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IFRS Resource Center

Designed to assist companies in keeping current on the latest developments with regard to International Financial Reporting Standards (IFRS).

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. Issuers

    On 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.

  • IASB and FASB Issue Revised Exposure Draft on Revenue from Contracts with Customers

    On November 14, 2011, the IASB and FASB jointly issued a revised exposure draft, 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.

  • SEC Issues Two Staff Papers on Work Plan for Convergence of Global Accounting Standards

    On November 16, 2011, the Securities and Exchange Commission’s Office of the Chief Accountant issued two Staff Papers related to the Commission’s Work Plan towards convergence of global accounting standards. The Work Plan’s objective is to assist the Commission in making a decision on whether, when, and how to incorporate IFRS into the U.S. domestic reporting system. One of the Staff Papers issued provides a comparison of U.S. GAAP to IFRS, while the second paper provides an analysis of IFRS in practice. The papers do not further address the timing of the Commission’s final decision to incorporate IFRS, which was originally scheduled to be made by the end of 2011.

  • BDO Knows: IFRS - SEC's Progress Report on Work Plan for Global Accounting Standards

    On October 29, 2010, the SEC published their first progress report on the Work Plan related to the implications of incorporating IFRS into the financial reporting system for U.S. Domestic issuers.

  • IFRS Daily News

    IFRS News is BDO's regular update on what's just arrived in the world of IFRS. On this page, you'll find daily reporting of IFRS developments, including exposure drafts, standards and interpretations issued by the IASB and IFRIC.

  • Attitudes to IFRS v2.0

    BDO's IFRS Adoption report aimed at providing a better understanding of key issues to be considered in adoption of IFRS via the sharing of experiences of CFOs and their thoughts and attitudes towards adoption.

  • IFRS for Private Companies

    On July 9, 2009, the IASB published International Financial Reporting Standards (IFRS) for small and medium-sized entities, IFRS for SMEs.

For additional BDO publications and further news and alerts refer to BDO Thought Leadership Materials and External Resources.

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 senseSM IFRS webinars and archived self-study courses along with other training resources.