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What resources are you using to keep up to date with IFRS?

IFRS is gaining more and more significance for the countries around the world.  There is also an expectation that the IFRS will be adopted in the U.S., this is dependent on the final decision from the U.S. SEC that is expected sometime in June 2011.  What are you or your companies doing to get familiarized with the latest IFRS developments?

Answers

Topic Expert
Mike Caruana
Title: Director of Financial Services
Company: Diamond Resorts International
(Director of Financial Services, Diamond Resorts International) |

Both IBM and SAP provide free and very useful information on IFRS & XBRL issues and solutions right on the websites.

STEPHANE CURCIO
Title: Senior Treasury Consultant
Company: Kyriba Corp
(Senior Treasury Consultant, Kyriba Corp) |

I have always found the IAS Board IFRS project documents absolutely complete (even if not necessary read-able at all times while the site navigation is not obvious either). To understand the latest changes, the snapshot views are of great help: searching for key words is best. Here is the IFRS project update page:
http://www.ifrs.org/Current+Projects/IASB+Projects/IASB+Work+Plan.htm

Hope that helps

Darren Polite
Title: Controlller
Company: "in between"
(Controlller, "in between") |

Hi, i have found the offical IFRS page to be really helpful. plenty of great pdfs to download and recommended by AICPA. once you join they have opps for alerts to receive.. they list IASB/FASB meetings and issues etc and great whitepapers. it's at IFRS.org. happy reading!

Arnold Sidun
Title: Controller
Company: In-Between
(Controller, In-Between) |

I posed a similar question on PF and a couple of Groups that I belong to to get a pause on what most of my colleagues were doing and planning. There was a question similar to yours and this is the links I sent and he found useful so here goes: From previous conversations I have had I found that most US companies are not making plans yet for any convergence to the new standards and some Controllers I talked with do not even know the SEC deadline. Here are some of the informational links that may help of help to you getting started.

Although, I don’t know where you are with US SEC XBRL reporting , this short blurb on the XBRL Reporting and the Oracle sponsored Webcast, might be of interest to you. What Is Interactive Data and Who's Using It? If you want more information this link is a good start: http://xbrl.sec.gov/

Here is another site I think you may benefit from: http://www.tryxbrl.com/?gclid=CJDp7sK17KYCFQUSbAodN3wNBg This is a footnote from the site: Try XBRL is brought to you by RR Donnelley and EDGAR Online, leaders in XBRL conversion, filing, storage, distribution and application development.

This is all tying into the changes coming down the pike. IAS/IFRS standards are positioned by the SEC to take over US – GAAP. FASB has already issued a ton of statements (http://www.fasb.org/st/#eitf00 ). Which I am confident that you may already be aware of.

With the scheduled convergence December 15, 2014. I understand that the SEC will require 3 Back Financials under the new international Standards, which in reality they are saying that you have to restate the prior three years, if this is true, then this is the year (2011) that companies would probably want to begin the process of changing over to IASB/IFRS standards . This is what I know of who is on board with the standards already the: EU, Britain and several other international countries such as South Africa have already bitten the bullet, India, China, and Canada have requested extension and as I understand they got them. They will be on board by the SEC Deadline. As far as I know Mexico is already following the IAS/IFRS standards.

Here are two areas, if you haven’t done so, you may want to drill down on:

Coming with the Convergence for international Rev Rec Standards.
* Revenue Recognition Proposal is Impractical http://www.journalofaccountancy.com/web/20103660.html?act

* core principle of the 170 page exposure draft (http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820852272&blobheader=application%2Fpdf ) “is that a company should recognize revenue when it transfers goods or services to a customer in the amount of consideration the company expects to receive from the customer,”

* may want to go here as well; The exposure draft, "Revenue from Contracts with Customers," is open for comment until Oct. 22, 2010 and can be accessed via the "Comment on a Proposal" section of www.iasb.org or on www.fasb.org.

* I understand it, a couple of the proposed standards would replace IAS 18, “Revenue,” IAS 11 (International Standards), “Construction Contracts,” and related interpretations. In U.S. GAAP, it would supersede most of the guidance on revenue recognition in Topic 605 of the FASB Accounting Standards Codification.

* link is a Q & A on International Rev Rec http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Resources/AcctgFinRptg/AcctgFinRptgGuidance/DownloadableDocuments/FINAL_Revenue_Recognition_FAQ.pdf .

US Corporate Income Tax Accounting Convergence:
* 109 and IAS 12: Insights on the corporate income tax accounting convergence project http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_tax_fas109_ias12_082208.pdf .

You may also want to go here Softrax Resource Center Our complete library of white papers, articles, webcasts, case studies and more. AFS Financial Solutions Executive Webcast Series http://www.softrax.com/resources/webcasts/ this site is link to a wealth of information. You can downloaded a set of slides from this site in their series: (http://www.softrax.com/mk/get/verify_gtsep09webcastnew ).

Kurt Kendis
Title: Managing Director
Company: Kimberton International Associates
(Managing Director, Kimberton International Associates) |

I am not a transactor, so thrid party commentary has proven very useful. Recent analysts reports from Sarah Dean at Citi, Moshe Orenbach at Credit Suisse,Gregory Jonas at Morgan Stanley and Dane Mott at JPM Chase are pretty thorough and up to date. For practitioners, however, you had best follow the professional accounting blogs -- you have to put up with their attempt at humor.There a lists of the top 50 accounting blogs at the search engines.

Topic Expert
Sunil Thukral
Title: Controller/Technical Accounting Advisory..
Company: Consultant
(Controller/Technical Accounting Advisory/ SEC Reporting, Consultant) |

Please feel free to join the LinkedIN group that I have started - "Understanding IFRS Financial Statements" at the following link : http://www.linkedin.com/groups?mostPopular=&gid=3770025 to participate in discussions and to stay abreast with the latest developments in the field of IFRS.

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