The move towards global standards

The goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards.

Progress toward this goal has been steady. All major economies have established time lines to converge with or adopt IFRSs in the near future. The international convergence efforts of the organisation are also supported by the Group of 20 Leaders (G20) who, at their September 2009 meeting in Pittsburgh, US, called on international accounting bodies to redouble their efforts to achieve this objective within the context of their independent standard-setting process. In particular, they asked the IASB and the US FASB to complete their convergence project by June 2011.

Country	Status for listed companies as of April 2010
Argentina	Required for fiscal years beginning on or after 1 January 2011
Australia	Required for all private sector reporting entities and as the basis for public sector reporting since 2005
Brazil	Required for consolidated financial statements of banks and listed companies from 31 December 2010 and for individual company accounts progressively since January 2008
Canada	Required from 1 January 2011 for all listed entities and permitted for private sector entities including not-for-profit organisations
China	Substantially converged national standards
European Union	All member states of the EU are required to use IFRSs as adopted by the EU for listed companies since 2005
France	Required via EU adoption and implementation process since 2005
Germany	Required via EU adoption and implementation process since 2005
India	India is converging with IFRSs at a date to be confirmed.
Indonesia	Convergence process ongoing; a decision about a target date for full compliance with IFRSs is expected to be made in 2012
Italy	Required via EU adoption and implementation process since 2005
Japan	Permitted from 2010 for a number of international companies; decision about mandatory adoption by 2016 expected around 2012
Mexico	Required from 2012
Republic of Korea	Required from 2011
Russia	Required for banking institutions and some other securities issuers; permitted for other companies
Saudi Arabia	Not permitted for listed companies
South Africa	Required for listed entities since 2005
Turkey	Required for listed entities since 2008
United Kingdom	Required via EU adoption and implementation process since 2005
United States	Allowed for foreign issuers in the US since 2007; target date for substantial convergence with IFRSs is 2011 and decision about possible adoption for US companies expected in 2011.

IASB Special Board Meeting

Agenda 31 May – 2 June, London 
Tuesday, 31 May 2011
IASB-FASB Joint Meeting (12:00-18:30)

• Insurance contracts (Contratos de Seguros)
• Leases (Locações)
• Revenue recognition (Receitas)

Wednesday, 1 June 2011
IASB Meeting (9:30-12:00)

• Hedge accounting: Macro hedging education session (redução de riscos de ativos)

IASB-FASB Joint Meeting (12:30-17:15)

• Asset and liability offsetting (Ativos e Passivos)
• Revenue recognition
• Leases

Thursday, 2 June May 2011
IASB Meeting (14:30-17:00)

• Hedge accounting (provisão contábil)
• Asset and liability offsetting: Consequential amendments (consequentes alterações de ativos e passivos)

SEC staff paper explores the 'condorsement' approach for IFRS adoption in the US

A paper released by the Staff of the U.S. Securities and Exchange Commission (SEC) outlines one possible approach for the adoption of IFRS in the United States. The Staff Paper explores the so-called "condorsement" approach suggested by Paul A. Beswick (Deputy Chief Accountant) at a AICPA National Conference in Washington, D.C. in December 2010. The Staff Paper discusses the approaches to IFRS adoption used by various jurisdictions, noting the differences between 'convergence' and 'endorsement'. The paper concludes the "condorsement" approach is in essence an endorsement approach that would share characteristics of IFRS incorporation approaches with other jurisdictions. However, during a transitional period, aspects of the convergence approach would be used to address existing differences between IFRS and U.S. GAAP, including the retention of a U.S. standard setter (FASB), which would facilitate the transition process by incorporating IFRSs into U.S. GAAP over a defined period of time (e.g. five to seven years).

Objetivo Blog

Este Blog está sendo criado com a finalidade de apresentar dicas e formas de adequação das Pequenas e Médias Empresas ao modelo contábil IFRS. Este padrão internacional vem sendo adotado pelo Brasil com a promulgação das últimas leis contábeis, e a convergência e adequação tem sido os assuntos principais no âmbito dos contadores.

Através das informações adquiridas na cadeira de Contabilidade Internacional desenvolvida neste ano no curso de Ciências Contábeis da UFRGS, temos a intenção de passar adiante esse conhecimento e divulgar algumas informações, estudos e processos sobre IFRS verificados e analisados no decorrer da disciplina.

Aguardem.

IFRS para pequenas e médias empresas desenvolvimento

A importância deste trabalho é de mostrar ao profissional da área contábil a necessidade de se adaptar as mudanças que estão ocorrendo nas normas contábeis brasileiras, que vem sendo fortemente influenciadas pelas normas internacionais. O objetivo do presente trabalho, é demonstrar a implementção da IFRS, que são as normas internacionais de contabilidade emitidas com o objetivo de padronizar as demonstrações contábeis no mundo. O problema a ser discutido, é a conversão das informações contábeis brasileiras para um modelo internacional.

Entendendo IFRS

As Normas Internacionais de Contabilidade (International Accounting Standard - IAS), atualmente conhecidas como normas IFRS (International Financial Reporting Standard) são um conjunto de pronucniamentos de contabilidade publicados e revisados pelo IASB (International Accounting Standars Board).

O objetivo principal dessas demonstrações financeiras em IFRS é dar informações sobre a posição financeira, as mudanças nessa posição e os resultados de determinada entidade, que sejam úteis aos investidores, governos, instituições financeiras no momento da tomada de decisão.

As normas IFRS foram adotadas pelos países da União Européia a partir do final de 2005 com o objetivo de harmonizar as demonstrações financeiras consolidadas. Como o resultado foi além do esperado, a medida foi aceita pela comunidade financeira. E atualmente, diversos países têm intensificado o trabalho para a convergência das normas contábeis, inclusive no Brasil, que inicia o processo a partir de 2010.

As empresas brasileiras serão obrigadas pela Comissão de Valores Mobiliários (CVM) a publicar suas demonstrações financeiras consolidadas seguindo o padrão internacional, que reforça a busca pela transparência e o melhor entendimento das informações dadas por investidores de todo o mundo. E para isso, as empresas terão que seguir rígido processo de adequação