News

CollapseIFRS Primer for Audit Committees

Over 120 nations and reporting jurisdictions require or allow the use of International Financial Reporting Standards (IFRS) for preparation of financial statements for domestic listed companies.

The convergence of US Generally Accepted Accounting Principles (US GAAP) with IFRS is underway. The SEC has directed its staff to execute a Work Plan that would help the SEC evaluate the impact of IFRS use by U.S. public companies on the U.S. securities market. The Work Plan will help the SEC decide whether to incorporate IFRS into the U.S. financial reporting system, and if so, when and how.

Audit Committees should anticipate this significant change and inquire of the company's management as to the readiness of the company, and their implementation plan for moving to IFRS if or when required by the SEC.

View full IFRS Primer document >

ExpandInternational Financial Reporting Standards (IFRS) - A Backgrounder

View full background document >

Get an introduction to the movement behind adoption of IFRS for public companies throughout the world. The AICPA's IFRS Backgrounder walks you through the regulators, standard setters and others who play a critical role and the timeline of convergence and adoption activities, including the SEC's announcement of its work plan.

ExpandFinancial System Considerations in IFRS Conversion Projects

View information technology white paper >

Prepared by the Information Technology Section of the AICPA, this white paper explores information technology implications of an IFRS conversion, including the impact on financial and business reporting, implementation considerations and lessons learned from the European experience.

To learn more about Information Technology resources, including information about joining the IT Section of the AICPA, visit the AICPA's Information Technology Center at AICPA.org.

IFRS News Clips Header link

  • 2015-01-05 (A)

    A New System for Recognizing Revenue


    FASB and the International Accounting Standards Board (IASB) in November released a revised proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. (Journal of Accountancy)

  • 2014-03-13 (B)

    FAF Roundtable Participation Application Deadline Re-Set to 6 January 2012


    The application deadline for participation in January, February and March private company roundtable discussions, the purpose of which is to discuss FAF's proposed Private Company Standards Improvement Council, has been extended, with the first roundtable being scheduled for January 18th. (AccountingToday)

  • 2014- 03-13 (C)

    FASB Defers Certain Aspects of Comprehensive Income Accounting Standards Update


    On December 23rd, FASB issued Accounting Standards Update No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. (FASB.org)

Clips Header link

  • 2014-02-27 (1) – 2014-03-01 ( )

    Who Issues IFRS?


    International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website.

  • 2014-03-12 (2) – 2014-05-07 ( )

    IFRS Report Email Alerts


    Sign up to receive the IFRS report by email Stay on top of accounting for a global marketplace with the IFRS Report, a new monthly e-newsletter. Key articles summarized with links to original sources and videos. It's opt-in only so sign up today.



  • 2014-03-15 (3) – 2014-03-16 ()

    IFRS for SMEs — U.S. GAAP Comparison Wiki


    The AICPA is developing a resource that compares the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) with corresponding requirements of U.S. generally accepted accounting principles (U.S. GAAP). This resource is available in a Wiki format and you are invited to contribute to its development. To learn more about the resource, view available sections and contribute to its content, click here: