What You Need to Know About IFRS!
International Financial Reporting Standards (IFRS) are coming, and coming soon. The SEC has approved a rule change that allows foreign private securities issuers to use IFRS, without reconciliation to U.S. GAAP effective in 2008. In June of 2007, the Commission issued a concept release suggesting that U.S. firms may soon be permitted or required to file using IFRS. Accounting educators must get up to speed very, very quickly on IFRS so that our students learn the new standards. Students taking their first accounting course in Fall 2008 will graduate into an "IFRS world," unlike the "GAAP country," their faculty studied.
The American Accounting Association has many resources available to help, and links to other sources of aid. They include:
1) The American Accounting Association Annual Meeting
- CPE Sessions:
CPE Session 16: Saturday, August 2, 1:00 PM 4:00 PM
IFRS US GAAP Comparison
(Accounting Basic)
Presenters:
Ian P. Hague, Canadian Institute of Chartered Accountants
Cheryl Linthicum, SEC Academic Fellow-University of Texas at San Antonio
Paul Munter, KPMG LLP
CPE Session 22: Sunday, August 3, 8:00 AM 11:30 AM
FASB/IASB Update Part 1
(Accounting Update)
Presenters:
Mary E. Barth, Stanford University
Thomas J. Linsmeier, Financial Accounting Standards Board
CPE Session 25: Sunday, August 3, 8:00 AM 12:00 PM
Incorporating International Financial Reporting Standards (IFRS) in Intermediate
Financial Accounting How to Proceed
(Accounting Intermediate)
Presenters:
John A. Brozovsky, Virginia Tech
Jennifer Edmonds, Virginia Tech
Rebecca G. Fay, Virginia Tech
Patty Lobingier, Virginia Tech
CPE Session 38: Sunday, August 3, 1:00 PM 4:30 PM
FASB/IASB Update Part 2
(Accounting Update)
Presenters:
Mary E. Barth, Stanford University
Thomas J. Linsmeier, Financial Accounting Standards Board
- Teaching and Learning Conference:
Sessions on IFRS in the Classroom
- Annual Meeting Program:
Monday, August 4, 2008 10:30 a.m. 12:00 p.m.
1.02. IFRS Is Here, and What To Do About It
Moderator: Stephen A. Zeff, Rice University
Speaker: Paul Pacter, Global IFRS Office of Deloitte Touche Tohmatsu, Hong Kong and Director of Standards for Small and Medium-Sized Entities (SMEs), IASB
1.03. International Accounting Education Standards - the IFRS of the Academic World
Moderator: Beatrice Sanders, KPMG LLP
Panelists:
Charles Calhoun, University of North Florida and NASBA
Aulana Peters, Public Interest Oversight Board
Karen Pincus, University of Arkansas
Denny Reigle, American Institute of Certified Public Accountants
Gary Sundem, University of Washington
Monday, August 4, 2008 2:00 p.m. 3:30 p.m.
2.01. Academic Open Forum: The FASB-IASB Conceptual Framework Project
Moderator: Stephen R. Moehrle, University of Missouri - St. Louis
Panelists:
Ted Christensen, Brigham Young University
Members of the AAA National Financial Accounting Standards Committee
Monday, August 4, 2008 4:00 p.m. 5:30 p.m.
3.15. Incorporating International Financial Reporting Standards in Intermediate Accounting
Moderator: David B. Smith, University of Nebraska - Lincoln
Panelists:
John Brozovsky, Virginia Tech University
Sam Hicks, Virginia Tech University
Patty Lobingier, Virginia Tech University
Tuesday August 5, 2008 10:15 11:45 a.m.
