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November 3, 2011
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  IFRS Update 
 
  • Survey: Most CPAs support IFRS option
    A majority of CPAs say U.S. public companies should have the option to use International Financial Reporting Standards while the Securities and Exchange Commission decides whether to incorporate the standards into U.S. reporting requirements, according to an AICPA survey. The survey revealed that support for IFRS remains high among AICPA members but, in the absence of a clear regulatory timetable, U.S. firms and organizations are delaying planning and preparation for the global standards. JournalofAccountancy.com (10/18) LinkedInFacebookTwitterEmail this Story
  • AICPA's Melancon calls for SEC to permit IFRS use immediately
    The Securities and Exchange Commission should allow U.S. public companies to begin using International Financial Reporting Standards immediately, said AICPA President and CEO Barry Melancon, CPA, in a speech at the AICPA/IFRS Foundation Conference on IFRS: The North American Perspective. The number of companies that would adopt IFRS if permitted would be small, he predicted, but such a move would "allow us a window to see what the world will look like if the U.S. joins the rest of the world by using a converged or endorsed IFRS rather than exclusively U.S. GAAP." JournalofAccountancy.com (10/6) LinkedInFacebookTwitterEmail this Story
  • FASB chairman discusses "condorsement" method for IFRS
    Financial Accounting Standards Board Chairman Leslie Seidman said, "I think the 'condorsement' process outlined by the SEC staff has many positive aspects." Seidman said condorsement is a practical approach that allows the standards to continue to be labeled U.S. GAAP. Accounting Today (10/24) LinkedInFacebookTwitterEmail this Story
  • IASB's Hoogervorst explains why U.S. should adopt IFRS
    Speaking in Boston at the AICPA/IFRS Foundation Conference on IFRS: The North American Perspective, International Accounting Standards Board Chairman Hans Hoogervorst outlined reasons the U.S. should adopt International Financial Reporting Standards. He said accounting standards developed at the international level would have more teeth. Hoogervorst also noted that U.S. companies do not dominate global markets as much as they used to. Accounting Today (10/5) LinkedInFacebookTwitterEmail this Story
  • Goldschmid: IFRS decision will affect markets, investor protections
    A U.S. decision not to adopt International Financial Reporting Standards could fracture the coalition of nations that already back the rules, former U.S. securities regulator Harvey Goldschmid said. "The future path of financial reporting -- and of investor protection and effective financial markets on a global scale -- may well be determined in the next few months," he said, referring to the Securities and Exchange Commission's goal to decide by year-end. Reuters (10/5) LinkedInFacebookTwitterEmail this Story
IFRS Certificate Program from AICPA:
The AICPA's IFRS Certificate Program is a comprehensive curriculum of online training, research tools and practice aids designed to help CPAs understand, implement and apply IFRS. Courses cover revenue recognition, leases, impairment, intangible assets, inventories, EPS and more. > Enroll Now
  Regulatory Developments 
 
  • EU insurance federation, IASB disagree on IFRS 9 timeline
    The European Insurance and Reinsurance Federation wants more time to implement accounting standards for financial instruments, or IFRS 9, according to a letter it sent to the International Accounting Standards Board. The IASB wants the standard, which is not yet final, to go into effect at the beginning of 2015, at which point companies would be required to use it. The federation wants two years after the standard is complete to prepare for the changes. Global Financial Strategy (10/25) LinkedInFacebookTwitterEmail this Story
  IFRS at Work 
  • Survey: Many global companies unaware of lease-accounting change
    Of global businesses, 54% are not aware of lease-accounting changes coming from the Financial Accounting Standards Board and the International Accounting Standards Board, a survey finds. Awareness was highest in the U.S., Mexico and Chile. It was lowest in China, Denmark and Turkey. Learn more about the lease accounting project and other convergence projects at AICPA.org. Accounting Today (10/25) LinkedInFacebookTwitterEmail this Story
  • Charities await accounting changes in the U.K. and Ireland
    The Accounting Standards Board is considering how to apply International Financial Reporting Standards to charities in the U.K. and Ireland. The ASB likely will introduce simplified standards based on U.K. generally accepted accounting principles for most charities. However, new standards could require organizations to adopt new practices such as valuing donations at the time of receipt. Third Sector (U.K.) (10/18) LinkedInFacebookTwitterEmail this Story
  International Watch 
  • Canada will not transition to IFRS early
    Canadian financial regulators said the country will not adopt International Financial Reporting Standards early, and instead will continue with the mandatory effective deadline for several standards. The Office of the Superintendent of Financial Institutions Canada said an early transition is not possible because of the work involved. Global Financial Strategy (11/1) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Download the IFRS Report app and get the newsletter on the go
    Many of you have been asking for additional and more accessible ways to access IFRS Report, whether you're at your desk or on the move. In response to your requests, we are pleased to announce mobile applications for Android and iPhone readers. Both apps are free and available for download immediately. The apps allow you to quickly scan IFRS Report's top news, share stories, manage your subscription and save content for later. Download the Android app or iPhone app today. LinkedInFacebookTwitterEmail this Story
  • Register today: Get the latest developments from the SEC and PCAOB
    The AICPA National Conference on Current SEC and PCAOB Developments will be held Dec. 5 to 7 in Washington, D.C. You may also view the conference at one of the simulcast locations in San Francisco, New York, Dallas or Chicago. If you cannot attend any of these five locations, the virtual option will also be available. Obtain updates on the latest Securities and Exchange Commission, Public Company Accounting Oversight Board, Financial Accounting Standards Board and International Accounting Standards Board developments directly from the regulators and learn how it pertains to International Financial Reporting Standards. The conference will discuss IASB's future road map, convergence projects, eXtensible Business Reporting Language and more. Register today. LinkedInFacebookTwitterEmail this Story
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--J. Paul Getty,
American industrialist


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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 370,000 members in 128 countries. Well before IFRS began to gain traction in the U.S. business and regulatory communities, the AICPA was publicly supporting the goal of a single set of high quality, global accounting standards to be used in public company financial reporting throughout the world. 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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