• A

  IFRS for Small & Medium ent

  • December, 2011
  • SME Implementation Group publishes two final Q&As
  • 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)

• B

  Financial Management

  • 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 –
  • Get Ready for IFRS
  • Worldwide Momentum
  • SEC Leadership in International Effort
  • AICPA Participation
  • Two Sides of the Story
  • GAAP and IFRS, Still Differences
  • What CPAs Need to Know

• C

  Boards,Audit Committees & Investors

  • The globalization of business and finance has led more than 12,000 companies in almost a hundred countries to adopt IFRS.
  • IFRS Primer for Audit Committees
  • 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.

• D

  General

  • What is IFRS?
  • 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.
  • Other FAQs:
  • How widespread is the adoption of IFRS around the world?
  • What are the advantages of converting to IFRS?
  • When comparing IFRS and GAAP, what are some overall key differences I should be aware of?

Featured Articles

• IFRS Resources
• IFRS Foundation to Add Common-Practice Tags to IFRS Taxonomy
• U.S. Subsidiary Loses LIFO Benefit
• AICPA to IASB: Completion of Conceptual Framework Is Key