are performing services under the International Federation of Accountants (IFAC) audit and attest standards.
(Journal of Accountancy)

July 6, 2010
PCAOB Announces Standing Advisory Group Meeting on July 15, 2010

The meeting will include a presentation on projects of the Financial Accounting Standards Board and International Accounting Standards Board relating to potentially significant accounting changes affecting U.S. generally accepted accounting principles and International Financial Reporting Standards. (PCAOBUS.org)

July 2, 2010
Illustrative Independent Auditor’s Report on Financial Statements issued in conformity with International Financial Reporting Standards

In May 2008, the AICPA’s Governing Council designated the International Accounting Standards Board (IASB) as the body authorized to establish international financial accounting and reporting principles under rule 202 and 203 of the AICPA Code of Professional Conduct. Review an illustrative audit report on financial statements prepared in conformity with IFRS.

February 23, 2010
Strategic Decisions in the IFRS Conversion Process

Why CPA firms should look closely at the first-time adoption Standard, IFRS 1, before making any decisions when applying IFRS. (CPA Insider)

December 2009
The Effect of IFRS Implementation on Tax

Income tax is an area in which the IASB and FASB have worked for convergence. The Tax Adviser explains how the implementation of IFRS (whether through convergence or adoption) would affect tax. (The Tax Adviser)

September 2009
PCAOB Publishes Q&A on References to Authoritative Accounting Guidance

The PCAOB on Wednesday published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. (Journal of Accountancy)

August 2009
Study Indicates Differences in Auditing Standards are Small

WebCPA reports that a recent study prepared for the European Commission indicates that the differences between international and U.S. auditing standards are small.

IAASB Staff Issues Q&As to Guide Auditors’ Effective Implementation of Clarified ISAs;
Addresses SME Issues

The staff of the International Auditing and Assurance Standards Board has developed a new question-and-answer publication entitled Applying ISAs Proportionately with the Size and Complexity of an Entity.

July 2009
How Will IFRS Affect Accounting for Income Taxes?

The AICPA Corporate Finance Insider writes about accounting for income taxes and the differences between IFRS and U.S. GAAP.

May, 2009
IFRS and Your Tax Practice

International Financial Reporting Standards are coming, and tax advisers need to understand the implications for their clients. The Tax Adviser explains why CPAs need to start investing time in understanding how IFRS will apply to their businesses and their clients.

April, 2009
Case Study: Midsize Firms Working with IFRS

Two midsize CPA firms recognize challenges and opportunities of International Financial Reporting Standards adoption by companies in the United States. Read how they are responding to the growing demand for IFRS competency in this country.

March, 2009
IFAC Publishes Quality Control Implementation Guide

The International Federation of Accountants (IFAC) has published a Guide to Quality Control for Use by Small- and Medium-sized Practices.

January, 2009
Using IFRS to Drive Business Development

The Journal of Accountancy writes about opportunities for small and midsize firms.  The article explores filling a void, acquiring skills and growing an IFRS niche.

January, 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.

August, 2008
Small Firm Perspective: How Do You Talk About IFRS to Your Clients?
It makes sense to talk to your clients about International Financial Reporting Standards (IFRS) because even the smallest companies are increasingly doing business in the global marketplace.
August, 2008
Small Firm Perspective: Meeting Clients' Needs in the IFRS Environment
Now is the time for small firm practitioners to position themselves and their firms as the leading IFRS experts in their local markets.
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.
May, 2008
A Global Standard for Professional Ethics
Cross-border business concerns.
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.
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.
IAASB Auditing Standards
The International Auditing and Assurance Standards Board (IAASB) serves the public interest by setting, independently and under its own authority, high quality standards dealing with auditing, review, other assurance, quality control and related services, and facilitating the convergence of national and international standards.
IPSASB Public Sector Standards
The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve.