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IFRS - Accounting, business services and news - Ernst & Young - China

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IFRS: a strategic opportunity

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world.

Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital.

We have developed global resources – people and knowledge – to provide the benefit of our broad sector experience, our subject matter knowledge and the latest insights from our worldwide network.

Global IFRS implementation summarized

Ernst & Young is pleased to launch a new feature summarizing the status of IFRS implementation in more than 130 countries. Our IFRS Status of Implementation tool summarizes conversion status and baseline requirements for preparing and filing financial statements under IFRS.

IASB and FASB continue to discuss significant issues to complete deliberations on insurance and contract accounting

In April 2010, IASB and FASB will again devote a significant amount of time to the discussion of insurance contracts regarding margins, disclosures and level of measurement (pdf, 623kb). They aim to come to tentative decisions on a number of significant items in order to issue an Exposure Draft of the new standard in June 2010.

Check for past issues of Insurance Account Alert.

IFRS real estate survey: 2010

In this survey, we examined the challenging real estate market and whether it brought on increased disclosure on property valuations  (pdf, 1.3mb). Interestingly, we found the qualitative and quantitative information disclosed from each company varies. Learn which changes are in the pipeline that will affect financial statement presentation, joint arrangements, revenue recognition and leasing.

Two parallel railway tracks stretching into distance

Global IFRS Resources

IFRS graphic

Please see our Global IFRS site for additional resources, including Ernst & Young's global IFRS newsletter, IFRS outlook and web based learning modules.

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Build your own I-GAAP library with GAAIT

GAAIT is Ernst & Young's online resource for understanding major GAAP frameworks from around the world. Learn more about GAAIT and our I-GAAP subscription channel.

International GAAP available in hard copy

Get the most comprehensive guide to interpreting and implementing IFRS. Available in a two-volume set.

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