IFRS Update_V8

IFRS Update_V8 - www.IFRS.com International Financial...

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International Financial Reporting Standards ( IFRS ) An AICPA Backgrounder www.IFRS.com
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The Coming Convergence The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. ±nancial reporting represents a fundamental change for the U.S. accounting profession. Developed by the American Institute of CPAs, in partnership with its marketing and technology subsidiary CPA2Biz, www.IFRS.com provides a comprehensive set of resources for accounting professionals, auditors, ±nancial managers, audit committees and other users of ±nancial statements. Through the Web site, ±nancial professionals can obtain up-to-date ±nancial news and information, CPE and conference training, FAQs, articles and publications, and online video presentations.
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2 GET READY FOR IFRS, WORLDWIDE MOMENTUM 3 SEC LEADERSHIP IN INTERNATIONAL EFFORT 4 AICPA PARTICIPATION 5 TWO SIDES OF THE STORY; GAAP AND IFRS, STILL DIFFERENCES 6 WHAT CPAs NEED TO KNOW 7 APPENDIX International Financial Reporting Standards ( IFRS ) An AICPA Backgrounder
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Get Ready for IFRS T he growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. Fnancial reporting represents a fundamental change for the U.S. accounting profession. Today approximately 113 countries require or allow the use of I±RS for the preparation of Fnancial statements by publicly held companies. In the United States, the Securities and Exchange Commission (SEC) has been taking steps to set a date to allow U.S. public companies to use I±RS, and perhaps make its adoption mandatory. In fact, on November 14, 2008, the SEC released for public comment a proposed roadmap with a timeline and key milestones for adopting I±RS beginning in 2014. The international standard-setting process began several decades ago as an effort by industrialized nations to create standards that could be used by developing and smaller nations unable to establish their own accounting standards. But as the business world became more global, regulators, investors, large companies and auditing Frms began to realize the importance of having common standards in all areas of the Fnancial reporting chain. Worldwide Momentum The globalization of business and Fnance has led more than 12,000 companies in more than 100 countries to adopt I±RS. In 2005, the European Union (EU) began requiring companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated Fnancial statements in accordance with I±RS 1 . Australia, New Zealand and Israel have essentially adopted I±RS as their national standards. Canada, which previously planned convergence with U.S. Generally Accepted Accounting Principles (GAAP), now plans to require I±RS for publicly accountable entities in 2011. The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) plan convergence by 2011. On November 11, 2008, Mexico
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This note was uploaded on 03/02/2011 for the course AC 611 taught by Professor Keating during the Spring '11 term at Bentley.

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IFRS Update_V8 - www.IFRS.com International Financial...

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