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June 2011: Incorporating IFRS into the U.S. Financial Reporting System

June 2011: Incorporating IFRS into the U.S. Financial Reporting System

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Published by SingerLewak
In November 2008, the SEC issued a proposed “roadmap” for the potential use of IFRS by U.S. domestic registrants in
financial statements filed with the SEC (see Bulletin No. 2008-46 dated November 2008).
In November 2008, the SEC issued a proposed “roadmap” for the potential use of IFRS by U.S. domestic registrants in
financial statements filed with the SEC (see Bulletin No. 2008-46 dated November 2008).

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Published by: SingerLewak on Jul 21, 2011
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07/21/2011

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Incorporating IFRS intothe U.S. FinancialReporting System
 
Incorporating IFRS into the U.S. FinancialReporting System
By Jim Pitrat, CPA - Practice Leader, Assurance & Advisory Practice
TUESDAY, JUNE 7, 2011
Public Company Financial Executive Briefng 
Summary:
In November 2008, the SEC issued a proposed “roadmap” or the potential use o IFRS by U.S. domestic registrants infnancial statements fled with the SEC (see Bulletin No. 2008-46 dated November 2008). Although the SEC has not made a decisionregarding whether IFRS should be adopted and, i so, the manner in which this should be accomplished, the Ofce o the Chie Accoun- tant has published the Work Plan or the Consideration o Incorporating International Financial Reporting Standards into the FinancialReporting System or U.S. Issuers - Exploring a Possible Method o Incorporation. The paper presents one possible approach.
www.SingerLewak.com | 877.754.4557
 APPROACHES USED IN OTHER COUNTRIES
The Sta has identifed two approaches used by other countries in adopting IFRS:
• Convergence: Countries do not directly adopt IFRS as their accounting standards. They maintain local standards while
 making eorts to converge such standards, over time.
• Endorsement: Countries directly incorporate individual IFRS into their local standards.
CONDORSEMENT 
The approach presented in the Staff Paper is referred to as “Condorsement,” which includes parts of convergence andendorsement. A brief summary follows:
The General Framework 
1. Retain a U.S. standard setter (the FASB)
2. Incorporate IFRS into U.S. GAAP over a dened period of time (e.g., ve to seven years), with the ultimate goal beingthat a U.S. issuer compliant with U.S. GAAP would also be able to assert that it is in compliance with IFRS.
Role of the FASB
The FASB would continue to play an active part in assisting in the development of high-quality globally accepted standards. TheFASB would ensure that U.S. interests are addressed in the development of those standards.
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