International Financial

Reporting Standards (IFRS)

An AI CPA Backgrounder
www.IFRS.com
Tnz ComtNo CoNvzaozNcz
The growirg acceLarce o IrLerraLioral Firarcial
PeorLirg SLardards (IFPS) as a Lasis or U.S. rarcial
reorLirg rereserLs a urdamerLal charge or Lhe U.S.
accourLirg roessior.
Develoed Ly Lhe Americar IrsLiLuLe o CPAs, ir
arLrershi wiLh iLs markeLirg ard Lechrology suLsidiary
CPAzBiz, www.IFPS.com rovides a comrehersive seL o
resources or accourLirg roessiorals, audiLors, rarcial
maragers, audiL commiLLees ard oLher users o rarcial
sLaLemerLs. Through Lhe WeL siLe, rarcial roessiorals
car oLLair u-Lo-daLe rarcial rews ard irormaLior, CPE
ard corererce Lrairirg, FAQs, arLicles ard uLlicaLiors, ard
orlire video reserLaLiors.
2 CT RADY FDR IFRS
2 WDRIDWID MDMNTUM
3 SC IADRSHIP IN INTRNATIDNAI FFDRT
4 AICPA PARTICIPATIDN
4 TWD SIDS DF TH STDRY
5 CAAP AND IFRS, STIII DIFFRNCS
6 WHAT CPAS ND TD KNDW
7 APPNDIX
International Financial
Reporting Standards (IFRS)
An AI CPA Backgrounder
CzT RzAov roa IFRS
T
he growirg acceLarce o InternatIonaI FInancIaI ReportIng Standards (IFRS) as a Lasis or U.S. rarcial
reorLirg rereserLs a urdamerLal charge or Lhe U.S. accourLirg roessior. Today rearly oo courLries
require or allow Lhe use o IFPS or Lhe rearaLior o rarcial sLaLemerLs Ly uLlicly held comaries. Ir Lhe
UriLed SLaLes, Lhe SecurItIes and Exchange CommIssIon (SEC) is corsiderirg Lakirg sLes Lo seL a daLe Lo allow
U.S. uLlic comaries Lo use IFPS, ard erhas make iLs adoLior mardaLory.
The irLerraLioral sLardard-seLLirg rocess Legar several decades ago as ar eorL Ly irdusLrialized
raLiors Lo creaLe sLardards LhaL could Le used Ly develoirg ard smaller raLiors uraLle Lo esLaLlish Lheir owr
accourLirg sLardards. BuL as Lhe Lusiress world Lecame more gloLal, regulaLors, irvesLors, large comaries
ard audiLirg rms Legar Lo realize Lhe imorLarce o havirg commor sLardards ir all areas o Lhe rarcial
reorLirg chair.
Woatowtoz MomzNTom
The gloLalizaLior o Lusiress ard rarce has led more Lhar z,ooo comaries ir almosL a hurdred courLries
Lo adoL IFPS. Ir zoo, Lhe Euroear Urior (EU) Legar requirirg comaries ircororaLed ir iLs memLer sLaLes
whose securiLies are lisLed or ar EU-regulaLed sLock excharge Lo reare Lheir corsolidaLed rarcial sLaLemerLs ir
accordarce wiLh IFPS

. AusLralia, New Zealard ard Israel have esserLially adoLed IFPS as Lheir raLioral sLardards.
Carada, which reviously larred corvergerce wiLh U.S. Gererally AcceLed AccourLirg Prirciles (GAAP), row
lars Lo require IFPS or uLlicly accourLaLle erLiLies ir zo. The AccourLirg SLardards Board o aar (ASB) ard
Lhe InternatIonaI AccountIng Standards Board (IASB) lar corvergerce Ly zo.
Ir a survey corducLed recerLly
Ly Lhe InternatIonaI FederatIon of
Accountants (IFAC), a large majoriLy
o accourLirg leaders rom arourd
Lhe world agreed LhaL a sirgle
seL o irLerraLioral sLardards is
imorLarL or ecoromic growLh.
AICPA Chairmar Pardy FleLchall,
CPA, ard AICPA PresiderL ard CEO
Barry Melarcor, CPA, were amorg
Lhose surveyed. O Lhe q leaders
rom courLries who resorded,
o ercerL reorLed LhaL a sirgle seL
o irLerraLioral rarcial reorLirg
sLardards was "very imorLarL" or
"imorLarL" or ecoromic growLh
ir Lheir courLries (http://www.Ifac.
org/gIobaIsurvey).


