Center >> March 2009
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.
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
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.