AuditNet® International Financial Reporting Standards (IFRS)
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.
Generally accepted accounting principles, as we currently know them, will cease to exist for all publicly accountable enterprises. Many countries have already adopted the new standards while others, including the U.S. have not set a target date. However when they do, enterprises will be required to report under International Financial Reporting Standards. What are the implications for audit professionals, the audit committee and others? This AuditNet page will provide links to articles, Web sites and resources for auditors transitioning to IFRS.
AUDIT PROGRAMS, CHECKLISTS & QUESTIONNAIRES
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Are You Ready to Adopt? - an IFRS calculator from Jefferson Wells that assesses your organization's readiness to transition.
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IFRS Checklists from IFRS.com
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IAS Plus Deloitte Web site with model financial statements, presentation and disclosure checklists and compliance questionnaires
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IAS Compliance Checklist from Deloitte
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Interim Reporting Compliance Checklist from Deloitte
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IFRS Disclosure Checklist from KPMG
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IFRS Presentation and Disclosure Checklist from Deloitte
ARTICLES
SEC Roadmap for Transition to IFRS
IFRS Backgrounder - from the AICPA
IFRS Conversion in the U.S. – 'A Lot More Than an Accounting Exercise'
IFRS: No Longer If, but When from CFO.com
The Transition to IFRS: Implications for the Audit Committee
BLOGS
Migrating to IFRS includes an IRFS disclosure checklist
GUIDES and MANUALS
Guide to Using ISAs in the Audit of Small- and Medium-sized Entities (ISA Guide), designed to assist SMPs and other practitioners in effectively and efficiently implementing and applying International Standards on Auditing (ISAs) to the audit of small and medium entities (SMEs).
IFRS Primer for Audit Committees - from the AICPA
WEB SITES
IFRS.com - a free resource for International Financial Reporting Standards provides checklists and tools for auditors.
IFRS E-Learning Free online financial reporting tools from Deloitte. This is a Knowledge Resource. Sign up for free newsletters to keep you informed about IFRS reporting requirements.
IFRS Resources - from the AICPA