A comparison of IFRS and US GAAP

There are many differences in detail which exist between IFRS and US GAAP, making it difficult to consult all the relevant standards currently in force when dealing with a specific accounting issue. To help, PricewaterhouseCoopers prepared Similarities & Differences - A comparison of IFRS and US GAAP. This publication enables a broad understanding of the key similarities and differences between IFRS and US GAAP most commonly found in practice. It takes into account all pronouncements issued under IFRS and US GAAP up to August 2006.

Online guidance for applying IFRS

PricewaterhouseCoopers has developed an interactive electronic publication called Applying IFRS. It offers guidance on International Financial Reporting Standards with over 1,000 solutions to illustrate how the standards should be applied in practice. Written in clear English, the guidance is based on the components of IFRS financial statements. It allows you to select an area and gives a definition of the component followed by practical application guidance. The proposed solutions are taken from real life situations to illustrate best practice.

EU and US regulators prepare joint work plan

European and American securities market regulators have developed a joint plan for ongoing dialogue towards convergence of financial reporting standards at a practical level. The overriding aims of closer cooperation between the regulatory bodies are: high-quality accounting standards; consistent application of IFRS around the world; full consideration of international counterparts’ positions on application and enforcement; and avoidance of conflicting regulatory decisions when it comes to applying the standards. The plan is viewed as an important step to eliminating the need for reconciliation between IFRS and US GAAP. View the press release or the CESR/SEC work plan at the CESR website.

FASB issues Fair Value Standard

The United States Financial Accounting Standards Board (FASB) has recently published a fair value standard. Fair value is currently used in over 40 different standards and guidance is dispersed throughout the literature, so the new standard is expected to enhance consistency and comparability. Fair value measurement forms part of the IASB/FASB convergence program. Therefore, the IASB plans to issue the FASB standard as a discussion paper, accompanied by an invitation to comment. Details are available on the IASB website.

UN Working Group on International Standards and Reporting (ISAR)

At its annual meeting in Geneva on October 10-12, 2006, the United Nations’ Intergovernmental Working Group of Experts on International Standards and Reporting (ISAR) reviewed the practical implementation issues of International Financial Reporting Standards and examined the relevance and comparability of existing indicators on corporate responsibility. A one-day workshop on fair value measurement requirements in IFRS was held on October 9. For more information, visit the website (Twenty-third session of ISAR, 10-12 October, 2006 ).

IASB website redesigned

The International Accounting Standards Committee Foundation and International Accounting Standards Board website has been redesigned to help users follow and participate in the international accounting standard-setting process. In its efforts to make meetings accessible to interested parties located throughout the world, the IASB continues to develop its webcasting service. Interested parties can now watch the meetings live or listen after the event to any particular project discussion. In addition, each project channel includes meeting summaries and observer notes for each month’s discussions. All of these additional services are available at no cost and have been developed to make the international accounting standard-setting process more open. For more information, read the press release at www.iasb.org.