IFRS Resource Center
BDO's IFRS strategy is designed to assist companies in keeping current on the latest developments with regard to International Financial Reporting Standards (IFRS) and the practical considerations involved in the convergence toward and implementation of global standards. Our program will continue to evolve, so please check back often for valuable insights and guidance.
IFRS in the News
SEC published its final staff report on the Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. IssuersOn July 13, 2012, the SEC published its final staff report on the Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers. The report highlights several themes arising from the staff's analysis revolving around: the development of IFRS and focus on “gaps” in guidance; timeliness and effectiveness of the interpretative process; the IASB's use of and reliance on national standard setters; improvement of global application and enforcement to narrow diversity in practice; governance of the IASB and mechanisms for protecting US capital markets; status of funding of the IASB by large public accounting firms; and improving the uniformity of investor understanding. The final staff report can be viewed here. Additionally, BDO issued a SEC Matters Flash Report that summarizes the final staff report.
Revenue from Contracts with Customers. The guidance
revises the initial exposure draft on this topic issued in June 2010 and would supersede
the majority of current revenue recognition guidance. The objective of the exposure
draft is to clarify existing revenue recognition principles and develop a common
standard for US GAAP and IFRS. This includes removing inconsistencies and perceived
weaknesses in existing revenue standards, and also improving the comparability of
revenue recognition practices across companies, industries and capital markets.
This flash report
summarizes the main provisions of the exposure draft. BDO also hosted a webinar on January 18, 2012 summarizing the main provisions, which is currently available as a self study.
- IFRS for SMEs.
IFRS Implications for Audit Committees - Key questions that those charged with governance (e.g., audit committees) should consider in on-going discussions with management, internal and external auditors with respect to their organization's knowledge and preparedness for IFRS adoption.
Education Center - To find out how to access upcoming complimentary BDO AćsenseSM IFRS webinars and archived self-study courses along with other training resources.