Who Issues IFRS?

International Financial Reporting Standards (IFRS) is a set of accounting standards, developed

by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
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International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Difference Between IAS and IFRS
Categorized under Accounting,Business | Difference Between IAS and IFRS
IAS vs IFRS
Accounting standards issued by the IASB (International Accounting Standards Board) are known
as International Accounting Standards. Companies that are locally listed, as well as those that are
not, are under obligation to use their financial statements in the countries that have accepted
those standards.
History
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Historically, the International Accounting Standards started in the mid-1960s, more precisely, in
1966, with an initial proposal to enact the ICAEW, AICPA and the CICA for England and
Wales, US and Canada respectively. Consequently, the Accounts International Study Group was
founded in the following year, 1967, which aggressively championed for change by publishing
papers on topics with great significance. As a result of these papers, the way was paved for the
standards that were to come, and in 1973, an agreement was reached to establish an international
body with the sole purpose of writing accounting standards to be used internationally.
In mid 1973, the IASC (International Accounting Standards Committee) was established;
mandated with releasing new international standards, which would be rapidly accepted and
implemented worldwide. The ISAC lasted 27 years until the year 2001, when it was restructured
to become the International Accounting Standards Board (IASB).
A series of accounting standards, known as the International Accounting Standards, were
released by the IASC between 1973 and 2000, and were ordered numerically. The series started
with IAS 1, and concluded with the IAS 41, in December 2000. At the time when the IASB was
established, they agreed to adopt the set of standards that were issued by the IASC, i.e. the IAS 1
to 41, but that any standards to be published after that would follow a series known as the
International Financial Reporting Standards (IFRS).
The Difference
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

The question of the differences between the IAS and IFRS has arisen on a number of occasions
in accounting circles, and in fact, some would question if there is any difference at all. One of the
major differences is that the series of standards in the IAS were published by the International
Accounting Standards Committee (IASC) between 1973 and 2001, whereas, the standards for the
IFRS were published by the International Accounting Standards Board (IASB), starting from
2001. When the IASB was established in 2001, it was agreed to adopt all IAS standards, and
name future standards as IFRS. One major implication worth noting, is that any principles within
IFRS that may be contradictory, will definitely supersede those of the IAS. Basically, when
contradictory standards are issued, older ones are usually disregarded.
Summary:
IAS stands for International Accounting Standards, while IFRS refers to International Financial
Reporting Standards.
IAS standards were published between 1973 and 2001, while IFRS standards were published
from 2001 onwards.
IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which
succeeded the IASC.
Principles of the IFRS take precedence if theres contradiction with those of the IAS, and this
results in the IAS principles being dropped.
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976


Read more: Difference Between IAS and IFRS | Difference Between | IAS vs IFRS
http://www.differencebetween.net/business/difference-between-ias-and-ifrs/#ixzz3Fx2YYv3k
FRS Basics with US GAAP Comparison (3
days)
Course code: 1035
Introduction
Topics
Teaching method
Prerequisites
Course benefits
Who should attend?
CPE / CPD Accreditation
Venue
Instructor(s)
In House
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Introduction
International Financial Reporting Standards (IFRS) are the most globally accepted accounting
standards, with over 120 countries now applying IFRS. The International Accounting Standards
Board (IASB) and the US Financial Accounting Standards Board (FASB) have made a specific
commitment to converge their accounting standards.
As a result of the growing acceptance of IFRSs, over the next few years many thousands of
companies around the world will begin accounting in accordance with IFRSs. IFRSs continue to
develop rapidly as a result of both the convergence agenda with US GAAP and the need to
address new topics.
This wide ranging three-day overview is designed to guide participants step-by-step through
important IFRS technical issues, including the IASB's most recent pronouncements. Our
specialist instructor will explain the principles clearly and simply and provide real-world
examples, including an overview of the requirements for first time adoption of IFRS and the
practicalities of implementing IFRSs.
This course also provides a comparison and review of significant technical differences between
US GAAP and IASB accounting standards. Real-world examples and model financial statements
are used to explain and illustrate these critical accounting differences.
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Likely future changes in IFRSs and the prospects and timetable for implementation of joint
IASB-FASB projects will also be discussed.
This course answers questions such as:
What are the current IFRS requirements?
When will proposed changes affect financial statement presentation, disclosures and
financial performance reports?
What are the critical differences between US GAAP and IASB standards?
What are the likely effective dates of the major IASB-FASB joint projects?
What issues are involved in moving from US GAAP to IFRSs?
When may alternatives be chosen and what options are available for preparing IFRS
financial statements?
Course details
Duration:
3 days
Course level:
Overview
CPE / CPD:
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

24 hours
Start date:
22 Oct 2014
Start time:
09:00
Finish date:
24 Oct 2014
Finish time:
18:00
Location:
New York City
Price:
USD 3,750
Download course details (pdf)
Book this course
Register your interest
Course schedule
Select a start date for more details
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

22 Oct 2014 New York City
18 May 2015 New York City
7 Dec 2015 Miami
nancial Instruments (replacement of IAS 39)
ProjectsWork plan for IFRSsFinancial Instruments (replacement of IAS 39)
Financial Instruments (replacement of IAS 39)

IFRS 9 Financial Instruments (replacement
of IAS 39)
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

The International Accounting Standards Board (IASB) completed the final element of its
comprehensive response to the financial crisis with the publication of IFRS 9 Financial
I nstruments in July 2014. The package of improvements introduced by IFRS 9 includes a
logical model for classification and measurement, a single, forward-looking expected loss
impairment model and a substantially-reformed approach to hedge accounting.

