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. 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.