The increasing acceptance of IFRS, both in the United States and around the world, means that now is the time to become knowledgeable about these changes.
The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs: Q&A 2011/02 Entities that typically have public accountability Q&A 2011/03 Interpretation of 'traded in a public market' in applying the IFRS for SMEs (IFRS.org)
The American Institute of Certified Public Accountants (AICPA) has recently issued a background document on International Financial Reporting Standards (IFRS). Read a brief overview by clicking on the links below –
The convergence of US GAAP with International Financial Reporting Standards (IFRS) for US companies seems increasingly likely. Audit Committees should anticipate this significant change and inquire of the CEO and CFO as to the readiness of the company, and their implementation plan for moving to IFRS if/when required by the SEC.
International Financial Reporting Standards (IFRS) are a set of accounting standards, developed by the International Accounting Standards Board (IASB), that are becoming the global standard for the preparation of public company financial statements. In the United States, the Securities and Exchange Commission (SEC) is considering taking steps to set a date to allow U.S. public companies to use IFRS, and perhaps make its adoption mandatory.