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February 7, 2013
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  IFRS Update 
  • Disclosure burden too much, preparers tell IASB
    Disclosure requirements are too extensive, and methods of excluding immaterial information must be found in order to combat disclosure overload, financial statement preparers told the International Accounting Standards Board in a survey. Like the Financial Accounting Standards Board, the IASB is investigating ways to cut down on unnecessary disclosures. (1/25) LinkedInFacebookTwitterEmail this Story
  • Banks doubt that FASB, IASB will deliver converged standards
    Global banks are feeling less confident that converged financial-instrument accounting standards will be developed, according to Deloitte's Third Global IFRS Banking Survey. The Financial Accounting Standards Board and the International Accounting Standards Board have been unable to resolve the differences in their approaches -- namely, FASB's current-expected-credit-loss model and IASB's three-bucket approach. "If the boards do not converge, this will likely be cited as creating an unlevel playing field between the US and IFRS reporters," the report says. Accountancy Age (London) (tiered subscription model) (1/8) LinkedInFacebookTwitterEmail this Story
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  Regulatory Developments 
  • FASB eligibility for advisory panel enhanced by rule change
    The Financial Accounting Standards Board has the chance to participate in a global forum on accounting standards thanks to a rule shift by the IFRS Foundation. The foundation is assembling an international panel of experts to advise the International Accounting Standards Board. The foundation dropped an earlier prerequisite that all participants support the adoption of International Financial Reporting Standards, which opened the door for FASB participation. (2/1) LinkedInFacebookTwitterEmail this Story
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  IFRS at Work 
  • Opinion: Adopting IFRS can be a complex process
    Financial directors, especially of smaller companies, could find the process of adopting International Financial Reporting Standards daunting, according to this opinion piece. The complex process is further complicated by the involvement of various standard-setting bodies in the consultation process. "We are faced with an evolving set of standards with amendments announced even before standard adoption," the author identified only as "The Secret FD" writes. Financial Director (U.K.) (1/30)

  • IFRS Foundation publishes draft taxonomy for 2013
    The 2013 draft of the IFRS Foundation's IFRS Taxonomy has been published to consolidate interim releases from last year and updates to International Financial Reporting Standards. Comments will be accepted until March 18. The taxonomy, which will allow filings in XBRL format, apparently won't win Securities and Exchange Commission approval in time to be used this calendar year. Compliance Week/Accounting & Auditing blog (1/30)
  • Other News
  International Watch 
  • Study: Countries with established markets tend to be IFRS compliant
    The U.K. and Ireland are among the European countries that are most compliant with International Financial Reporting Standard disclosures, according to the Cass Business School. Italy, Greece, Portugal, Poland, the Czech Republic and Hungary had some of the lowest levels of compliance. One conclusion the study made is that countries with developed stock markets and strong financial infrastructure are more likely to be compliant. Economia magazine online (U.K.) (1/17)
  • Accountants laud Malaysia's move to fully converge with IFRS
    Malaysia's decision to fully converge with International Financial Reporting Standards will be good for the market and facilitate cross-border fundraising, says BDO Malaysia's Tang Seng Choon. Countries that "adopt only part of IFRS or make changes to IFRS as issued by the IASB experience a reduction in confidence in the amounts reported in financial statements and a corresponding loss of advantage," BDO's Andrew Buchanan says. Star Publications (Malaysia) (1/2) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • The CPA profession: From Main Street to Wall Street
    CPAs play an integral role in society. From Main Street to Wall Street, CPAs help businesses grow, understand their financials and are the most objective financial expert. Explore this infographic on AICPA Insights® that highlights the value of CPAs. Share it with your clients, co-workers and friends. LinkedInFacebookTwitterEmail this Story
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About AICPA and IFRS
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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