MosL EU courLries currerLly do roL ermiL use o IFPS ir rarcial sLaLemerLs o rivaLely held comaries.
With respect to the importance of convergence to International Financial Reporting Standards
for economic growth in their countries:
55 percent of respondents said IFRS adoption was very important to economic growth
35 percent said important
9 percent somewhat important
1 percent not important
IFAC Soavzv
55%
35%
9%
1%
SC IzAozasnt IN INTzaNATtoNAt rroaT
The U.S. SecuriLies ard Excharge Commissior has or mary years Leer a sLrorg leader ir
irLerraLioral eorLs Lo develo a core seL o accourLirg sLardards LhaL could serve as a ramework or
rarcial reorLirg ir cross-Lorder oerirgs. IL has reeaLedly made Lhe case LhaL issuers wishirg Lo
raise caiLal ir more Lhar ore courLry are aced wiLh Lhe ircreased comliarce cosLs ard ireciercies
o rearirg mulLile seLs o rarcial sLaLemerLs Lo comly wiLh diererL jurisdicLioral accourLirg
requiremerLs. Ir zooo, Lhe IrLerraLioral OrgarizaLior o SecuriLies Commissiors (IOSCO), ir which Lhe SEC
lays a leadirg role, recommerded LhaL iLs memLers allow mulLiraLioral issuers Lo use o "core" sLardards
issued Ly Lhe IASB's redecessor Lody ir cross-Lorder oerirgs ard lisLirgs.
A ew years laLer, Lhe SEC arrourced iLs suorL o a memorardum o urdersLardirg - Lhe
Norwalk AgreemerL - LeLweer Lhe FInancIaI AccountIng Standards Board (FASB) ard Lhe IrLerraLioral
AccourLirg SLardards Board. This agreemerL, corcluded ir Norwalk, CorrecLicuL, esLaLlished a joirL
commiLmerL Lo develo comaLiLle accourLirg sLardards LhaL could Le used or LoLh domesLic ard
cross-Lorder rarcial reorLirg. Ir a suLsequerL memorardum o urdersLardirg, Lhe FASB ard Lhe
IASB agreed LhaL a commor seL o high qualiLy, gloLal sLardards remaired Lheir lorg-Lerm sLraLegic
rioriLy ard esLaLlished a lar Lo aligr Lhe rarcial reorLirg o U.S. issuers urder U.S. GAAP wiLh LhaL
o comaries usirg IFPS.
BeLweer zoo ard zoo6, Lhe rumLer o oreigr rivaLe issuers lirg wiLh Lhe SEC usirg IFPS jumed
rom a hardul Lo o, ard Lhe SEC execLs Lhe rumLer Lo corLirue Lo ircrease. Ir FeLruary zoo6, SEC
Chairmar ChrisLoher Cox rearmed Lhe SEC's commiLmerL Lo achievirg ore seL o high qualiLy, gloLally
acceLed accourLirg sLardards ard oered Lhe ossiLiliLy LhaL U.S. rarcial sLaLemerLs could Le reared
usirg IFPS or U.S. GAAP.
1989 1991 1993 1995 1997 1999 2001
1988
Securities and Exchange
Commission (SEC) begins
encouraging international
efforts to develop a core set
of accounting standards.
1997
SEC notes that for issuers wishing
to raise capital in more than one
country, preparing multiple sets
of nancial statements to comply
with different jurisdictional
accounting requirements
increased compliance costs and
created inefciencies.
2002
SEC announces support of
Norwalk Agreement between
the Financial Accounting
Standards Board (FASB) and
the International Accounting
Standards Board (IASB).
2006
Chairman Cox reafrms
commitment to the SEC
roadmap.
2008
SEC considers issuing
a proposal.
2003 2005 2007
1988 1990 1992
1994 1996 1998
2000 2002 2004 2006 2008
2007
November SEC votes unanimously to accept from
foreign private issuers (PIs) nancial statements prepared
in accordance with IFRS without reconciliation to GAAP.
December SEC issues Concept Release seeking input
on allowing U.S. public companies to use IFRS when
preparing nancial statements.

