International Financial Reporting Standards (IFRS) are the principles-based financial reporting requirements adhered to by more and more countries worldwide, which conversion to these standards well underway in many nations. They are international accounting standards and interpretations adopted by the International Accounting Standards Board (IASB). IFRS reflects a predominantly principles-based approach to developing accounting standards, rather than the predominantly rules-based approach commonly noted in other generally accepted accounting principles (GAAP).
Below you will find just a few examples of the KnowledgeLeader materials that address IFRS:
Addressing Recent Changes Driven by International Convergence
2005 was another record breaking year for financial statement restatements -- many driven by international companies implementing the new International Financial Reporting Standards, but numerous others resulted from issues arising from the application of current standards, rules and guidance. This Flash Report provides explanations of changing standards and rules impacting a large number of companies and outlines key questions for management to assist them in understanding whether such changes impact their organization's financial reporting.
The Current Financial Crisis: Frequently Asked Questions
As the current financial crisis continues to evolve globally, there are a seemingly infinite number of questions emerging about how the crisis developed and spread, how it is impacting financial institutions as well as other companies, what governments are doing to address the crisis, and what companies must do to secure their own futures. This document provides answers to some of what Protiviti believes are among the most commonly asked questions about the financial crisis. Among the sections of the FAQ with significant updates in this edition are Accounting Rules and the Financial Crisis, and Impact on the Automotive Industry. This edition includes a new section; Impact on the Airline, Hospitality and Gaming Industries.
Guide to International Financial Reporting Standards
International Financial Reporting Standards (IFRS) are the principles-based financial reporting requirements adhered to by more and more countries worldwide. Conversion to these standards is well-underway in many nations, including Canada and Japan. There is now little doubt that IFRS is coming to the United States. The purpose of this publication is to assist organizations with this pending transition and provide answers and guidance to some of the many questions about the conversion to IFRS.
IFRS or Country-Specific GAAP: Who’s on First
There are practical issues surrounding the possible future use of International Financial Reporting Standards (IFRS) by U.S. public companies, or by entities in other countries using a different version of GAAP not conformed to IFRS. This issue of The Bulletin considers these issues and the ramifications of transitioning from country-specific GAAP to IFRS.
Managing the IFRS project: Now it’s time for action
In France, the real question is not whether to launch the International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) project. Rather, it is how to manage the whole project and related sub-projects in order to stick to the tight deadlines and achieve objectives set by both European Union regulators and top management of listed companies.
The PCAOB Issues Strategic Plan for 2008 - 2013
On April 2, 2008, the Public Company Accounting Oversight Board (PCAOB) issued its five-year strategic plan. This plan is developed, and updated annually, to guide the organization’s programs and operations. It details the PCAOB’s mission, vision, core values, key environmental factors, goals and objectives, and performance metrics. The plan is intended to align the Board’s programs, operations, and budget with the organization’s overall mission, goals and objectives.
Perspectives from Financial Institutions in Europe and the United States
To gain further insight into the current impact and likely short- and long-term consequences of the crisis in the financial markets, Protiviti recently conducted a qualitative research project to obtain the viewpoints and perspectives of executives and senior management from more than 40 financial institutions in Europe and the United States, as well as from the financial services industry experts throughout our firm. This issue of the Global Financial Crisis Bulletin shares insights from these members of management on the crisis, explores varying perspectives on its expected impact on the financial services industry, and reviews the most pressing issues of debate among different countries and regions.
Preparing for 'Crunch Time' in the Transition to IFRS
For many companies significant changes in their accounting practices are appearing on the horizon, given impetus by proposals from the SEC. That agency is calling for a migration from U.S. GAAP to IFRS. Such a convergence seems inevitable, and smart companies will want to prepare sooner, rather than later. In this two part series, Protiviti’s Steve Hobbs, shares his insights on what topics executives should address for a smooth transition to IFRS in a series of questions and answers.
Recent Developments in Financial Reporting Focus on Significant Potential, Pending or Newly Required Reporting
This Flash Report focuses on recent financial reporting developments which may or will significantly affect the form and content of financial reports for public companies. At the same time, during recent months, several new important accounting pronouncements became effective. The contents of this Flash Report are divided into two groups – (1) potential, pending and newly required public reporting and (2) new accounting pronouncements.
SEC's Advisory Committee on Improvements to Financial Reporting Releases Final Report
On August 1, 2008, the Securities and Exchange Commission (SEC) received the final report of the SEC Advisory Committee on Improvements to Financial Reporting. The report contains 25 recommendations to make financial information more useful and understandable to investors. This Flash Report provides ten key message points summarizing the essence of the proposed changes. It also reports the Committee’s outline of the 25 recommendations in an Appendix, which organizes the recommendations along the four chapters in the Advisory Committee’s report.
SEC Proposes Roadmap for IFRS Adoption in the United States by 2014
On August 27, the five SEC commissioners of the Securities and Exchange Commission (SEC) voted unanimously to publish for public comment a proposed roadmap that could lead to the voluntary or mandatory use of International Financial Reporting Standards (IFRS) by all U.S. issuers beginning in 2014. Under this plan, about 110 companies could start following international rules even earlier. This Flash Report provides further insights as to the milestones and the roadmap, as envisioned by the Commission.
