IFRS

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International Accounting Standards—
Is It on Your Radar?

International Financial Reporting Standards (IFRS) will create tremendous changes for the CPA profession over the next two to three years. Here are resources to ensure you're prepared.

What's New: (Oct. 6, 2010) Some steps the IRS is taking to prepare for the potential transition of U.S. publicly held companies to IFRS include: training employees about IFRS concepts and potential issues; working with the tax preparer community to identify and outline IFRS implementation concerns; and developing procedures to address issues related to IFRS conversion efforts. Learn more.


IFRS Certificate Program
Benefit from comprehensive introduction to IFRS to enhance your existing competencies.
CalCPA
IFRS Convergence is Easier Than You Think (California CPA, November 2008)
Waiting to Converge: Global Accounting Standards: A Q&A with Robert Bunting, deputy president of International Federation of Accountants. (California CPA, July 2007)

AICPA
How 100 Top International Public Cos. Use IFRS (February 2010)
IFRS for Small Biz FAQs
IFRS Preparedness Survey [PDF]: More than half of the 1,100-plus respondents expect they need IFRS knowledge in 1-3 years. (October 2009)
AICPA Comment Letter to SEC (April 2009)

IFRS: What’s on the Horizon for Private Companies? (January 2009)

SEC
Statement of Approval on Global Accounting Standards (February 2010)
Comment Letters on SEC's IFRS Roadmap (April 2009)
Roadmap for Potential Use of IFRS [PDF] (November 2008)


Other
Canada to go IFRS by 2011
IFRS Calculator: Determine Your Readiness

Survey: IFRS "Date Certain" Needed [PDF] (March 2009)
IT Aspects of IFRS Conversion (March 2009)
IFRS 7 Financial Instruments: Disclosures
NASBA to SEC: Withdraw IFRS Roadmap [PDF] (February 2009)

Resources

First-time Adoption of International Financial Reporting Standards15 optional exemptions to make the conversion easier.

IASB clarifications [PDF]:

  • Earnings per share
  • Non-current assets classified as "held for sale"
  • Performance obligations and revenue recognition
IFRIC interpretations [PDF]:
  • Real estate sales
  • Hedges of a net investment in a foreign operation
  • Employee benefits
  • Contingent liabilities and assets

Guide to Using International Standards on Auditing in the Audits of Small- and Medium-sized Entities
The International Federation of Accountants has recently published guidance for auditors.

IAS Plus

Deloitte has created an extensive array of resources to assist firms making the transition to international financial reporting standards.

Principles-Based Accounting
White Paper
[PDF]
As IFRS looms closer, the principles/rules distinction will be an increasing topic of discussion. Six of the largest accounting firms produced a clarification. (January 2008)