4.01. Challenges of Regulators and Practitioners If IFRS is Adopted for Domestic Issuers
Moderator: Jenice Prather-Kinsey, University of Missouri
Panelists:
Paul Cherry, Canadian Accounting Standards Board
Julie A. Erhardt, Securities & Exchange Commission
Cheryl L. Linthicum, University of Texas at San Antonio
4.13. How to Successfully Integrate IFRS in UG Accounting Curricula
Moderator: Marco Trombetta, Instituto De Empresa
Panelists:
D. J. Gannon, Deloitte
Patrick Turner, The Ohio State University
4.14. Cash Flows, Accruals and Analyst Forecasts
Moderator: Bradley E Lail, University of Oklahoma
Cash versus Accrual Accounting and the Availability and Cost of Small Business Debt
Gavin Cassar, University of Pennsylvania; Ken Cavalluzzo, Wisconsin Capital Management; Christopher D. Ittner, University of Pennsylvania;
Discussant: Richard D. Mergenthaler, University of Iowa
Disaggregation vs. Aggregation: Are Earnings Forecasts Accompanied by Cash Flow Forecasts More Accurate?
Andrew C. Call, University of Georgia; Shuping Chen, University of Washington; Yen H. Tong, Nanyang Technological University;
Discussant: Qianyun Huang, Florida Atlantic University
Managerial Discretion and Bias in Annual Forecast Errors
Bruce K. Billings, Florida State University; Richard M. Morton, Florida State University;
Discussant: Joonho Lee, Singapore Management University
4.24. A Globally Converged Conceptual Framework
Moderator: Ian P.N. Hague, Accounting Standards Board - Canada
Panelists:
Mary Barth, International Accounting Standards Board
Tom J. Linsmeier, Financial Accounting Standards Board
Tuesday, August 5, 2008 Luncheon 12:00 p.m. 1:45 p.m.
"Globalization: Implications for Accounting and Accounting Education,"
Aulana Peters
Tuesday, August 5, 2008 2:00 p.m. 3:30 p.m.
5.22. SEC Update Regulators Discussion of International Accounting Issues
Moderator: Scott Taub, Financial Reporting Advisors
Panelists:
Julie Erhardt, U.S. Securities And Exchange Commission
James Kroeker, U.S. Securities And Exchange Commission
Zoe - Vanna Palmore, U.S. Securities And Exchange Commission
5.31. IFRS I
Moderator: Maria L. Bullen, School of Business Clayton State University
International Financial Reporting Standards: An Update on Adoption in the United States
Harold J Manasa, Winthrop University;
Discussant: Shirley A Hunter, Tufts University
The Development of Accounting Quality of IAS and IFRS Over Time: The Case of Germany
Henghsiu Lin, University of Portland; Mari Paananen, University of Hertfordshire;
Discussant: Irene Karamanou, University of Cyprus
The Effects of Mandatory Adoption of International Financial Reporting Standards on Information Environments
Xin Wang, Chinese University of Hong Kong; Danqing Young, Chinese University of Hong Kong; Zili Zhuang, Chinese University of Hong Kong;
Discussant: Minga M Negash, University of The Witwatersrand
5.34. The Expanding Role of IFRS Research Issues
Moderator: Gary Braun, University of Texas at El Paso
Panelists:
Mary Barth, IASB and Stanford University
Mark Lang, University of North Carolina
Christian Leuz, University of Chicago
Charles Niemeier, PCAOB
Tuesday, August 5, 2008 4:00 p.m. 5:30 p.m.
6.31. IFRS II
Moderator: Tony Kang, Florida Atlantic University
Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions
Holger Daske, University of Mannheim; Luzi Hail, University of Pennsylvania; Christian Leuz, University of Chicago; Rodrigo Verdi, Massachusetts Institute of Technology;
Discussant: Tony Kang, Florida Atlantic University
Adoption of International Financial Reporting Standards: Impact on the Value Relevance of Intangible Assets
Keryn Chalmers, Monash University; Greg Clinch, University of Technology Sydney; Jayne M Godfrey, Monash University;
Discussant: Tony Kang, Florida Atlantic University
The Implications of IFRS Adoption: The Extent of Convergence and Consistency between IFRS and US GAAP Net Income
Susan Boedeker Hughes, The University of Vermont; James Sander, Butler University;
Discussant: Siva Nathan, Georgia State University
6.32. Incorporating International Financial Reporting Standards [IFRS] in the Financial Accounting Curriculum
Moderator: Sam A. Hicks, Virginia Tech
Panelists:
John A Brozovosky, Virginia Tech
Patricia Lobingier, Virginia Tech
Wednesday, August 6, 2008 9:45 a.m. 11:00 a.m.
