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November 5, 2009 Sign up Forward Archive Advertise Brought to you by the American Institute of CPAs       IFRS Update    FASB, IASB will work more intensely to reach common set of standards The leaders of the Financial Accounting Standards Board and the International Accounting Standards Board announced at an IFRS conference in late October that they will begin meeting monthly to try to speed up their efforts to develop a common set of accounting standards by their target date of 2011. Read the complete story and watch an exclusive video interview with conference speaker Paul Volcker, chairman of the President's Economic Recovery Advisory Board, on the effect of adopting IFRS on global capital markets. JournalofAccountancy.com (10/29) Accounting-rule makers fail to come together on fair value: Members of the International Accounting Standards Board met recently with members from the Financial Accounting Standards Board to discuss fair-value rules, but the rule makers have yet to come to an agreement on a proposal to expand the regulations. The board members did say, however, that if their final standards differ, they will look into ways to make it easier for investors to make comparisons. Reuters (10/26) Survey: SEC should approve adoption of IFRS The Securities and Exchange Commission's proposal for adopting International Financial Reporting Standards is supported by 70% of chief financial officers and other financial professionals, according to a Deloitte survey. Of more than 150 respondents, 19% said the proposal should be approved as is, while 51% suggested pushing back adoption by one year. AccountingWEB (10/6) FASB chairman warns about Europe's meddling in accounting rules Robert Herz, chairman of the Financial Accounting Standards Board, says pressure from Europe on the International Accounting Standards Board could derail adoption of global accounting rules by the U.S. "The U.S. wants to make sure that the standards it uses come out of a standard setter which has the appropriate public policy objectives and is not being geared or harassed to do things in a way that is not consistent with that public policy objective," Herz said. Accountancy Age (London) (10/15) Other News CPA Exam to get makeover, include IFRS questions JournalofAccountancy.com (9/30)   Regulatory Developments  SEC's chief accountant says update on IFRS road map to come this fall The Securities and Exchange Commission's chief accountant on Oct. 30 confirmed the SEC's commitment to provide clarity this fall on its proposed road map for the adoption of IFRS in the U.S. Watch a video of James Kroeker's remarks at an AICPA/International Accounting Standards Committee Foundation conference in New York. JournalofAccountancy.com (10/30) SEC sparks IFRS debate again in U.S. The debate over the conversion to International Financial Reporting Standards in the U.S. was reignited recently when the Securities and Exchange Commission said that it supports the goal of a single set of high-quality global accounting standards. The International Accounting Standards Board is responsible for IFRS, and its chairman, David Tweedie, points out that there should not be much difference between IFRS and U.S. GAAP by 2015, if the current convergence effort continues at the same rate. IFRS textbooks are already available in English, Tweedie said. And last year, all of the major global accounting firms began working with colleges to include IFRS in their curricula. CFO.com (10/8)   IFRS at Work  How to leverage Sarbanes-Oxley investment for IFRS convergence Ernst & Young senior manager Steve Arnold, CPA, offers quick, practical tips on steps for tapping internal control staff to facilitate the transition to International Financial Reporting Standards. For IFRS daily updates, training courses, case studies and other resources, visit IFRS.com. JournalofAccountancy.com (10/13) IASB, FASB exclude certain leases from new accounting rule Decisions by the Financial Accounting Standards Board and the International Accounting Standards Board may exclude certain types of leases from a new accounting standard. However, it is too early to know how much of an effect the changes will have. Ultimately, current lease proposals would have a significant effect on companies' balance sheets. CFO.com (11/2)   International Watch  U.K. accounting group cites EU threat to global standards The Institute of Chartered Accountants in England and Wales has warned that "political interference" from some EU members on the International Accounting Standards Board could jeopardize the eventual adoption of a global standard. "Countries such as China, Japan, Australia, Singapore -- all reasonably substantial capital markets -- look at how the IASB is responding to European political pressure and are saying 'hey, what about us?' " said Michael Izza, CEO of the accounting group. European Voice (Brussels) (10/29) Accounting standards are finalized for private enterprises in Canada The Canadian Accounting Standards Board recently approved final accounting standards for private enterprises. Businesses have the option of adopting new Canadian standards or IFRS. JournalofAccountancy.com (10/1) Other News South Korea is on the way to adopting IFRS The Korea Times (10/27)   AICPA News  AICPA to release IFRS Accounting Trends & Techniques; order now to get pre-publication discount IFRS Accounting Trends & Techniques provides a close look at the reporting practices of international companies that have already tackled the conversion to IFRS. Like other titles in the best-selling Accounting Trends & Techniques series, this international version captures today's prevailing financial reporting practices with illustrative examples from the actual financial statements of 100 publicly traded companies from around the world. IFRS Accounting Trends & Techniques is available for pre-order. Order now and get a special pre-publication 10% discount (use coupon code SLR). Volunteers needed to develop questions on IFRS for Uniform CPA Examination The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions ("items") on IFRS for the Uniform CPA Examination. To qualify, volunteers must have a current CPA license or comparable internationally recognized credential, a minimum of three years of experience as a licensed professional, and expertise in the application of IFRS. Volunteers may not be affiliated with any Uniform CPA Examination review course. Workshops conducted via Web conference (approximately 90 minutes) will provide instruction on item development. Volunteers then will submit a few items to AICPA Examinations Team staff for review and feedback, so that they can independently develop a minimum of 15 items in prescribed areas. If interested, send a resume or curriculum vitae to rwarias@aicpa.org. AICPA survey shows CPAs delayed IFRS readiness while SEC waited on road map Learn more about IFRS Overview  |  FAQs  |  CPE and Training  |  Publications  |  Updates  | Videos   Editor's Note  Do you plan to step up your IFRS training after the SEC releases its expectations for IFRS later this fall? Look out for the IFRS Year-End Report on Dec. 8 and 15. The results of this poll will appear in Part 2 on Dec. 15. Yes, a great deal. Yes, somewhat. No.   SmartQuote  If you smile when no one else is around, you really mean it." --Andy Rooney, American journalist and commentator     AICPA and IFRS Resources AICPA IFRS Backgrounder AICPA FASB IASB SEC About IFRS.com Resources   Subscriber Tools       Print friendly format | Web version | Search past news | Archive | Privacy policy   Contact AICPA AICPA Service Center 220 Leigh Farm Road Durham, NC 27707-8110 Phone: 888.777.7077 Fax: 800.362.5066 service@aicpa.org www.ifrs.com   About AICPA and IFRS The American Institute of Certified Public Accountants, with approximately 340,000 members, is the national professional organization for certified public accountants in the United States. Well before IFRS began to gain traction in the U.S. business and regulatory communities, the AICPA was publicly supporting the goal of a single set of high quality, global accounting standards to be used in public company financial reporting throughout the world. In May 2008, the AICPA's governing Council voted to amend Rules 202 and 203 of the AICPA's Code of Professional Conduct to recognize the International Accounting Standards Board as an international accounting standard setter in the U.S.     Recent IFRS Report Issues: Thursday, October 01, 2009 Thursday, September 03, 2009 Thursday, August 06, 2009 Monday, July 13, 2009 Thursday, June 04, 2009     Lead Editor:  Sean McMahon       Mailing Address: SmartBrief, Inc.®, 1100 H ST NW, Suite 1000, Washington, DC 20005     © 1999-2009 SmartBrief, Inc.® Legal Information