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IMA IFRS Series: Embracing IFRS: A Background Primer

IMA IFRS Series:  Embracing IFRS: A Background Primer

This two-part course explores the background and positions that the Securities & Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the International Accounting Standards Board (IASB) have regarding International Financial Reporting Standards (IFRS). Earn two NASBA CPE credits.

 

Part 1: Perspectives on the IFRS in America indicates that IFRS have been receiving more widespread acceptance. But before the SEC allows U.S. companies to embrace these standards, several issues must be addressed regarding training and education, consistency of application, and lack of uniform audit standards. An interview with Sir David Tweedie provides further input on these issues as well as the benefits of IFRS, the level of awareness among corporate executives in the U.S., and challenges surrounding IFRS.

 

Part 2: The SEC and IFRS emphasizes some of the major issues for the SEC and its role regarding the adoption of IFRS in the U.S. Topics include how the IASB and the FASB continue toward the convergence of IFRS and U.S. GAAP and the differing opinions between those two groups and the SEC regarding how and when convergence or adoption should occur. Although the SEC appears to be taking a wait-and-see approach, many key stakeholders in the financial reporting community want the Commission to set a hard target date for adoption so that many disparate groups—including accounting educators, companies, and auditors—can move forward with their preparations. Part 2 also provides highlights of some recent pronouncements made by the SEC on the subject of U.S. GAAP-IFRS convergence and discusses the potential implications of these pronouncements for management accountants.

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