See the featured IFRS resources.
Latest IFRS developments
The debate surrounding a possible U.S. convergence or adoption of the International Financial Reporting Standards (IFRS) continues. IFRS is the framework used by most developed countries today and, while it does has growing support in the U.S., many critics have serious concerns regarding a convergence with IFRS and the proposed timeline.
OSCPA EDUCATION & TRAINING | KEY PLAYERS
Continuing IFRS news coverage
IASB plans no fair value changes for European Union
The International Accounting Standards Board (IASB) said that it won’t change fair value rules based solely on demands coming from the European Union.
FASB, IASB tentatively define fair value as an exit price
FASB and the International Accounting Standards Board (IASB) tentatively defined fair value as an exit price during a joint meeting last week.
IASB and FASB reaffirm commitment to convergence
FASB and the International Accounting Standards Board (IASB) reaffirmed their commitment to bring about convergence of the International Financial Reporting Standards (IFRS) and U.S. GAAP to form a high-quality global accounting standard.
IAASB seeks comments on fair value auditing guidance
The International Auditing and Assurance Standards Board (IAASB) is seeking comments on new guidance being developed on fair value auditing.
IASB pressing forward without FASB to revise financial instrument standard
International Accounting Standards Board (IASB) Chairman Sir David Tweedie promised to deliver on his promise to revise International Accounting Standard (IAS) 39 Financial Instruments by the end of this year. “We will publish the new standard in November,” Tweedie said at a meeting of the European Finance Ministers.
CPAs stall in move toward IFRS due to SEC's delay
The U.S. accounting profession delayed preparing for adoption of International Financial Reporting Standards (IFRS) over the last six months. This followed the lead of the SEC which set aside its review of U.S. plans for adoption to focus on the credit crisis, according to an AICPA survey.
CAQ releases online IFRS guide
The Center for Audit Quality (CAQ) has released a free online Guide to International Financial Reporting Standards (IFRS) to help people navigate the changing landscape of standards convergence.
G-20 pushes for global accounting standard
The leaders of the G-20 tasked FASB and the International Accounting Standards Board (IASB) with completing their convergence project by 2011, calling on them to: “redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011.”
IASB wants U.S. IFRS commitment by 2011
“My view is the U.S. needs to commit by 2011 one way or the other,” International Accounting Standards Board chairman (IASB) Sir David Tweedie said. Speaking at the American Accounting Association’s annual meeting, Tweedie expressed frustration as he waits for the SEC to decide if and when to approve a roadmap for transitioning from GAAP to the International Financial Reporting Standards (IFRS).
IASB publishes IFRS for small and medium-sized businesses
The International Accounting Standards Board (IASB) published International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs) – providing guidance for roughly 95% of all companies.
SEC to refocus on IFRS roadmap
The SEC plans to move the IFRS roadmap up on the priority list in the coming months, according to Jim Kroeker, the SEC's new chief accountant.
SEC: The SEC published a proposed roadmap for adoption of IFRS with a potential effective date of 2014 for mandatory filings using IFRS for a 90 day review. The comment period ended on April 20. The SEC received more than 200 comment letters. Mary Schapiro, the chair of the SEC, has expressed concerns regarding an adoption or convergence with IFRS, including the independence of the IASB and the proposed timeline.
FASB: The Financial Accounting Standards Board believes that investors would be better served if all U.S. public companies used accounting standards promulgated by a single global standard setter as the basis for preparing their financial reports. Robert Herz, FASB chairman, estimated that a convergence of U.S. GAAP with the International Reporting Standards (IFRS) would not occur for 10 to 15 years. Herz made the prediction at a meeting of the Financial Crisis Advisory Group (FCAG), a joint body assembled by FASB and the International Accounting Standards Board (IASB) to provide financial reporting advice in light of the current credit crisis.
IASB: The International Accounting Standards Board develops IFRS. It is highly possible that a move to IFRS requires acceptance of the IASB as the global standards setter. The AICPA officially recognized the IASB as an accounting body for purposes of establishing international financial accounting and reporting principles. The independence of the IASB was questioned last year as they came under extreme pressure from the French government to amend a standard without the normal due process. The IASB ultimately permitted the reclassification of certain financial instruments to avoid fair value measurement and amend the standard.
AICPA: The AICPA Council designated the International Accounting Standards Board (IASB) in London as an accounting body for purposes of establishing international financial accounting and reporting principles. FASB will continue to set standards in the U.S. AICPA has now designated four bodies to promulgate accounting standards: IASB, FASB, GASB, and FASAB. The AICPA has developed an IFRS Web site for more extensive resources about IFRS.
More Issue Monitoring
Back to Issue Monitoring page