Controlling your risk when converting to IFRS

The Journal Of Accountancy recently published a post that looks at how companies can take precautions when it comes to converting from GAAP to IFRS. One of the key areas that will be affected during the conversion will be IT, as many of the systems will be changing due to the new accounting methods. Read the full article here.

CPAs knowledge in IFRS and GAAP

The IFRS blog recently asked if your CPA was bilingual. Although the United States has not yet fully committed to adopting IFRS, many other countries throughout the world have begun to take the steps to adopt this new worldwide accounting system. EM sees a new state of accounting in 2012, that where either the US has adopted IFRS or an accounting world where IFRS and GAAP coexist. So, he believes CPAs should begin now learning how to account in both systems. Many accounting classes throughout colleges have already begun to integrate this new system. What do you think? Even though it's not clear if accounting will be in the IFRS system by 2012, should CPAs begin acquainting themselves now? If you are a CPA, what's your stance?

The future for US accounting

In a recent report at WebCPA, they look at the current push to have the USA transition from the GAAP accounting system to IFRS. Industry leaders and accounts are currently calling for a more certainty in the transition between the two. Another roadblock may be the views of Mary L. Schapiro on the plan of adoptoin of the new system.

D.J. Gannon, national leadership partner at Deloitte & Touche’s IFRS Center of Excellence, stated:
“They want certainty. Five to seven years is sufficient time for most people to get through what they have to get through.”

Read the full article here.