Effective Learnings Strategies III
Integrating an IFRS Module into the Master's Curriculum
Presenter: Rama Ramamurthy, College of William & Mary;
Description: The goal of the session is to share my academic experiences related to integrating an IFRS module into a core course in the Master's curriculum. The session will focus on the design and pedagogical content of the module.
Wednesday, August 6, 2008 10:15 a.m. 11:45 a.m.
7.03. Research and Policy: Issues Surrounding Adoption of IFRS
Moderator: Thomas L. Stober, University of Notre Dame
Panelists:
Christine A. Botosan, University of Utah
Robert H. Colson, Grant Thornton LLP
Karim Jamal, University of Alberta
Teri Lombardi Yohn, Indiana University
7.21. FASB-IASB-SEC Update
Moderator: Terry D. Warfield, University of Wisconsin
Panelists:
Mary Barth, International Accounting Standards Board
James Kroeker, U.S. Securities And Exchange Commission
Tom Linsmeier, Financial Accounting Standards Board
7.30. IFRS III
Moderator: Mohamed A Gulamhussen, Lisbon University Institute
Capital Market Consequences of European Firms' Mandatory Adoption of IFRS
Jenice Prather-Kinsey, University of Missouri; Eva K. Jermakowicz, Tennessee State University; Thierry Vongphanith, Brown Brothers Harriman & Co;
Discussant: Mohamed A Gulamhussen, Lisbon University Institute
The Effect of Mandated IFRS Adoption on Analysts' Forecast Errors
Donal Byard, Baruch College- - CUNY; Ying Li, George Washington University; Yong Yu, University of Texas at Austin;
Discussant: Thomas Lechner, University of Utah
The Costs and Benefits of IFRS from a Corporate Perspective: Evidence from the Implementation Experience in Australia
Joanne Pickering, University of Sydney; Sally Aisbitt, Open University Business School UK; Sidney J. Gray, University of Sydney; Richard Morris, University of New South Wales;
Discussant: Thomas Lechner, University of Utah
Wednesday, August 6, 2008 2:00 p.m. 3:30 p.m.
8.30. IFRS IV
Moderator: Edna Ijeoma Stan-Maduka, University of Hull UK
Measuring the Convergence of National Accounting Standards with International Financial Reporting Standards: The Application of Fuzzy Clustering Analysis
Xiaohui Qu, Xiamen University; Guohua Zhang, Harbin University of Commerce;
Discussant: Aljosa Valentincic, University of Ljubljana
The Effects of IFRS Adoption on Default Risk
Andreas Charitou, University of Cyprus; Irene Karamanou, University of Cyprus; Neophytos Lambertides, Aston University UK;
Discussant: Edna Ijeoma Stan - Maduka, University of Hull UK
8.31. Developing a Better Understanding of the Relationship between IT and an Organisation's Value
Moderator: Bruce Dehning, Chapman University
Panelists:
Michael P. Cangemi, Financial Executives International (F.E.I.)
Robert Hodgkinson, Institute of Chartered Accountants In England And Wales (I.C.A.E.W.)
Paul Miranti, Rutgers Business School
Wednesday, August 6, 2008 4:00 p.m. 5:30 p.m.
9.18. International Reporting Issues
Moderator: Jan L. Williams, University of Baltimore
Intellectual Capital Disclosure, Civil War, and Realized Earnings in Current Stock Return
Indra Abeysekera, University of Wollongong Australia;
Discussant: James McKeown, The Pennsylvania State University
Choosing Cost versus Fair Value: International Evidence from the European Real Estate Industry Upon Adoption of IFRS
Karl Muller, Penn State University; Edward Riedl, Harvard Business School; Thorsten Sellhorn, Ruhr - Universitat Bochum;
Discussant: Erlend Kvaal, Norwegian School of Management
Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences
Holger Daske, University of Mannheim; Luzi Hail, University of Pennsylvania; Christian Leuz, University of Chicago; Rodrigo Verdi, Massachusetts Institute of Technology;
Discussant: James McKeown, The Pennsylvania State University
2) The Big Four accounting firms have each developed materials for educators:
3) Issues In Accounting Education Special issue prepared in conjunction with the International Accounting Section of the AAA
4) Other organizations:
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