IFRS

CFOs divided over need for IFRS

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, half believe that U.S. companies should be permitted to use IFRS, instead of U.S. GAAP, in financial statements filed with the SEC, while half disagree. "It appears that finance professionals have begun choosing whether they want to be in the pro-IFRS or anti-IFRS camp," noted Gary Illiano, Grant Thornton's national partner in charge of International and Domestic Accounting, "and it's pretty evenly divided.
Community News

J.H. Cohn issues comment on proposed IFRS roadmap

J.H. Cohn LLP, one of the top 20 accounting and consulting firms in the United States, has issued a comment letter to the Securities and Exchange Commission concerning the proposed roadmap for U.S. issuers to adopt International Financial Reporting Standards (IFRS).In its comments, J.H.

IFRS Roadmap timeline questioned

Robert Herz, FASB chairman, estimated this week that a convergence of U.S. GAAP with the International Reporting Standards (IFRS) would not occur for 10 to 15 years, the Ohio Society of CPAs is reporting.

AICPA comments on SEC proposed IFRS roadmap

The American Institute of Certified Public Accountants has submitted its comments to the Securities and Exchange Commission's proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Reporting Standards by U.S. Issuers.

U.S. CPAs prepare for change to international accounting standards

The U.S. accounting profession increasingly believes that international accounting standards will be implemented in the U.S. and is beginning to prepare for a change in standards, according to a recent survey conducted by the American Institute of Certified Public Accountants.As the U.S. Securities and Exchange Commission moves toward adoption of international accounting standards in place of U.S. generally accepted accounting principles now used by some 11,000 publicly traded companies, a growing majority of U.S.

SEC publishes IFRS roadmap after two month delay

The Securities and Exchange Commission (SEC) published its proposed roadmap for the potential transition to International Financial Reporting Standards (IFRS) by U.S. companies on its Web site on November 14, two months after it was originally approved by unanimous vote of the Commission. If certain milestones are achieved, the mandated transition to IFRS would occur in stages, beginning with large accelerated filers for fiscal years ending on or after December 15, 2014.
Technology

Deloitte issues IFRS white paper for technology sector

Deloitte has issued a new white paper that provides information to chief financial and information technology officers, senior finance leaders and other corporate executives regarding the adoption of International Financial Reporting Standards (IFRS) for the technology sector.The paper, seventh in a series launched by Deloitte, is particularly timely given the Securities and Exchange Commission's recently proposed IFRS Roadmap to mandatory adoption of IFRS and proposed rule changes that would allow certain U.S.
Technology

Conversion to IFRS will challenge information systems and IT personnel

Changes in filing requirements and accounting standards will drive conversion to international financial reporting standards (IFRS) in an organization, but the process of conversion will impact general business information technology systems, according to an analysis published by KPMG, International Financial Reporting Standards: The information systems impacts of IFRS. Every system within an organization that uses financial information will be affected by conversion to

SEC proposes roadmap for IFRS adoption

On Wednesday, the Securities and Exchange Commission voted to publish for public comment a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014. Currently, U.S. issuers use U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Commission would make a decision in 2011 on whether adoption of IFRS is in the public interest and would benefit investors. The proposed multi-year plan sets out several milestones that, if achieved, could lead to the use of IFRS by U.S.
A&A

FASB looking for feedback on proposed earnings per share revision

The Financial Accounting Standards Board has issued a revised Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards, Earnings per Share — an amendment of FASB Statement No. 128. The proposed Statement seeks to improve financial reporting by clarifying and simplifying the method of calculating earnings per share (EPS), while promoting the international convergence of accounting standards by eliminating major differences that currently exist between FASB Statement No. 128, Earnings per Share, and International Accounting Standard (IAS) 33, Earnings per Share.

IFRS - No promulgation without representation please

By Darla Sycamore The Merriam-Webster dictionary defines promulgation as1: to make (as a doctrine) known by open declaration: or2 a: to make known or public the terms of (a proposed law) b: to put (a law) into action or forceThe FASB refers to the promulgation of accounting standards in its Mission Statement (sometimes the process of issuing accounting standards is also referred to as pronouncing).

SEC roundtable on IFRS, GAAP, and subprime crisis

The Securities and Exchange Commission will host a roundtable on Monday, August 4 to analyze the performance of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP) during the recent period of market turmoil."This roundtable will provide the Commission with valuable insights from investors, issuers, auditors, and others about the way that both IFRS and U.S. GAAP performed in the context of the current pressures on the marketplace," said SEC Chairman Christopher Cox.

IFRS in the USA: Be Prepared!

By Darla Sycamore"Be Prepared" is the motto of the Scout movement and goes back to before the First World War. To be prepared means "you have to be prepared at any moment to face difficulties and even dangers by knowing what to do and how to do it."So how can you be prepared for the coming of International Financial Reporting Standards (IFRS) to America? The smart money is on the eventual adoption of IFRS at some time in the USA.
Education & Careers

PwC announces rollout of IFRS college and professional training materials

In a speech to accounting professors and corporate executives at PwC University for Faculty, PricewaterhouseCoopers U.S. Chairman and Senior Partner Dennis Nally announced the firm's release this month of a full suite of educational tools and programs designed to help American accounting students learn the fundamentals of International Financial Reporting Standards (IFRS). IFRS describes the financial reporting treatment long used by companies outside the United States and which is expected to replace U.S.

Like it or not, momentum is building for IFRS

Opinions are still mixed about the coming international financial reporting standards, or IFRS, but for those who are less than enthusiastic, it may all be over but the crying. Before summer is over, the final rules are expected to be written in stone. IFRS are set by the International Accounting Standards Board in London, the equivalent of our FASB in Norwalk, Connecticut. Barry Melancon, president and CEO of the AICPA said that momentum for the IFRS is building and most of the AICPA members he has talked to just want to get on with it the process.

The IASC Foundation publishes IFRS Taxonomy 2008

The International Accounting Standards Committee (IASC) Foundation today announced the release of the IFRS Taxonomy 2008. The IFRS Taxonomy 2008 is a complete translation of International Financial Reporting Standards (IFRSs) as published in the IFRS Bound Volume 2008 into XBRL, an eXtensible Markup Language (XML) that is used to communicate information between businesses. The taxonomy is published in the same languages as the IFRS Bound Volume 2008 and includes support material such as the Taxonomy Architecture Paper and the Taxonomy Extenders Guide.

AICPA calls for three to five year timeline for IFRS transition

Barry C. Melancon, president and CEO of the American Institute of Certified Public Accountants, speaking at a forum of accounting and finance authorities on international accounting, called 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."Awareness is growing among U.S.

IFRS: 'Buckle your seatbelts'

The "date certain" for conversion to International Reporting Standards (IFRS) may be as soon as 2014, according to Kenneth Marshall, a partner in E&Y's Assurance & Advisory Business Services practice, which, with three-year comparative reporting, will mean that U.S. companies should begin the process of adapting their accounting and other business systems within the next eighteen months.

SEC signs protocols for sharing information with four European countries

Last week, the Securities and Exchange Commission signed protocols to share information on the application of International Financial Reporting Standards (IFRS) with financial regulators in four European countries.The arrangements with regulators in Belgium, Bulgaria, Norway, and Portugal are in line with the Work Plan previously agreed to between the SEC and the Committee of European Securities Regulators (CESR).The most recent protocols follow on
Education & Careers

Ernst & Young Academic Resource Center to develop IFRS faculty curriculum

Ernst & Young LLP has announced the formation of the Ernst & Young Academic Resource Center, a new collaboration between the firm's professionals and university faculty.

Pages