International Accounting Links



redballDefinitions of Multinational Corporations

redball Still in flux: Future of IFRS in U.S. remains unclear after SEC report  new

redball  Not a Good Year (2012) for IFRS Adoption in the US    new

redballReporting Convergence: Frayed but not unravelling
SEC Shuts Down IFRS Decision Time Line  
Quick Facts concerning International accounting
SEC Roadmap for Transition to IFRSs
Global Accounting Standards? Not So Fast
Is IFRS That Different From U.S. GAAP?
Incorporating International Accounting Standards into Intermediate Accounting
Top Ten Reasons Why U.S. Adoption of IFRS is a Terrible Idea
The Norwalk Agreement
 IFRS ConvergenceTime Table
 IFRS: Coming to America   What CPAs need to know about the new global GAAP  by Lawrence M. Gill
Free Access to International Accounting Standards (requires registration, but Free!)
 No IFRS Requirement Until 2015 or Later Under New SEC Timeline  (02.24/2010)
Debunking IFRS Myths  (10/14/2010)
   AICPA IFRS Updates
International Financial Reporting Standards (IFRS)--an AICPA Backgrounder (be sure to read!)

You-Tube Clips on International Financial Reporting Standards
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"Introduction to IFRS" Stacey Tedeschi
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(US GAAP - IFRS)
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Video on the Convergence of Accounting Standards (US GAAP Vs. IFRS)
red ball IFRS in the US  new

James D. Cox, a securities law expert at Duke Law School who returned this week from teaching corporate law in Europe, said the shift to international rules amounted to “outsourcing safety standards.”

“We would not for a moment tolerate having American auto safety standards set by China or India,” he said. “Why should we do it for financial safety standards? There has to be some accountability.”
       Source:  "Accounting Plan Would Allow Use of  Foreign Rules," by Stephen Labaton, New York Times, July 5, 2008

Bob Jensen defines IFRS as “International Fleecing of Responsible Standards.”

a study by Jack T. Ciesielski of The Analyst’s Accounting Observer found that, among the 137 companies reporting 2006 results under both U.S. GAAP and IFRS, 63% showed higher earnings with the international standards. For the median company, profits jumped by 11%


Information about the IFRS Foundation and the IASB
red ball Who we are and what we do
red ball How we develop standards









red ball   SEC Work Plan

The Work Plan addressed six key areas:

  1. Sufficient development and application of IFRS for the U.S. domestic reporting system.
  2. The independence of standard setting for the benefit of investors.
  3. Investor understanding and education regarding IFRS.
  4. Examination of the U.S. regulatory environment that would be affected by a change in accounting standards.
  5. The impact on issuers, both large and small, including changes to accounting systems, changes to contractual arrangements, corporate governance considerations, and litigation contingencies.
  6. Human capital readiness.
red ball   Commission Statement in Support of Convergence and Global Accounting Standards

red ball   More SEC materials about IFRS

red ball   FAQs Concerning IFRS

red ball   FASB Materials about IFRS

 red ball  Progress Report on SEC Work Plan (October 29, 2010)

red ball  Schapiro's Remarks on Convergence of Global Accounting Standards

red ball  Schapiro, SEC Staff Want Companies to Have Ample Time for IFRS Adoption   Journal of Accountancy, December 6, 2010

red ball The Rise and Stall the U.S. GAAP and IFRS Convergence Movement  March 04, 2014


American capital markets simply can't be served by the international accounting rulemaking process, making it clear that International Financial Reporting Standards won't be adopted in the United States “in our lifetime,” said Chris Cox, former chairman of the Securities and Exchange Commission.

June 9, 2014

More IFRS Quotations:  Those Principles Based Things Called (repeat after me boys and girls) --- "Standards"
In other words, an entity will evaluate each [construction] contract whenever and however it wants. Do you need to smooth your earnings? If yes, those new construction projects are going to be accounted for under IAS 11 (percentage of completion method). Or, are you going to need the earnings next year to make your bonus target? If so, those new projects you just started are going to be accounted for under IAS 18 (essentially, the completed contract method). Even if they could, no auditor would dare to risk its fee by calling your "judgment" into serious question.
Tom Selling, "IFRIC 18: Revenue Recognition Rules Hark Back to Not-So-Good Ole Days of U.S. Accounting," The Accounting Onion, September 3, 2008 --- http://accountingonion.typepad.com/theaccountingonion/2008/09/ifric-18-revenu.html


IFRS Cheerleading

I find it absolutely fascinating that Cheerleader Cox is so enamored of IFRS. There can be no greater example of "regulatory capture" than having a regulator serve as an advocate for the preferences of those entities under his jurisdiction.

We are constantly told that American business will be at a distinct disadvantage if it doesn't join the rest of the world with IFRS, but where does administrative agency have the constitutional or statutory authority to require, under penalty of law, American citizens to comply with the dictates of an unaccountable transnational NGO.

It may allow the Big 4 to pursue their dream of closing the gap between employment and servitude and make closing easier for transnational giants, but how will an expensive transition serve the American citizens?

Beyond that, despite all of the nebulous claims of "robustness", I have yet to see anywhere where there's a side by side comparison of GAAP with IFRS, showing a clear case that IFRs has great economic verity, reliablility, relevance or any other attribute of an effective and efficient method of accounting.

"Everybody else is doing it" isn't a reason to require extraordinary transition costs and the a sacrifice of national sovereignty, its the pathetic excuse of wayward individual caught in "flagrante delicto".

Posted by Super Heater | Aug 28, 2008 9:59 AM ET





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