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March 1, 2012
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  IFRS Update 
 
  • SEC's chief accountant hints at move to IFRS
    The Securities and Exchange Commission is nearing a decision on whether to adopt international accounting standards in the U.S., according to SEC Chief Accountant James Kroeker. "I'm hopeful that we're on track for a few months' time," he said in a speech last month. The transition would involve the Financial Accounting Standards Board endorsing international financial standards for use by U.S. companies. JournalofAccountancy.com (2/21), The Wall Street Journal (2/21) LinkedInFacebookTwitterEmail this Story
  • SEC chairman says U.S. won't be rushed into IASB rules
    Mary Schapiro, chairman of the Securities and Exchange Commission, said the U.S. won't be rushed or forced into adopting international accounting standards. "I don't feel any pressure at all to go along with anybody," Schapiro said. "I feel pressure to do the right thing for U.S. markets and U.S. investors." More than 100 nations use the International Accounting Standards Board's accounting rules. Learn more about International Financial Reporting Standards at IFRS.com. Reuters (2/24) LinkedInFacebookTwitterEmail this Story
  • U.S. could be dropped from IASB after governance review
    The Monitoring Board and the trustees of the International Financial Reporting Standards Foundation have made suggestions for improving the foundation's governance after independent reviews. The reviews offer a road map for strengthening the work of the foundation and the International Accounting Standards Board. One of the groups' recommendations was to limit IASB membership to nations that use international accounting standards. The change could threaten the U.S.'s role in the organization if IFRS isn't adopted by next year. InAudit.com (2/12), The Wall Street Journal/CFO Journal (tiered subscription model) (2/10) LinkedInFacebookTwitterEmail this Story
  • Other News
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  Regulatory Developments 
  • FASB and IASB will hold meetings on revenue-recognition rules
    The Financial Accounting Standards Board and the International Accounting Standards Board will hold a series of round-table meetings on their revenue-recognition proposals. The meetings, which will take place around the world this spring, are part of the organizations' efforts to gather input on the proposals. Accounting Today (2/17) LinkedInFacebookTwitterEmail this Story
  • IASB and FASB reach out to public on "investment company" rules
    The Financial Accounting Standards Board and the International Accounting Standards Board are holding a series of four public meetings to discuss proposed rules for investment companies. The changes, which would expand the definition of "investment company," are aimed at making entities more comparable under U.S. generally accepted accounting principles and international standards. The first meeting was held in Toronto last month. JournalofAccountancy.com (2/17) LinkedInFacebookTwitterEmail this Story
  IFRS at Work 
  • IFRS transition goes smoothly for Canadian banks
    All Canadian banks except Laurentian reported their 2011 annual earnings using both Canadian generally accepted accounting principles and International Financial Reporting Standards. The transition went smoothly and profits weren't significantly different between the two accounting systems. Book values were lower by about 8% under IFRS, but RBC analyst Andre-Philippe Hardy says earnings under IFRS should be higher for some banks. The Globe and Mail (Toronto) (2/13) LinkedInFacebookTwitterEmail this Story
  • Study predicts improved earnings quality if IFRS is mandated in U.S.
    There is evidence that earnings quality could improve for U.S. public companies if the Securities and Exchange Commission decides to mandate the use of International Financial Reporting Standards, according to a study by accounting professors at the University of Windsor and the University of Auckland. "Our results indicate that IFRS could improve earnings quality if U.S. firms adopted IFRS by reducing target beating and increasing earnings persistence," the authors wrote. Compliance Week/Accounting & Auditing blog (2/3) LinkedInFacebookTwitterEmail this Story
  • Lease-accounting proposals could affect property values, study says
    Lease-accounting proposals being considered by the International Accounting Standards Board and the Financial Accounting Standards Board could affect commercial real estate companies, according to a study commissioned by several associations and conducted by Chang & Adams Consulting. "A failure to fully understand the economic ramifications of these accounting changes or to address these issues may harm businesses that own, invest, or rent commercial real estate or use leases for other purposes, from office equipment to construction machinery," says Boyd Zoccola, chairman of the Building Owners and Managers Association International. Learn more about the lease-accounting project in this updated AICPA Financial Reporting Brief. CoStar Group (2/22) LinkedInFacebookTwitterEmail this Story
  International Watch 
  • IASB says companies should apply rules uniformly
    The International Accounting Standards Board could see its influence grow following the Greek debt crisis, Adam Jones writes. The organization is considering ways to influence companies to apply its rules consistently. Financial Times (tiered subscription model) (2/9) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Register today: Stay informed on IFRS
    The IFRS Quarterly Webcast Subscription Series -- First Quarter 2012, to be held 2 to 4 p.m. on March 15, will cover in detail significant standards within the International Financial Reporting Standards and literature, and contrast the IFRS approach with U.S. GAAP. These practical, down-to-earth sessions will keep you "plugged in" to what's important. A must for both preparers in public companies and practitioners who have public company clients, this is where to be when it comes to knowing about the areas of IFRS implementation. Register today. LinkedInFacebookTwitterEmail this Story
  • Discover the IFRS Certificate Program from the 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 International Financial Reporting Standards. Courses cover revenue recognition, leases, impairment, intangible assets, inventories, EPS and more. Enroll today. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold."
--Leo Tolstoy,
Russian writer


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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 377,000 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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