SEC Proposes Roadmap for Potential Required Use of IFRS in 2014, with Use Permitted in 2009 for Eligible Filers
November 14, 2008, the SEC proposed a roadmap for the potential use of financial statements prepared in accordance with IFRS – as issued by the International Accounting Standards Board – by U.S. issuers for purposes of their filings with the Commission. This Flash Report provides further insights as to the milestones and the roadmap including the staged implementation for all U.S. registrants beginning in 2014. It also discusses how the proposed roadmap changes or clarifies the SEC’s position reported in the Commission’s August 27th meeting
Setting the 2008 Audit Committee Agenda
Over the last year new issues have arisen that warrant the audit committee’s attention. This issue of The Bulletin provides observations and ideas for boards and their audit committees regarding matters they should consider in 2008.
Time to clear up misunderstandings about IFRS convergence
The timetable for U.S. companies to move from GAAP to IFRS is not set in stone, but such a transition is moving inexorably forward, either through conversion or convergence. While many companies have taken baby steps toward the changeover, a surprising number have yet to act. Such stasis may be due, in part, to a lot of “fuss” clouding the truth behind convergence. It is time to address those concerns and get a clear understanding of what is involved.
The Upside to IFRS for Small, Medium Entities
The International Accounting Standards Board has finally issued its long-awaited IFRS for smaller companies, and standards could prove quite influential. Essentially, IFRS for SMEs is a simplified microcosm of full IFRS aimed at meeting the needs of financial reporting for private companies through a cost-benefit approach. This standard might be more important than you think.
Accounting Research ManagerTM
The following accounting update summaries are provided courtesy of Accounting Research Manager, a subscription service that provides a timely and comprehensive online database of analytical accounting, auditing and SEC information as well as authoritative literature. KnowledgeLeader members are eligible to receive a 15% discount if they would like to subscribe to Accounting Research Manager.
Accounting Standards Board (ASB)
The Accounting Standards Board (ASB) is the standard setting body for the UK. Accounting standards developed by the ASB are contained in 'Financial Reporting Standards' (FRSs), summaries of which are available on the website. Other publications, press releases, and information about current activities can also be accessed on the site.
American Institute of Certified Public Accountants (AICPA)
The AICPA is the premier national professional association for CPAs in the USA. This site features accountancy news briefs, detailed AICPA product information, accounting, and auditing standards, technical documents, and selected full-text articles from AICPA magazines and newsletters.
Federal Accounting Standards Advisory Board (FASAB)
The FASAB promulgates accounting principles for federal government reporting entities. This website provides access to all publications issued by FASAB including exposure drafts, the volume of original pronouncements ("Codification"), newsletters, minutes and meeting agendas.
Financial Accounting Standards Board (FASB)
The FASB establishes and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. This site features a collection of resources covering the FASB, its activities, and its pronouncements. Users can access summaries and status updates on all statements, exposure drafts, Emerging Issues Task Force reports, and a number of additional resources.
Financial Reporting Council (FRC)
The FRC with its subsidiaries, the Accounting Standards Board (ASB) and the Financial Reporting Review Panel (FRRP), together make up an organisation whose purpose is to promote and secure good financial reporting in the UK. The FRC provides general policy guidance to its operational bodies, the ASB and the FRRP.
Institute of Chartered Accountants in Australia (ICAA)
The ICAA represents the Australian accounting profession and sets the technical and ethical standards for members along with current accounting and auditing standards. This site features full text accounting and auditing standards as well as technical documentation on business law, tax, and workers compensation.
Institute of Chartered Accountants in England & Wales (ICAEW)
The Institute is the UK’s premier accountancy body, and the largest in Europe, with over 124,000 members working in business and public practice in 142 different countries. The Institute's qualification is recognised around the world as a prestigious professional business qualification. Members of the Institute are entitled to the description Chartered Accountant and to the designatory letters ACA or FCA.
Institute of Chartered Accountants of Ontario
The Institute of Chartered Accountants of Ontario is the regulatory body of Ontario's Chartered Accountants and CA students. The Institute protects the public interest through the CA profession's high standards of qualification and its enforcement of the profession's rules of conduct. This site provides information about the Institute, information on accreditation, directories to other Canadian accounting organizations, and full-text of selected articles of the current issue of the journal Checkmark.
International Accounting Standards Committee
The International Accounting Standards Committee (IASC) is an independent private-sector body working to achieve uniformity in accounting principles around the world.
Public Company Accounting Oversight Board
The PCAOB is a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. This site provides rule making updates including public comments for pronouncements.
U.S. Securities and Exchange Commission (SEC)
The primary mission of the SEC is to protect investors and maintain the integrity of the securities markets. The SEC requires public companies to disclose meaningful financial and other information to the public, which provides a common pool of knowledge for all investors to use to judge for themselves if a company's securities are a good investment.
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