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December 6, 2012
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  IFRS Update 
  • FASB, IASB struggle to overcome differences amid SEC indecision on IFRS
    International Accounting Standards Board Chairman Hans Hoogervorst again pushed for the Securities and Exchange Commission to adopt International Financial Reporting Standards during a speech Tuesday. On the same stage, Financial Accounting Standards Board Chairman Leslie Seidman said U.S. financial reporting needs clearer guidance than the IASB has offered. With convergence programs near an end, the future of cooperation between the world's most prominent standard setters is in question. (12/4) LinkedInFacebookTwitterEmail this Story
  • SEC staff describe why a country would adopt IFRS
    The Securities and Exchange Commission still does not have a timeline for deciding whether to adopt International Financial Reporting Standards, but SEC staff offered some insight at the AICPA's national regulatory conference into why countries make a switch to IFRS. Paul Beswick, the SEC's acting chief accountant, said the IFRS is possibly the most significant accounting consideration the agency has dealt with since the 1930s. Compliance Week/Accounting & Auditing blog (12/3) LinkedInFacebookTwitterEmail this Story
  • Converged accounting for insurance may be unlikely before 2016
    A converged global accounting standard for the insurance industry is unlikely to happen soon, according to a Swiss Re study. The International Accounting Standards Board recently asked for more feedback from the industry, leading Kurt Karl, chief economist at Swiss Re, to conclude that a converged standard won't happen before 2016. Appropriate valuation and measurement standards are challenges to a converged standard in this industry. Business Insurance (tiered subscription model) (11/21) LinkedInFacebookTwitterEmail this Story
  • FASB, IASB move forward on new revenue recognition constraint
    The Financial Accounting Standards Board and the International Accounting Standards Board have tentatively agreed that the objective of the constraint in their converged revenue recognition standard should be that the cumulative amount recognized should not be subject to a significant revenue reversal or downward adjustment. (11/21) LinkedInFacebookTwitterEmail this Story
  Market Highlights 
  • SEC's Schapiro leaves behind unfinished business on IFRS
    Securities and Exchange Commission Chairwoman Mary Schapiro has a mixed record of success, Matthew Quinn writes, including that she didn't provide certainty on the issue of International Financial Reporting Standards even though a decision was expected under her watch. "[A] much-anticipated report from the SEC's staff in July punted on the issue and it's less clear than ever which way the U.S. will go," Quinn writes. The Wall Street Journal/CFO Journal (tiered subscription model) (11/26) LinkedInFacebookTwitterEmail this Story

  • Other News
  International Watch 
  • G-20 tells IASB, FASB to set a deadline for convergence
    Leaders of the world's top 20 economies are not giving up on accounting convergence. The Group of 20 has set a mid-2013 deadline for the International Accounting Standards Board and the Financial Accounting Standards Board to establish a specific timetable to complete their convergence projects. Reuters (11/5) LinkedInFacebookTwitterEmail this Story
  • An impediment to IFRS has been removed in India
    India has yet to implement International Financial Reporting Standards released in February 2011. One reason for the delay, a lack of clarity on taxation, has been addressed through a report issued by a committee formed by the Finance Ministry. The committee has recommended that the accounting standards be modified and issued separately as "Tax Accounting Standards." (India) (11/27) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • IFRS Financial Statements book now available
    IFRS Financial Statements -- Best Practices in Presentation and Disclosure 2012/2013 (formerly known as IFRS Accounting Trends & Techniques -- U.S. Edition) gives you relevant and useful presentation and disclosure examples. Drawing from a carefully selected pool of 175 International Financial Reporting Standards companies from 45 countries across various industries, this edition offers a multitude of high quality disclosure examples. This year's edition also includes an in-depth discussion of the status of the International Accounting Standards Board's and the Financial Accounting Standards Board's projects in the areas of leases, revenue and financial instruments. Purchase today. LinkedInFacebookTwitterEmail this Story

  • Register now for next IFRS Quarterly Update
    Every calendar quarter, the IFRS Webcast Series offers practical and down-to-earth sessions that will keep you plugged in to what's important about the International Financial Reporting Standards -- including the differences, similarities between IFRS and U.S. GAAP, and updates on the current convergence efforts. Register today. 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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