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Auditing Considerations in an IFRS Reporting Environment

As business and economic globalization continues to march forward, accounting and auditing are inevitably changing apace. The widespread adoption of the International Accounting Standards Board’s (IASB) International Financial Reporting Standards (IFRS) around the world has led to the point where the SEC is planning for its potential adoption in the United States (see “ Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers,” Proposed SEC Rule, November 14, 2008).

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March 2010 Issue

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Features

Adopting IFRS: Guidance for U.S. Entities Under IFRS 1

Practical Implications of Fair Value Hedges on Available-for-Sale Debt Securities

Personal Income Tax Issues for International Students in the United States

Editorial - Financial Reporting: So Many Red Herrings

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Essentials

Publisher's Column

Perspectives

When Rules May Weaken Principles: Enhancing Independence, Integrity, and Objectivity

The book Understanding Accounting Ethics, Second
Edition, states that when rules and regulations increase in scope and effect, they tend to be self-defeating and counter-productive. Full Story

Living Up To the Pecora Commission’s Legacy

The upcoming film Wall Street 2: Money Never Sleeps features Michael Douglas reprising his role as unscrupulous financier Gordon Gekko. The trailer includes a voice-over by Douglas as Gekko saying, “Someone reminded me I once said ‘ Greed is good.' Full Story

Transitioning to IFRS: What Should CPAs and Accounting Firms Be Doing?

The SEC’s proposed road map for the use of International Financial
Reporting Standards (IFRS) by U.S. corporations suggests that FASB
and the International Accounting Standards Board (IASB) continue to
work toward convergence of standards through 2011. Full Story

The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.