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January 3, 2013
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  IFRS Update 
  • Global accounting bodies rethink definition of convergence
    Global accounting standard setters acknowledge that completion of the convergence projects is unlikely to happen in the near term, but progress can still be made to closely align International Financial Reporting Standards and U.S. GAAP. "If the ambition is a single set of high-quality, globally accepted, and, in my view, principle-based standards, we're closer now than we were five years ago," says IFRS Foundation Trustee James Quigley. (12/11) LinkedInFacebookTwitterEmail this Story
  Regulatory Developments 
  • FAF urges U.S. representation in group advising IASB on standards
    The Financial Accounting Foundation trustees say a commitment to endorsement or adoption of International Financial Reporting Standards should not be required for participation in a new forum of national and regional standard setters that will advise the International Accounting Standards Board. Such a requirement currently would preclude the participation of the United States, as the Securities and Exchange Commission has not released a timetable for deciding whether to require or allow U.S. public companies to prepare their financial statements in accordance with IFRS. (12/28) LinkedInFacebookTwitterEmail this Story
  • FASB, IASB expected loss proposals won’t match, but Seidman still hopes for convergence
    Financial Accounting Standards Board Chairman Leslie Seidman hopes her board can still find a converged solution to expected credit losses with the International Accounting Standards Board. Although FASB on Dec. 20 released an exposure draft that will differ from the one the IASB plans to release in the first quarter of this year, Seidman said FASB will review comments on both proposals in hopes of finding a converged approach to impairment in the accounting for financial instruments project. (12/20) LinkedInFacebookTwitterEmail this Story
  • IASB will take it slow for next few years
    The International Accounting Standards Board says it will just focus on a few reforms and make sure the standards it has already issued are properly implemented over the next few years. IASB Chairman Hans Hoogervorst said a consultation showed that accounting rule users wanted a period to "let the dust settle." Reuters (12/18) LinkedInFacebookTwitterEmail this Story
  IFRS at Work 
  • Telecom sector is denied subsidized handset exemption
    The International Accounting Standards Board and the Financial Accounting Standards Board have voted not to give telecom operators an exemption from a revenue-recognition rule on subsidized handsets. The industry had lobbied for the exemption. The vote by the boards was part of a push to create a global accounting standard to make it easier for investors to compare sectors. Reuters (12/17) LinkedInFacebookTwitterEmail this Story
  International Watch 
  • Belarus to adopt IFRS in 2014
    Belarus will adopt International Financial Reporting Standards in 2014, when its new reporting and accounting law goes into effect. All banks in the country as well as its 23 public companies must use IFRS. The law will help companies access international capital markets, said Finance Ministry chief Tatiana Rybak. BelTA News Agency (Belarus) (12/18) LinkedInFacebookTwitterEmail this Story
  • Other News
  AICPA News 
  • Register today: New conference on doing business in China
    The new Doing Business in China International Business Conference, to be held May 30 and 31 in Washington D.C., will focus on providing strategic thinking, expert insights and practical solutions for doing business in China. Highlights at this conference include: in-depth coverage of best practices for doing business in China; real-world case studies; hands-on business strategy development; access to trade specialists; and expert insights, training and group interaction that promote comprehensive understanding of current trends in China. 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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