more-arw search

Q&A Forum

What is the latest on IFRS convergence, IFRS standards and IFRS statements?

I hear a lot about IFRS convergence, IFRS standards and IFRS statements? But There seems to be much confusion about what is really going on and when implementation is happening. What is the latest on IFRS convergence, IFRS standards and IFRS statements and where can I find more information?

Answers

Candy Vaughn
Title: Senior Manager
Company: Frank, Rimerman + Co. LLP
(Senior Manager, Frank, Rimerman + Co. LLP) |

The list of projects identified by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) that differed between US GAAP and IFRS are still being worked through. These projects are referred to as IFRS convergence. To-date I think that have completed five of these projects; however, theare are still a few more to go. The current proposed timeline to complete these projects is the second half of 2011 with one project on US Insurance accounting rolling into the first half of 2012.

There is currently no set-time on requirements for US Companies listed on the SEC to report on IFRS; however, the expectation has been that once all the convergence projects are completed then the SEC will put a time-line in place. Just yesterday the SEC announced that they will hold a roundtable meeting on July 7, 2011 to discuss the benefits and challenges of potentially implementing IFRS requirements for its US SEC issuers. I suspect further guidance on potential implementation and timing will be announced after this meeting.

There are three websites that are good resources for both staying current on the convergence projects, the implementation of IFRS for US SEC issuers and resources to help Company's gear-up for a potential change in reporting. Here are the sites:

www.ifrs.com (This is the AIPCA IFRS site)
www.fasb.org (Go to the "projects" tab)
www.ifrs.org (IASB's website)

Also, www.sec.gov can be a resource to keep current on possible implementation requirements.

Hope you find this useful.

Candy Vaughn

Jeff Taylor
Title: CFO
Company: Communications Co.
(CFO, Communications Co.) |

Thanks so much for the great reference information and links - to say nothing of the lightning fast response! I guess the FASB and IASB are going to keep us in suspense for a while longer but we'll all have to keep an eye peeled. Thanks again.

Stephen Turk
Title: Principal
Company: Stephen Turk, CPA
(Principal, Stephen Turk, CPA) |

Jeff:
As it should happen, the IASB and FASB issued a joint progress report earlier today. http://www.ifrs.org/News/Press+Releases/progress+report+2011.htm.

Topic Expert
Barrett Peterson
Title: Senior Manager, Actg Stnds & Analysis
Company: TTX
(Senior Manager, Actg Stnds & Analysis, TTX) |

Ther is no timetable yest established for IFRS adption in the U.S., and any such adoption may not be full adoption. Convergence projects are very active, however and all parties need to remember that all convergence proects will result in two standared...one U.S. GAAP Accounting Stnadards Update, and one IFRS Standard. These may be identical or somewhat different. For all U.S. companies the U.S. GAAP standard will apply regardless of the eventual outcome of the IFRS adoption debate.

2974 views
Topics

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.