AICPA/IASC Foundation
Conference on IFRS

October 29-30, 2009 | New York, NY

New conference jointly developed by the AICPA and IASC Foundation – International Financial Reporting Standards (IFRS) in North America 2009: The U.S. Perspective

IFRS Digest:
What U.S. Practitioners and
Entities Need to Know Now

In this AICPA publication, prominent experts on IFRS have selected top articles and whitepapers, added commentary, and guide you through five major IFRS considerations.

IFRS – An AICPA Backgrounder

Recently updated, this publication provides a background of international accounting convergence including a timeline of key dates.

• Worldwide Momentum
• SEC Leadership in International Effort
• What CPAs Need to Know
• GAAP and IFRS, Still Differences

IFRS SEMINARS

The AICPA has teamed up with IASeminars, a leading provider of IFRS training courses, to offer a comprehensive range of IFRS training solutions worldwide.

Among the courses offered is IFRS Immersion (4-day course) which provides a detailed step-by-step guide through the technical issues faced in producing IFRS financial statements.
IFRS News ClipsMORE
IFRS for SMEs Expected Soon – Accountancy Age reports that in July, the International Accounting Standards Board will release its long awaited International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The article discusses the potential of the standard to change the way SMEs report financial results around the world.

FASB Launches Accounting Standards Codificaton™ – July 1, 2009 – The Financial Accounting Standards Board (FASB) launched the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. (FASB.org)

Revenue Recognition Challenges – July 2, 2009 - Comments on the FASB/IASB joint Discussion Paper on revenue recognition were due June 19. CFO.com writes about the project including the challenges associated with developing a single standard that would apply to all contracts with customers.

Featured IFRS News

Accounting for Emissions

July 1, 2009 – The Journal of Accountancy introduces practitioners to the fundamental issues concerning emissions of greenhouse gases and the key elements of "cap and trade programs". The article also examines attempts by standard setters to fill the void in the authoritative accounting guidance in this area and the consequences of the diverse accounting practices that have emerged globally.

Case Study: U.S. Subsidiaries of Foreign Companies Already Well Versed in IFRS

June 24, 2009 - An increasing number of CPAs in the United States are gradually gaining experience with International Financial Reporting Standards (IFRS). While most U.S. public companies are waiting for the Securities and Exchange Commission (SEC) to decide on a definitive strategy or timetable for either convergence of U.S. GAAP with IFRS or full IFRS adoption, many financial executives at U.S. subsidiaries of foreign-owned firms are doing double duty. Read about the experiences of three U.S. financial executives that are currently using IFRS.

Three Things Every CPA Should Know

June 17, 2009 - In an increasingly global business environment, the demands CPAs face are changing. Judith O'Dell, chair of the Private Company Financial Reporting Committee (PCFRC), discusses three things all CPAs should recognize about the new landscape and the internationalization of accounting standards. (Journal of Accountancy Video)

AICPA Volunteers Needed to Develop Questions on IFRS for CPA Examination

The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to write multiple choice questions (MCQs) on IFRS for the CPA Exam. Learn more.

Featured Blog Posting

IFRS for Small and Medium-sized Entities

The International Accounting Standards Board is expected to issue an International Financial Reporting Standard for Small and Medium-sized Entities in July 2009. Based on full IFRS, the new standard will be a simplified, self-contained set of accounting principles designed for use by private entities.

While IFRS for SMEs and full IFRS might be right for U.S. subsidiaries of foreign private companies, do you think IFRS for SMEs will be relevant for other U.S. private companies? Also, if the SEC decides to mandate IFRS for public companies, what do you think is the best financial reporting model for U.S. private companies in the future?

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International Financial Reporting Standards (IFRS) - A Backgrounder

The American Institute of Certified Public Accountants (AICPA) has recently issued a background document on International Financial Reporting Standards (IFRS). Read a brief overview by clicking on the links below –

• Get Ready for IFRS
• Worldwide Momentum
• SEC Leadership in International Effort
• AICPA Participation
• Two Sides of the Story
• GAAP and IFRS, Still Differences
• What CPAs Need to Know

View full background document >

IFRS Primer for Audit Committees

The globalization of business and finance has led more than 12,000 companies in over a hundred countries to adopt IFRS.

The convergence of US GAAP with International Financial Reporting Standards (IFRS) for US companies seems increasingly likely. Audit Committees should anticipate this significant change and inquire of the CEO and CFO as to the readiness of the company, and their implementation plan for moving to IFRS if/when required by the SEC.

View full IFRS Primer document >
Single player for Home page.
Practitioners Discuss Component Depreciation
Excerpt from the AICPA's First Quarter IFRS Webcast – Listen to a round table of experienced practitioners discuss component depreciation and related implementation issues.

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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.