SC TtmzttNz
Ir zoo;, Lhe SEC urarimously voLed Lo allow oreigr rivaLe issuers Lo le rarcial sLaLemerLs
reared ir accordarce wiLh IFPS as issued Ly Lhe IASB wiLhouL recorciliaLior Lo GAAP. O ever greaLer
imorLarce was Lhe SEC's CorceL Pelease seekirg iruL or allowirg U.S. uLlic comaries Lo use IFPS
wher rearirg rarcial sLaLemerLs. MosL recerLly, Chairmar Cox arrourced LhaL ir zoo8 Lhe SEC sLa
will ormally roose ar udaLed "roadmap" LhaL will irclude a schedule ard aroriaLe milesLores or
corLiruirg U.S. rogress Loward acceLarce o IFPS.
AroLher recerL develomerL also oirLs Loward ar acceleraLed corvergerce Limelire. The FASB ard
Lhe IASB say Lhey will udaLe Lhe Norwalk AgreemerL Lo lay ouL a lar or ore seL o accourLirg sLardards
rom which all major caiLal markeLs would Le aLle Lo oeraLe Ly zo. The Loards will work Lo resolve
diererces Lelieved Lo have imeded IFPS adoLior ir Lhe U.S.
AICPA PAaTtctATtoN
The AICPA was a charLer memLer o Lhe IrLerraLioral AccourLirg SLardards CommiLLee (IASC), Lhe
IASB's redecessor orgarizaLior. Ir Lhe Lhree decades sirce, Lhe AICPA has worked Lo advarce irLerraLioral
corvergerce o accourLirg sLardards. Through iLs AccourLirg SLardards ExecuLive CommiLLee (AcSEC),
Lhe AICPA rovides LhoughL leadershi Lo Lhe IASB or rarcial reorLirg Loics. The IrsLiLuLe has made
clear iLs suorL or givirg U.S. issuers Lhe oLior Lo reare rarcial sLaLemerLs ir accordarce wiLh IFPS as
uLlished Ly Lhe IASB or uroses o comlyirg wiLh Lhe rules ard regulaLiors o Lhe SEC.
Mirdul o Lhe imorLarce o rivaLe comaries ard roL-or-roL orgarizaLiors, AICPA Courcil or
May 8, zoo8, voLed Lo udaLe Pule zo o Lhe Code o Proessioral CorducL Lo recogrize Lhe IASB as ar
irLerraLioral accourLirg sLardard seLLer. By removirg a oLerLial Larrier, rivaLe comaries ard roL-or
roL orgarizaLiors will have a clear oLior Lo decide i ollowirg IFPS makes serse or Lheir siLuaLiors
ard rarcial reorLirg corsLiLuerLs.
The AICPA urdersLards LhaL iL will reed Lo ulll a rumLer o resorsiLiliLies Lo make Lhe use o
IFPS Ly uLlic comaries a success. Orgoirg eorLs irclude:
ContInuIng to educate AICPA members about IFRS.
WorkIng wIth accountIng educators, textbook authors, and educatIonaI InstItutIons to
prepare future professIonaIs to use IFRS.
MakIng certaIn the voIce of U.S. CPAs Is heard InternatIonaIIy.
IncorporatIng questIons about IFRS Into the UnIform CPA Exam.
Two Stozs Dr Tnz SToav
Growirg irLeresL ir Lhe gloLal acceLarce o a sirgle seL o roLusL accourLirg sLardards
comes rom all arLiciarLs ir Lhe caiLal markeLs. Mary mulLiraLioral comaries ard raLioral
regulaLors ard users suorL iL Lecause Lhey Lelieve LhaL Lhe use o commor sLardards ir Lhe
rearaLior o uLlic comary irarcial sLaLemerLs will make iL easier Lo comare Lhe irarcial
resulLs o reorLirg erLiLies rom diererL courLries. They Lelieve iL will hel irvesLors urdersLard
q
oorLuriLies LeLLer. Iarge uLlic comaries wiLh suLsidiaries ir mulLile jurisdicLiors would Le
aLle Lo use ore accourLirg larguage comary-wide ard reserL Lheir irarcial sLaLemerLs ir Lhe
same larguage as Lheir comeLiLors.
AroLher LereiL some Lelieve is LhaL ir a Lruly gloLal ecoromy, irarcial roessiorals
ircludirg CPAs will Le more moLile, ard comaries will more easily Le aLle Lo resord Lo Lhe
humar caiLal reeds o Lheir suLsidiaries arourd Lhe world.
