Most Clicked IFRS Report Stories
1. Analysis: U.S. remains a hurdle to aligning accounting rules
IFRS Report | May 03, 2012
The International Accounting Standards Board and the Financial Accounting Standards Board have been converging major accounting standards for several years, and have passed the original target date of June 2011 for completion. Finance ministers from the Group of 20 nations now have given the boards a deadline, demanding they finish alignment by mid-2013. Even if they do, it is unclear whether the U.S. will move to incorporate international accounting standards in the near future. Reuters (04/26)
2. Why private companies may want to switch to IFRS soon
IFRS Report | May 03, 2012
This is the year that many private companies may decide to adopt International Financial Reporting Standards, Remi Forgeas writes. The cost for transitioning to IFRS may be lower than expected for some companies, especially for smaller companies that will benefit from simplified standards. The first step for making the switch to IFRS is to assign responsibility for planning and managing the transition. Join the conversation in our LinkedIn group (open to AICPA members). Business Finance (04/12)
3. Letter: Some international accounting standards are lost in translation
IFRS Report | May 03, 2012
International accounting standards are in need of more accurate translations, Philippe Longerstaey writes. Financial Times (tiered subscription model) (04/16)
4. FASB, IASB expect final standards in convergence projects by mid-2013
IFRS Report | May 03, 2012
The Financial Accounting Standards Board and the International Accounting Standards Board expect to complete their major convergence projects by mid-2013 with the issuance of final, joint standards, according to a report to the Financial Stability Board Plenary on Accounting Convergence. Learn more about the FASB/IASB convergence projects on IFRS.com. JournalofAccountancy.com (04/23)
5. U.S. holds key to international standards, Tweedie says
IFRS Report | May 03, 2012
The AICPA and the Institute of Chartered Accountants of Scotland hosted a panel discussion, Shaping the Future: Lessons from Accounting Standards Leaders, on April 24 at the AICPA's headquarters in New York, on strategic matters related to financial reporting -- past, present and future. The U.S.'s participation is essential to the success of international accounting standards, according to former IASB Chairman Sir David Tweedie. "The world is waiting," Tweedie says. JournalofAccountancy.com (04/25) Accountancy Age (London) (04/25)
6. IASB plans to create network for standard-setters to influence IFRS:
IFRS Report | May 03, 2012
The International Accounting Standards Board plans to establish a formal network to give standard-setting bodies a voice when their countries switch to International Financial Reporting Standards. There is conflict, however, over how the network will operate and whether it would dilute IFRS as a single set of reporting standards. Advocates of such a network say the U.S. will not commit to IFRS without it. Star Publications (Malaysia) (04/29)
7. IFRS Foundation releases Taxonomy 2012 for XBRL
IFRS Report | May 03, 2012
The IFRS Foundation released its International Financial Reporting Standards Taxonomy 2012 for the eXtensible Business Reporting Language. The Taxonomy provides XBRL tags for required IFRS disclosures as of Jan. 1. InAudit.com (04/04)
8. Developing countries want more focus under IFRS
IFRS Report | May 03, 2012
Palm-oil producers in Malaysia are leading efforts to encourage the International Accounting Standards Board to address the needs of companies in developing countries, including how the standards will handle agriculture and Shariah law. Financial Times (tiered subscription model) (04/01)
9. IASB's Tweedie leads Scotland's Institute of Chartered Accountants
IFRS Report | May 03, 2012
BBC (04/05)
10. Nigerian organizations promote IFRS
IFRS Report | May 03, 2012
The president of the Institute of Chartered Accountants of Nigeria is encouraging the country's educational institutions to begin teaching International Financial Reporting Standards. Meanwhile, the Association of Advancement of the Rights of Nigerian Shareholders is saluting regulators' efforts to mandate the use of IFRS. The push will ensure that "companies give more information to investors in order to make good investment decisions," AARNS President Faruk Umar said. Vanguard (Nigeria) (04/09) ThisDay Newspapers (Nigeria) (04/18)
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