Research Center >> March 2009

WEBCAST NEWS: Mind the GAAP
AICPA launches new quarterly Webcast series on IFRS.
from AICPA Custom Media Solutions

With the ever-shrinking global marketplace and the reeling news that soon most financial firms will have to switch from U.S. GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards), it was an obvious step for the AICPA — the authority serving the accounting profession from since 1887 — to embark on a Webcast series catering to its audience and providing them logical step-by-step guidance on the switch.

“Global accounting standards are a force to be reckoned with,” said John Hudson, CPA, and Webcast moderator of the series. “When they become as generally accepted as GAAP within the United States, it will have a profound impact on both preparers and practitioners alike.”

The first quarter IFRS Webcast covered several major areas within the IFRS literature including property, plant and equipment (IAS 16), intangibles (IAS 38), leases (IAS 17) and asset impairment (IAS 36).

Every calendar quarter, these practical and down-to-earth sessions are geared towards Chief Financial Officers, VPs of Finance, Controllers and other senior-level financial executives and their professional staff. This program also is very relevant to CPAs and their staff in firms as well as accounting educators. “plugged-in” to what's important and including the differences, similarities between IFRS and US GAAP, and current convergence efforts.

“Each quarter during 2009 we will be doing a ‘deep dive’ into the specific differences between U.S. GAAP and the IFRS,” explained Hudson. “We’ll be taking specific technical areas and exploring how they differ from what we’re used to in the U.S. Effectively, we’re trying to “close the GAAP” in terms of the knowledge level of both preparers and practitioners,” he quipped.

For more information on the series or AICPA Webcasts, contact John Hudson.