IFRS

A&A

IFRS 7: Financial Instruments: Disclosures

The objective of IFRS 7 is to deal with the disclosures required in an entity’s financial statements in connection with financial instruments. Before the issuance of this IFRS, the disclosure requirements were contained within IAS 32. IAS 32 now contains just the presentation requirements of financial instruments.
A&A

IFRS 8: Operating Segments

The objective of this IFRS is to deal with the information that an entity should disclose in its financial statements to enable users to evaluate the nature and financial effects of the business activities and the economic environment in which the business operates.
A&A

IFRS 9: Financial Instruments

This standard was released in November 2009 and is intended to completely replace IAS 39 Financial Instruments: Recognition and Measurement by the end of 2010. IFRS 9 only deals with the classification and measurement of financial assets. A consistent theme of IFRS 9 is that it requires financial assets to be classified on initial recognition at amortised cost or fair value.
A&A

Nonprofits and International Financial Reporting Standards

Kurt Herdman of Schneider Downs explains how IFRS has and will continue to have an effect on nonprofit organizations.
A&A

Global study shows new direction for internal auditing

In the next five years, the focus of internal audit activities will differ significantly from current practice, and it's important that internal auditors at all levels – not just the chief audit executive – keep up-to-date.
A&A

Nearly half of executives anticipate SEC decision on IFRS in 2011

Most executives responsible for corporate financial reporting said their firms will be ready, but likely will not move to IFRS until mandated, even if an "early adoption" option is allowed, according to an IFRS convergence survey.
A&A

IASB and FASB complete first stage of conceptual framework

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board announced the completion of the first phase of a project to develop an improved conceptual framework for International Financial Reporting Standards and U.S. generally accepted accounting practices.
A&A

Blue Ribbon Panel leans toward separate GAAP for private companies

At its most recent meeting the Financial Accounting Foundation's (FAF) Blue Ribbon Panel chairman asked the panel to define the problem that private companies faced with U.S. GAAP and to narrow the field for proposed alternative models.
A&A

Tax planning for IFRS adoption might be slowing

A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.
A&A

IASB, FASB to focus on convergence between IFRS and US GAAP

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board recently announced their intention to prioritize convergence projects to permit a sharper focus on issues and projects they believe will bring about improvement and convergence between IFRSs and U.S. GAAP.
A&A

U.S. CPAs gaining in IFRS awareness

CPAs are gaining awareness about International Financial Reporting Standards. Furthermore, CPAs increasingly foresee a need to gain advanced or expert knowledge as the U.S. moves toward global accounting standards.
A&A

Grant Thornton takes a stand regarding SEC, IFRS Roadmap

Grant Thornton has been a staunch supporter of the ongoing movement toward one set of high-quality, globally accepted accounting standards. At present, that language of financial reporting features several different dialects, depending on where a company operates.
A&A

Opinion: SEC IFRS support not all it's cracked up to be

The SEC has announced its support for a single set of high-quality, globally accepted accounting standards as well as for the ongoing convergence of GAAP and IFRS. What does this mean for U.S. accountants? Nothing.
A&A

The SEC approves Work Plan to assess U.S. adoption of global accounting standards

The SEC has approved a Work Plan that would aid the Commission as it evaluates the impact that the use of IFRS would have on the U.S. securities market.
Technology

Public companies are getting the jump on XBRL adoption

XBRL US, the XML standard setter for business information reporting in the U.S., has announced that public companies are heeding the advice to "start early" in preparing for XBRL adoption.
A&A

Most CFOs favor approval of IFRS

Seventy percent of CFOs would support SEC approval of its proposed roadmap for adopting International Financial Reporting Standards (IFRS).
A&A

IFRS ripples throughout the profession

International Financial Reporting Standards (IFRS) have made great inroads over the past five to seven years. If an SEC-proposed change to allow IFRS for 10-K filing purposes becomes policy, the accounting lives of CPAs will certainly change, but many others will be affected too.

IASB proposes improvements to financial instruments accounting

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposals to improve financial instrument accounting.
Education & Careers

Free IFRS CPE Webcasts for CPAs

As companies that participate in the global economy adopt International Financial Reporting Standards (IFRS), Certified Public Accountants (CPAs) will need to demonstrate that they have the IFRS skills increasingly demanded by employers and clients.
A&A

IASB publishes draft guidance on fair value measurement

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of draft guidance on fair value measurement.

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