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1、InternationalFinancialReportingStandards:TheRoadAheadByLangmead,JosephM,Soroosh,JalalPublication:TheCPAJournalDate:Sunday,March12009InDecember2007,theSECeliminatedtherequirementtoprovideU.S.GAAPinformationformanyforeigncompanyfilersthatuseInternationalFin

2、ancialReportingStandards(IFRS).TheSEChasalsopublishedaproposedruleforU.S.companiestostartpreparingtheirfinancialstatementsusingIFRS.IFRSiseffectivelyintheprocessofreplacingU.S.GAAPintheU.S.capitalmarkets-ithasalreadyreplacedGAAPfornon-U.S.companieslistedi

3、ndomesticmarkets,andwillsoonreplaceGAAPforU.S.publiccompanies.TheserapiddevelopmentswillrequireCPAstoretoolandlearnmoreaboutIFRSquickly.DoingsorequiresanappreciationofwhyIFRSisofsuchimmediateinteresttoU.S.businessesandpractitioners,afamiliaritywiththehist

4、oryandbackgroundofIFRS.andanunderstandingofthekeysimilaritiesanddifferencesbetweenIFRSandU.S.GAAP.ThisprimeronIFRSconcludeswithsomepracticalconsiderationsforacompanyconvertingU.S.GAAPtoIFRS.BackgroundWhyisIFRSbackinthenews?TheFASBandtheInternationalAccoun

5、tingStandardsBoard(IASB)havecommittedrepeatedly-beginningwiththeNorwalkAgreementof2002-totheconvergenceofthetwobodiesofstandardsonanaggressivetimetable.U.S.accountantsmighthaveexpectedthatalltheyneededtodowaskeepupwiththechangestoU.S.standards,which,ingoo

6、dtime,wouldbethesameasIFRS.Ifonewantedtokeepupwiththeprogressoftheconvergenceeffort,onecouldeasilyaccessSECfilingsforsomenon-U.S.registrantsusingIFRSandreviewtherequiredreconciliationstoU.S.GAAPasconvergencematuredandthedifferencesgraduallydisappeared.Apa

7、ssiveapproachmaynolongerberealistic.AccordingtoaDecember2007rulechangebytheSEC,manynon-U.S.filerswhouseIFRSarenolongerrequiredtopreparereconciliationsoftheirkeyfinancialstatementamountstoU.S.GAAP.ThelastreconciliationsformanyIFRScompanieswerefiledwiththeS

8、ECfor2006,meaningthattheonlyrecentfinancialinformationonrecordisIFRSinformation.Thevisibilityofthosedifferencesislost.Furthermore,implicitinthenewrule,theSEChaseffectivelyacknowledgedIFRSasanalternativeaccountingmod