NeverLheless, mary eole also Lelieve LhaL U.S. GAAP is Lhe gold sLardard, ard someLhirg
will Le losL wiLh ull acceLarce o IFPS. WhaL's more, iL is urlikely LhaL all U.S. issuers will
volurLarily elecL Lo use IFPS. Accordirg Lo a survey corducLed ir zoo; Ly DeloiLLe & Touche o
comaries rargirg ir arrual reverue size rom $oo millior Lo $o Lillior, orly aLouL zo ercerL
o CFOs say Lhey would adoL IFPS i giver a choice. U.S. issuers wiLhouL sigriicarL cusLomers or
oeraLiors ouLside Lhe UriLed SLaLes may roL have a markeL ircerLive Lo reare IFPS irarcial
sLaLemerLs. OLher U.S. issuers may use Lheir irarcial sLaLemerLs as Lhe Lasis or ilirgs wiLh oLher
regulaLors ard auLhoriLies LhaL may require U.S. GAAP.
AroLher corcerr is LhaL worldwide, mary courLries LhaL claim Lo Le corvergirg Lo
irLerraLioral sLardards may rever geL Lo oo ercerL comliarce. MosL reserve Lhe righL Lo carve
ouL selecLively or modiy sLardards Lhey do roL corsider ir Lheir raLioral irLeresL, ar acLior LhaL
could lead Lo ircomaraLiliLy - Lhe very issue LhaL IFPS seek Lo address.
CAAP ANo IFRS, STttt DtrrzazNczs
GreaL sLrides have Leer made Ly Lhe FASB ard Lhe IASB Lo corverge Lhe corLerL o IFPS ard U.S.
GAAP. The goal is LhaL Ly Lhe Lime Lhe SEC allows or mardaLes Lhe use o IFPS or U.S. uLlicly Lraded
comaries, mosL or all o Lhe key diererces will have Leer resolved.
Because o Lhese orgoirg corvergerce rojecLs, Lhe exLerL o Lhe seciic diererces LeLweer
IFPS ard U.S. GAAP is shrirkirg. YeL sigriicarL diererces do remair. For examle:
IFRS does not permIt Iast In FIrst Out (IIFO) as an Inventory costIng method.
IFRS uses a sIngIe-step method for ImpaIrment wrIte-downs rather than the two-step
method used In U.S. GAAP, makIng wrIte-downs more IIkeIy.
IFRS has a dIfferent probabIIIty threshoId and measurement objectIve for contIngencIes.
IFRS does not permIt curIng debt covenant vIoIatIons after year-end.
IFRS guIdance regardIng revenue recognItIon Is Iess extensIve than GAAP and contaIns
reIatIveIy IIttIe Industry-specIfIc InstructIon.
Perhas Lhe greaLesL diererce LeLweer IFPS ard U.S. GAAP is LhaL IFPS rovides much less overall
deLail. As ar examle, IFPS L irLo ore Look, aLouL Lwo irches Lhick, while Lhe Lhree FASB aerLacks
o rorourcemerLs lus Lhe aerLack versior o Lhe FASB Emergirg Issues Task Force corsersuses
measure aLouL rire irches Lhick, ard LhaL doesr'L irclude all o Lhe auLhoriLaLive liLeraLure.

WnAT CPAS Nzzo To KNow

The ircreasirg acceLarce o IFPS, LoLh ir Lhe UriLed SLaLes ard arourd Lhe world, mears LhaL row
is Lhe Lime Lo Lecome krowledgeaLle aLouL Lhese charges. MosL CPAs will somehow Le aecLed. Orce a
criLical mass o ror-U.S. comaries ir a cerLair irdusLry secLor Legir Lo reorL Lheir rarcial resulLs usirg
IFPS, Lhere will likely Le ressure or U.S. issuers Lo do Lhe same, Lo allow irvesLors Lo LeLLer comare Lheir
rarcial resulLs. BuL Lhis issue will have ar imacL ar Leyord jusL rarcial reorLs. IL will aecL almosL
every asecL o a U.S. comary's oeraLiors, everyLhirg rom iLs irormaLior Lechrology sysLems, Lo iLs Lax
reorLirg requiremerLs, Lo Lhe way iL Lracks sLock-Lased comersaLior.
