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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.
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)
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)
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)
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)
First-time Adoption of International Financial Reporting Standards–15 optional exemptions to make the conversion easier.
IASB clarifications [PDF]:
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.
Deloitte has created an extensive array of resources to assist firms making the transition to international financial reporting standards.
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)