Implications of Upcoming SEC Decision on Global Accounting Standards to Be Focus of Conference
AICPA event in Boston offers briefing on International Financial Reporting Standards issues
Published September 14, 2011
New York (Sept. 14, 2011) -- CPAs and other financial professionals can gather the latest intelligence about the move towards a set of common, global accounting standards next month at the AICPA/IFRS Foundation Conference on International Financial Reporting Standards: The North American Perspective.
The event, to be held Oct. 5-7 in Boston, represents the first chance for attendees to meet the new top official of the International Accounting Standards Board, the body that oversees International Financial Reporting Standards (IFRS) rule-setting. Hans Hoogervorst, whose term as IASB chairman began in July, will deliver a keynote on the first day of the conference.
IFRS is mandated or permitted in more than 120 countries. The international standards eliminate the need for double books by multinational companies, allow more uniform comparisons by global investors and help spur economic growth by cutting red tape.
The U.S. Securities and Exchange Commission has set an end-of-year deadline for a decision on incorporating IFRS into the nation’s financial reporting requirements, and favorable action by the agency would be a catalyst for conversion to the new standard. In AICPA’s latest IFRS Readiness Survey last fall, 38 percent of respondents said they were delaying implementation of the global standards until the SEC sets a definitive timetable for adoption.
Among other topics, participants at the AICPA/IFRS Foundation conference will be briefed on remaining differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP), the status of such open issues as revenue recognition and leases, and the experiences of companies that have successfully converted to the new standards.
For more information, visit www.ifrs.com or contact Jeff May at firstname.lastname@example.org or (212) 596-6122. For press credentials, please contact Shirley Twillman at email@example.com or (202) 434-9220.