IFRS | Accounting is changing. Are you ready? | Ernst & Young | US IFRS services - Ernst & Young - United States

First-time adoption by US issuers analyzed

Ernst & Young has issued a new financial reporting developments booklet (pdf, 916kb) focused on IFRS 1 - First-time Adoption of International Financial Reporting Standards. The publication is designed to assist you in understanding the requirements of first-time adoption, and in particular the mandatory exceptions and voluntary exemptions, under IFRS 1 and how IFRS 1 may affect US issuers transitioning from US GAAP to IFRS.

IFRS 1 was developed by the International Accounting Standards Board (IASB) to help entities transition to IFRS as their basis for financial reporting. The key principle of IFRS 1 is full retrospective application of IFRS standards that are effective as of the entity’s first IFRS reporting period. However, IFRS 1 establishes two types of departure from the principle of full retrospective application: (1) optional exemptions from some of the requirements of certain IFRS and (2) mandatory exceptions from the requirement for the retrospective application of other IFRS.

View a sample set of IFRS financial statements

Are you prepared for year-end reporting under International Financial Reporting Standards (IFRS)? To help you get ready, review our illustrative set of consolidated financial statements for a fictitious international corporation. Year-end is 31 December 2009. The statements are based on International Financial Reporting Standards in issue at 31 August 2009.

Just the facts on IFRS: a new resource for clients

It seems only a matter of time before International Financial Reporting Standards (IFRS) are adopted in the United States. However, given the sheer volume of information available, professionals may find it difficult to determine the true status and timing of IFRS adoption. Our newsletter, Just the facts, can help you keep up with recently reported information on notable events and people that inform the conversation about the final goal: a single set of high-quality accounting and financial reporting standards.

IFRS conversion: a catalyst for change

Can your IT infrastructure support IFRS reporting requirements? The change to IFRS involves more than financial reporting processes and general ledger systems. IT must factor in the full range of obstacles on the road to conversion. Read about it in Accounting for New Rules, (pdf, 121kb) published in Insurance & Technology.

IT’s essential role in conversion planning

CIOs and IT leaders recognize IFRS conversion as an opportunity to drive out inefficiencies. But there are formidable obstacles along the way. Discover how advanced planning and scoping helps drive forward IT strategy and business results. Read IT must play a key role in adapting to IFRS (pdf, 92kb), published in Bank Systems & Technology.

IFRS risk planning and controls execution

If you’ve been delaying the conversion process to IFRS, you might want to consider utilizing Internal Control over Financial Reporting (ICFR) personnel and operational audit staff. They can evaluate the IFRS’ effects on your business operations and help prepare your internal control and operational risk systems for IFRS now.

Mark your calendar for upcoming webcasts

• IFRS Developments in the US
  15 October
• Preparing for 2009 year-end reporting under IFRS
  27 October
• The new reporting model for financial instruments under IFRS
  24 November
• Accounting for climate change initiatives under IFRS
  15 December

See all upcoming webcasts

Archived

• The changing landscape of IFRS
  22 September
• The lessons for year-end reporting: A webcast for companies currently using IFRS
  23 June
• IFRS 1 - Focus on new converting countries
  28 May

See all archived webcasts

Going 'live' with IFRS: the role of energy IT

While accounting changes drive IFRS conversion, there are significant implications for IT as well. In fact, the IT organization will be integral to any IFRS adoption initiative. Inside IFRS: the opportunity for energy IT (pdf, 386kb) discusses the potential complexities of IFRS conversion and the effects on applications, reports and data that are specific to businesses in the oil and gas industry.

Amendments to IFRS 1

The IASB has issued Amendments to IFRS 1, Additional Exemptions for First-time Adopters, providing additional relief from the full retrospective application of IFRS for themeasurement of oil and gas assets and leases. This Hot Topic (pdf, 215kb) summarizes the proposals and their impact on businesses.

"US GAAP vs. IFRS: The basics" for industries

In our new set of "US GAAP vs. IFRS: The basics" guides, we take a top level look at the accounting and reporting issues most relevant to reporting entities in the oil and gas, homebuilding and telecommunication industres and provide an overview of where the standards are similar, where they diverge, and any current convergence projects.

• Life sciences (pdf, 876kb)
• Oil and gas (pdf, 1mb)
• Homebuilding (pdf, 972kb)
• Telecommunications
(pdf, 1.0mb)