The IASB has previously published versions of IFRS 9 that introduced new classification
and measurement requirements (in 2009 and 2010) and a new hedge accounting model (in
2013). The July 2014 publication represents the final version of the Standard, replaces
earlier versions of IFRS 9 and completes the IASBs project to replace IAS 39 Financial
I nstruments: Recognition and Measurement.

IFRS 9 is effective for annual periods beginning on or after 1 January 2018. More
information about IFRS 9 can be found in the press release for the Standard.

Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Additionally, you can view a Project Summary providing an overview of the new Standard.


Project Status
Phase 1: Classification and measurement
Classification determines how financial assets and financial liabilities are accounted for in
financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9
introduces a logical approach for the classification of financial assets driven by cash flow
characteristics and the business model in which an asset is held. This single, principle-based
approach replaces existing rule-based requirements that are complex and difficult to apply. The
new model also results in a single impairment model being applied to all financial instruments
removing a source of complexity associated with previous accounting requirements.
Phase 2: Impairment
During the financial crisis, the delayed recognition of credit losses on loans (and other financial
instruments) was identifed as a weakness in existing accounting standards. As part of IFRS 9 the
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

IASB has introduced a new, expected loss impairment model that will require more timely
recognition of expected credit losses. Specifically, the new Standard requires entities to account
for expected credit losses from when financial instruments are first recognised and it lowers the
threshold for recognition of full lifetime expected losses.
The IASB has already announced its intention to create a transition resource group to support
stakeholders in the transition to the new impairment requirements.
Phase 3:
Hedge accounting
IFRS 9 introduces a substantially-reformed model for hedge accounting with enhanced
disclosures about risk management activity. The new model represents a substantial overhaul of
hedge accounting that aligns the accounting treatment with risk management activities, enabling
entities to better reflect these activities in their financial statements. In addition, as a result of
these changes, users of the financial statements will be provided with better information about
risk management and the effect of hedge accounting on the financial statements.


Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Project contacts
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ITG
Web presentations
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Asset and liability offsetting
Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro
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IFRS Compliant Statutory Reporting Software
CaseWare ensures that International Financial Reporting Standards are always met. Utilization of
the templates available in Caseware, guarantees you will be fully compliant.
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

CaseWare generates a full set of statutory Financial Statements according to IFRS including
Statement of Financial Position, Comprehensive Income Statement, Statement of Cash Flows, all
notes and accounting policies. The software also automates your lead schedules; saving you time
and allowing you to prepare an integrated electronic audit file for your auditors. Used by the top
audit firms in the South Africa, you can be assured of CaseWares consistent quality and
accuracy.
Benefits
Key Features
Start saving time today. CaseWare takes the hassle out of checking and balancing financial
statements, formatting and drill down to source data.
CaseWare makes compliance to IFRS reporting disclosure requirements easy:
Year on Year Updating Any compliance or disclosure changes will be updated by CQS
as and when they change.
Fast implementation time.
CaseWare can be used monthly to automate and streamline monthly management
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Consistent quality and accuracy
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

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Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

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International Financial Reporting Standards (IFRS) - A Backgrounder
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

IFRS Primer for Audit Committees


Get an introduction to the movement behind adoption of IFRS for public
companies throughout the world. The AICPA's IFRS Backgrounder walks you
through the regulators, standard setters and others who play a critical role and
the timeline of convergence and adoption activities, including the SEC's
announcement of its work plan.
View full background document >

Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
Share on email Share on facebook Share on twitter Share on linkedin More Sharing Services
International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976

Financial System Considerations in IFRS Conversion Projects


Over 120 nations and reporting jurisdictions require or allow the use of
International Financial Reporting Standards (IFRS) for preparation of financial
statements for domestic listed companies.

The convergence of US Generally Accepted Accounting Principles (US
GAAP) with IFRS is underway. The SEC has directed its staff to execute a
Work Plan that would help the SEC evaluate the impact of IFRS use by U.S.
public companies on the U.S. securities market. The Work Plan will help the
SEC decide whether to incorporate IFRS into the U.S. financial reporting
system, and if so, when and how.
Audit Committees should anticipate this significant change and inquire of the
company's management as to the readiness of the company, and their
implementation plan for moving to IFRS if or when required by the SEC.
View full IFRS Primer document >
Who Issues IFRS?
International Financial Reporting Standards (IFRS) is a set of accounting standards, developed
by the International Accounting Standards Board (IASB), that is becoming the global standard
for the preparation of public company financial statements.The IASB is an independent
accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or
this website. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the
importance to Ford of a single set of high quality, understandable, enforceable and globally
accepted financial reporting standards. mportance of Global Standards
Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about
the importance to Ford of a single set of high quality, understandable, enforceable and
globally accepted financial reporting standards.
FASB and IASB nternational Accounting Standards
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International Accounting Standards (IASs) were issued by the antecedent International
Accounting Standards Council (IASC), and endorsed and amended by the International
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976





Prepared by the Information Technology Section of the AICPA, this white
paper explores information technology implications of an IFRS conversion,
including the impact on financial and business reporting, implementation
considerations and lessons learned from the European experience.

To learn more about Information Technology resources, including information
about joining the IT Section of the AICPA, visit the AICPA's Information
Technology Center at AICPA.org.
View information technology white paper >
Visit the AICPA Information Technology Cente