For Lhe CPA roessior, Lhe use o IFPS Ly U.S. uLlicly held comaries will creaLe Lhe reed or eecLive
Lrairirg ard educaLior. Comaries will use IFPS orly i Lhey ard Lheir audiLors have Leer Lhoroughly
Lraired, ard i Lheir irvesLors ard oLher users o Lheir rarcial sLaLemerLs - such as aralysLs ard raLirg
agercies - urdersLard IFPS as well. AL Lhe momerL, mosL accourLarLs ir Lhe UriLed SLaLes are Lraired
ir U.S. GAAP, roL IFPS. MosL secialisLs, such as acLuaries ard valuaLior exerLs, who are ergaged Ly
maragemerL Lo assisL ir measurirg cerLair asseLs ard liaLiliLies also are roL LaughL IFPS. CorsequerLly, all
arLies will reed Lo urderLake comrehersive Lrairirg. Proessioral associaLiors ard irdusLry grous will
reed Lo irLegraLe IFPS irLo Lheir Lrairirg maLerials, uLlicaLiors, LesLirg ard cerLicaLior rograms. Colleges
ard uriversiLies will reed Lo irclude IFPS ir Lheir curricula. I IFPS is acceLed - ard mary Lhirk Lhis is
ireviLaLle - as GAAP ir Lhe UriLed SLaLes, iL will Le ircluded ir Lhe Uriorm CPA ExamiraLior.
The LoLLom lire is LhaL CPAs reed Lo Legir Lo reare or Lhe day ir Lhe roL-so-disLarL uLure wher Lhe
SEC could desigraLe a daLe or volurLary, or ever mardaLory, adoLior o IFPS Ly all U.S. uLlic comaries.
IFRS
Business
Issues
Corporate
Finance and
Structured
Financial
Products
Management
Reporting
Systems
Investor
Relations
Employee and
Executive
Compensation
Employee
Benet
Plans
Performance
Indicators
Tax
Planning
Financial
Accounting
and Reporting
Source: ErrsL & Yourg. PerirLed wiLh ermissior.
6
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!00%.$)8
TtmzttNz roa IFRS AcczTANcz tN Tnz UNtTzo STATzs
zooI: The IrLerraLioral AccourLirg SLardards Board (IASB) is esLaLlished as Lhe successor orgarizaLior
Lo Lhe IrLerraLioral AccourLirg SLardards CommiLLee (IASC), ormed ir ;. The IASB's mardaLe is
Lo develo IrLerraLioral Firarcial PeorLirg SLardards (IFPS).
zooz: The IASB ard Lhe Firarcial AccourLirg SLardards Board (FASB) issue Lhe Norwalk AgreemerL,
ackrowledgirg Lheir joirL commiLmerL Lo develoirg high qualiLy, comaLiLle accourLirg
sLardards LhaL could Le used or LoLh domesLic ard cross-Lorder rarcial reorLirg. Also, Lhe
Euroear Urior (EU) arrources LhaL iLs memLer sLaLes will require IFPS ir Lhe rearaLior o
corsolidaLed rarcial sLaLemerLs o lisLed comaries Legirrirg ir zoo.
zooy: The chie accourLarL o Lhe SecuriLies ard Excharge Commissior (SEC) releases a roadma
allowirg IFPS lirgs wiLhouL GAAP recorciliaLior or oreigr rms Ly zoo, or earlier.
zoo6: The IASB ard Lhe FASB agree Lo work or a rumLer o major rojecLs.
zooy: The SEC arrources LhaL iL will acceL rom oreigr lers ir Lhe U.S. rarcial sLaLemerLs reared
ir accordarce wiLh IFPS, as issued Ly Lhe IASB, wiLhouL recorciliaLior Lo U.S. GAAP. Also, Lhe SEC
issues a CorceL Pelease askirg i U.S. uLlic comaries should Le giver ar oLior Lo ollow IFPS
irsLead o U.S. GAAP.
zoo8: The SEC sLa is execLed Lo ormally roose ar udaLed roadma or movirg U.S. uLlic
comaries Lo IFPS. The AICPA's goverrirg Courcil amerds rules zoz ard zo o Lhe Code o
Proessioral CorducL Lo recogrize Lhe IASB as ar irLerraLioral accourLirg sLardard seLLer, LhereLy
givirg U.S. rivaLe comaries ard roL-or-roL orgarizaLiors a choice Lo ollow IFPS. Also, Lhe FASB
ard Lhe IASB udaLe Lhe Norwalk AgreemerL wiLh Lhe goal o acceleraLirg corvergerce.
