AICPA calls for three- to five-year timeline for transition to IFRS.AICPA AICPA
See American Institute of Certified Public Accountants (AICPA). President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Barry' Melancon spoke at a Financial Accounting Standards Board Financial Accounting Standards Board (FASB)
Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). forum and called for an orderly transition and reasonable time frame of three to five years for the U.S. accounting profession to adopt International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB).
Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). . The forum's purpose was to open a dialogue about whether and how to move the U.S. financial reporting system to IFRS, and to broadly define next steps in that process.
"Awareness is growing among U.S. accountants that IFRS is coming for public companies and most believe it will take three to five years to get ready." Melancon said to representatives from the U.S. and international accounting and finance professions, as well as state and federal regulatory authorities, including the Securities and Exchange Commission and the Internal Revenue Service. A majority of AICPA members polled in a survey this past spring said they believed it would take three to five years to prepare for IFRS.
Earlier this year, the Institute announced the May 15 launch of www.IFRS.com, a new Web site developed in partnership with CPA2Biz (www.CPA2Biz.com), to help members and financial professionals learn about and stay informed on IFRS (The CPA Letter. June). On May; 18, the AICPA's governing Council voted to designate the International Accounting Standards Board An editor has expressed concern that this article or section is .
Please help improve the article by adding information and sources on neglected viewpoints, or by summarizing and . which promulgates IFRS. as an accounting body for purposes of applying IFRS in the U.S.
Getting Ready for IFRS
The AICPA offers several training resources to help members get a better understanding of and prepare for IFRS, as well as seminars available through state CPA societies. For details on available courses and conferences, go to www.IFRS.com ("training").
* An 8-hour CPE course, "International Versus U.S. Accounting: What in the World is the Difference?," which covers the significant differences and similarities between U.S. GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). and IFRS.
* 2008 International Financial Executives Leadership Forum, Sept. 25-26 in greater Washington, D.C. (register by Aug. 8 for $200 discount). Pre-conference session offered. One workshop and one session on IFRS. CPE credit available (15 for main, 4.5 for optional).
* AICPA National Conference un Current SEC and PCAOB Developments, Washington.
D.C., Dec. 8-10. Recommended CPE credit: 26. This conference will have additional simulcast locations in Chicago, New York, Houston, London and California (location pending). IFRS discussed on a high level.
* IASeminars, a leading global provider of training courses on International Financial Reporting Standards, is the AICPA's newest Elite Values partner. With more than 100 international accounting courses available in Atlanta, Chicago. Denver. Houston, Las Vegas, Los Angeles. Miami, New York and Seattle, AICPA members can save 10% when using promotion code "AICPA 10." Log on to www.cpa2biz.com/elite.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||news update|
|Date:||Aug 1, 2008|
|Previous Article:||How to obtain permission to reprint CPA letter articles.|
|Next Article:||Succession Planning Resource Center formed to help small, medium firms.|