International Financial Reporting Standards: The Road Ahead

Langmead, Joseph M.; Soroosh, Jalal
March 2009
CPA Journal;Mar2009, Vol. 79 Issue 3, p16
Academic Journal
The article presents information on the International Financial Reporting Standards (IFRS) that would be used by public companies in the U.S. as their new accounting and reporting model. A proposed rule for U.S.-based firms to start preparing their financial statements using such a model was published by the Securities and Exchange Commission (SEC) in December 2007. A brief background on IFRS is provided. It notes that IFRS was adopted by the European Union (EU) for its over 7,000 listed companies, effective in 2005.


Related Articles

  • Twenty Questions on International Financial Reporting Standards. Tribunella, Heidi // CPA Journal;Mar2009, Vol. 79 Issue 3, p32 

    The article offers information on the adoption of the International Financial Reporting Standards (IFRS) in the U.S. The Securities and Exchange Commission (SEC) has issued a proposal for public comment on August 27, 2008 that could compel mandatory adoption of IFRS effective 2014. It explains...

  • SEC Defers IFRS Decision Until 2011. Morgan, John // Money Management Executive;3/1/2010, Vol. 18 Issue 9, p1 

    The article reports on the support and approval set by the U.S. Securities and Exchange Commission (SEC) for the convergence of International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP). The act of converging seeks to nail down the differences...

  • Planning Ahead for IFRS 1. Langmead, Joseph M.; Soroosh, Jalal // CPA Journal;Oct2009, Vol. 79 Issue 10, p24 

    The article recalls that the U.S. Security & Exchange Commission (SEC) issued on November 14, 2008 a proposed road map that regulates when U.S. public companies could be allowed or required to adopt International Financial Reporting Standards (IFRS) when doing their financial statements....

  • Next XBRL Hurdle for Filers Approaches. Whitehouse, Tammy // Compliance Week;Jul2012, Vol. 9 Issue 102, p30 

    The article reports on the requirement of the U.S. Securities and Exchange Commission (SEC) for public companies to file financial statements with detailed XBRL tags. SEC requires public companies to include tags for the primary data and detailed information found in financial statement...

  • NET INCOME COMPARABILITY BETWEEN EU-IFRS AND US-GAAP BEFORE RELEASE NO. 33-8879: EVIDENCE FROM FIFTY US-LISTED EUROPEAN UNION COMPANIES. Chunhui Liu; O'Farrell, Grace; Lee J. Yao // International Journal of Business, Accounting, & Finance;Winter2010, Vol. 4 Issue 1, p49 

    The article presents a study that analyzes the comparability between European Union-International Financial Reporting Standards (EU-IFRS) and U.S. generally accepted accounting principles (US-GAAP) declared income among EU companies before the Securities & Exchange Commission (SEC) release no....

  • SEC Proposes Roadmap for U.S. Issuers to Switch to IFRS.  // Venulex Legal Summaries;2008 Q4, Special section p1 

    The article announces a roadmap published by the U.S. Securities and Exchange Commission (SEC) on November 14, 2008 for issuers to switch to International Financial Reporting Standards (IFRS). The IFRS were issued by the International Accounting Standards Board (IASB), which will replace U.S....

  • IFRS in the United States: Challenges and Opportunities. Gornik-Tomaszewski, Sylwia; Showerman, Steve // Review of Business;Spring2010, Vol. 30 Issue 2, p59 

    The establishment of a single set of high quality global accounting standards is a matter of growing importance as the participants in the ever increasingly integrated world capital markets demand comparability and transparency of financial reporting worldwide. International Financial Reporting...

  • Mapping the Road to IFRS: A Survey of CPAs in Public Practice. Langmead, Joseph M.; Soroosh, Jalal // CPA Journal;Aug2010, Vol. 80 Issue 8, p30 

    The authors summarize the results of their survey of certified public accountants (CPAs) in public practice about the U.S. Securities and Exchange Commission's (SEC) plan to adopt the International Financial Reporting Standards (IFRS). Majority of them perceive that generally accepted accounting...

  • Still a Ways to Go on IFRS Adoption, Says SEC Staff. Aguilar, Melissa Klein // Compliance Week;Jan2011, Vol. 8 Issue 84, p21 

    The article focuses on the efforts made by the U.S. Securities and Exchange Commission (SEC) to adopt International Financial Reporting Standards (IFRS). The author mentioned the progress report published by the SEC staff to assess the result of IFRS integration into the financial reporting...


Read the Article

Other Topics