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November 1, 2012
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  IFRS Update 
 
  • Wait goes on for XBRL for IFRS
    The Securities and Exchange Commission hasn't yet approved a taxonomy for financial statements formatted in eXtensible Business Reporting Language that are prepared under International Financial Reporting Standards. The agency shows little sign of delivering one in the near future. "We are hopeful that we will arrive at a solution and are committed to continue to explore possible solutions, but we are not able to suggest a time frame at this point," SEC spokesman John Nester said. Compliance Week/Accounting & Auditing blog (10/23) LinkedInFacebookTwitterEmail this Story
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  Regulatory Developments 
 
  • Global accounting convergence faces some hurdles
    A split between the International Accounting Standards Board and the Financial Accounting Standards Board threatens to derail the drive for common standards that are a decade in the making. The two sides are divided on a number of issues, such as how banks should acknowledge losses from bad loans. Separately, an IFRS Foundation report questions many of the Securities and Exchange Commission's conclusions about U.S. adoption of International Financial Reporting Standards. Reuters (10/23), Compliance Week/Accounting & Auditing blog (10/24) LinkedInFacebookTwitterEmail this Story
  • FASB to issue separate draft for credit impairment
    The Financial Accounting Standards Board has decided to issue a new exposure draft of its credit impairment model separately from its financial-instruments proposal. FASB is no longer working with the International Accounting Standards Board on a converged standard for financial instruments. The new credit-impairment model is based on "current expected credit loss," and the changes are significant enough from the original proposal that FASB decided a separate draft was necessary. Compliance Week/Accounting & Auditing blog (10/12) LinkedInFacebookTwitterEmail this Story
AICPA IFRS Certificate Program:
The AICPA's IFRS Certificate Program is a comprehensive online training curriculum designed to help CPAs understand, implement and apply IFRS. Courses cover revenue recognition, leases, impairment, intangible assets, inventories, earnings per share and more. > Enroll Now
  IFRS at Work 
  • IAS 39 impairment regime change is seen as a positive for industry
    The International Accounting Standards Board plans to replace the IAS 39 "incurred loss" impairment regime in favor of "expected loss" impairment by 2015. Credit losses will not be as severe under the new standard, and general principles of the approach include expected-loss-provision estimation, initial expected-loss allowance and symmetrical treatment for recovery. BusinessWorld (Philippines) (10/14) LinkedInFacebookTwitterEmail this Story
  International Watch 
  • Other News
  AICPA News 
  • IFRS issues to be covered at AICPA's SEC and PCAOB conference
      
    On Dec. 3 to 5, financial professionals, auditors and CPAs will converge in Washington, D.C., for the AICPA Conference on Current SEC and PCAOB Developments. The conference offers the latest and most comprehensive Securities and Exchange Commission and Public Company Accounting Oversight Board updates directly from the regulators. Issues concerning International Financial Reporting Standards will also be covered. Speakers include: Paul A. Beswick, acting chief accountant, SEC; James R. Doty, chair, PCAOB; Leslie F. Seidman, chair, Financial Accounting Standards Board; and Hans Hoogervorst, chair, International Accounting Standards Board. Attend the live conference in Washington, D.C., or one of the simulcast locations in Chicago, Dallas, New York or San Francisco. You can also attend virtually through your personal computer. Register now. LinkedInFacebookTwitterEmail this Story

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The American Institute of Certified Public Accountants is the world’s largest association representing the accounting profession, with nearly 386,000 members in 128 countries and a 125 year heritage of serving the public interest. The AICPA has long supported the goal of one set of high-quality global accounting standards for public companies throughout the world to improve consistency and comparability. In May 2008, the AICPA's governing Council voted to amend Rules 202 and 203 of the AICPA's Code of Professional Conduct to recognize the International Accounting Standards Board as an international accounting standard setter in the U.S.

 
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