- AICPA wants SEC to allow companies to adopt IFRS
In a letter to the Securities and Exchange Commission, the AICPA has recommended that U.S. public companies be allowed the option of adopting International Financial Reporting Standards as issued by the International Accounting Standards Board. In their comments to the SEC’s staff paper, AICPA Chairman Paul Stahlin and President and CEO Barry Melancon said, “Whether or not the SEC decides to incorporate IFRS into the U.S. financial reporting system through an endorsement/convergence approach, we believe U.S. issuers should be given the option to adopt IFRS as issued by the IASB.” Read the AICPA’s comment letter and news release for more information. JournalofAccountancy.com (8/19)
- Commentary: SEC’s decision on IFRS is critical to a global standard
U.S. reluctance to adopt International Financial Reporting Standards is not helping the standards to spread and could end the idea of a single set of global standards, writes Robert Hodgkinson, executive director of the Institute of Chartered Accountants in England and Wales. The U.S. decision could influence other nations, including Japan and India, he says. Global Financial Strategy (8/23)
- ABA responds to IASB pressure for U.S. to adopt IFRS
The American Bankers Association has responded to recent remarks from an International Accounting Standards Board official questioning future cooperation between the board and the Financial Accounting Standards Board if the U.S. does not adopt International Financial Reporting Standards. Donna Fisher, ABA senior vice president of tax and accounting, said there is no deadline to adopt IFRS, as the IASB is suggesting. “So [the IASB is saying], ‘we want a single set of standards so long as it’s by the end of 2011’. Rather than, ‘we’re going to have an ongoing effort even if the SEC doesn’t make that decision,’ ” she said. Global Financial Strategy (8/11)
- J.H. Cohn CEO is preparing U.S. clients for IFRS
J.H. Cohn CEO Tom Marino says his company is getting a head start on readying clients for the transition to International Financial Reporting Standards. As more countries, including Canada, make the switch, it makes sense to get familiar with the rules, even before the Securities and Exchange Commission makes a decision, Cohn says. The AICPA offers an IFRS Certificate Program to help CPAs and accountants gain knowledge and demonstrate competence. Accounting Today (8/16)
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- IASB seeks comment on investment entity exemption for IFRS 10
The International Accounting Standards Board on Aug. 25 issued a new exposure draft that proposes defining investment entities as a separate type of entity that would be exempt from IFRS 10 Consolidated Financial Statement requirements. Instead, these entities would account for their investments at fair value through profit or loss. JournalofAccountancy.com (8/25)
- SEC is expected to issue IFRS staff papers soon
The Securities and Exchange Commission is soon expected to release studies associated with its consideration of International Financial Reporting Standards in the U.S. The agency indicated earlier this year that it would issue reports by late summer that address the quality of accounting and the differences between U.S. and international standards. Compliance Week/Accounting & Auditing blog (8/24)
- IASB gets ready to unveil new “buckets” for impaired assets
The International Accounting Standards Board is considering a “three-bucket” solution to the impairment of financial assets. The approach would lay out three levels of impairment, ranging from healthy to significantly impaired. The approach is designed to limit companies’ ability to manage assets through selective provisioning. However, the IASB still has work to do to define the specifics of each bucket and the conditions under which assets can be moved, observers say. Accountancy Age (London) (8/19)
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| AICPA News
- Understand the difference between U.S. and international accounting
Does your organization participate in today’s global economy? If so, you need to know how international accounting rules may impact your balance sheet and operations. From financial statements to the treatment of leases, U.S. and International Accounting: Understanding the Differences provides clear and simple examples of the key differences between U.S. and international accounting standards. A review at the end of each chapter reinforces the authors’ key points and helps you build the basic knowledge necessary to understand how international accounting standards may affect your business. Purchase today.
Explore the convergence resources available on IFRS.com
Follow the progress of standards convergence between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board on IFRS.com. Resources include links to the most current work plans, progress reports, frequently asked questions on exposure drafts and other resources to help you keep track of accounting convergence. Visit IFRS.com’s Convergence Headquarters today.