zoog: The IASB will erd iLs moraLorium, seL ir zoo, or Lhe required alicaLior o rew accourLirg
sLardards ard major amerdmerLs Lo exisLirg sLardards. The Loard had rozer iLs rules while more
courLries adoLed IFPS.
zoII: Caradiar ard Irdiar comaries are slaLed Lo Legir usirg Lhe gloLal sLardards, ard aar is slaLed
Lo have elimiraLed all major diererces LeLweer aarese GAAP ard IFPS. Ir Lhe UriLed SLaLes,
quesLiors corcerrirg IFPS are execLed Lo Le ircluded ir Lhe Uriorm CPA Exam.
zoI: The earliesL year rojecLed Ly accourLirg rms or mardaLirg LhaL large U.S. uLlic comaries
corverL Lheir rarcials Lo IFPS. Year LhaL Lhe udaLed Norwalk AgreemerL execLs all major caiLal
markeLs Lo oeraLe rom ore seL o accourLirg sLardards.
)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
2001:
The International Accounting
Standards Board (IASB)
established.
2002:
The IASB and the Financial Accounting
Standards Board (FASB) issue the
Norwalk Agreement.
The European Union (EU) announces
member states must use IFRS beginning
2005 nancial statements.
2005:
Securities and Exchange
Commission (SEC) releases
a roadmap for allowing
IFRS lings without GAAP
reconciliation for foreign rms
by 2009, or earlier.
2006:
The IASB and the FASB agree to
work on major projects jointly.
2007:
The SEC announces foreign lers
in the U.S. can le IFRS without
reconciliation to U.S. GAAP.
SEC issues a Concept Release
asking about U.S. public company
option to follow IFRS instead of
U.S. GAAP.
2008:
The SEC staff is expected to
formally propose an updated
roadmap for moving U.S.
public companies to IFRS.
The AICPAs governing Council
amends Code of Professional
Conduct to recognize IASB as
an international accounting
standard setter.
2009:
The IASB will end moratorium
on required application of new
accounting standards and major
amendments to existing standards.
2011:
Canadian, Indian and
Japanese companies
are slated to begin
using IFRS.
2013:
The earliest projection
by accounting rms for
mandating that large U.S.
public companies convert
nancials to IFRS.
8
IFRS TtmzttNz
Organizations Involved
In April 2001, the International Accounting Standards Board (IASB), an independent accounting
standard-setter based in London, assumed accounting standard-setting responsibilities from its
predecessor body, the International Accounting Standards Committee. The IASB is responsible for
International Financial Reporting Standards (IFRS).
The Securities and Exchange Commission (SEC) , created in 1934 by an Act of Congress, is the U.S.
government agency with primary responsibility for enforcing the federal securities laws and regulating
the securities industry and the U.S. stock market. For the past three decades it has become increasingly
vocal in its support of a single set of robust accounting standards that would be used worldwide.
The , with approximately 340,000
Well before IFRS began to gain traction in the U.S. business and regulatory communities, the AICPA was
publicly supporting the goal of a single set of high quality, global accounting standards to be used in
The Financial Accounting Standards Board (FASB) is working with the IASB to converge their respective
accounting standards into a robust set of rules that will meet the needs of preparers and users worldwide.
The AICPAs Accounting Standards Executive Committee (AcSEC) is the senior technical committee
professionals discharge their duties and serve the public interest.
All rights reserved. Any reprinting, copying or reuse of this document in whole or in part without the express written permission
from the AICPA is strictly prohibited. Requests for permission to copy, reprint, republish or reuse all or any part of this work should
be directed to Manager-Rights and Permissions, AICPA, 220 Leigh Farm Road, Durham, NC 27707. Direct inquiries to 919-402-4031.
For More Information:
American Institute of CPAs www.aicpa.org
Financial Accounting Standards Board www.fasb.org
International Federation of Accountants www.ifac.org
AICPA IFRS Resources www.ifrs.com
International Organization of Securities Commissions www.iosco.org
Securities and Exchange Commission www.sec.gov
SEC roadmap www.sec.gov/spotlight/ifrsroadmap.htm
9
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