Standards: Current Situation
Intro About us Sponsors Meetings Completed Stds Membership Currrent most pressing topic: Revenue Recognition - transition resource group On July 26th, both the IASB and the FASB announced that they had a joint plan to transition resource group which will handle the final converged standard/s on Revenue Recognition.  While the group will not be issuing any guidance, they will: 1. will solicit, analyse, and discuss stakeholder issues that apply to common transactions that could reasonably create diversity in practice.   2.  will be responsible for informing the IASB and the FASB about interpretive issues that could arise when companies, institutions, and other organisations implement the revenue recognition  3.  will provide information that will help the Boards determine what, if any, action will be needed to resolve that diversity.   The transition group will consist of 10 to 15 specialists representing financial statement preparers, auditors, regulators, users, and other stakeholders as well as members of the IASB and FASB.  Transition group members will be announced shortly after the final standard is issued and it is intended that the group will exist for a limited time only but will hold office at least until final implementation in 2017.  Hans Hoogervorst, Chairman of the IASB commented: “Revenue is a key performance indicator and is important to every business. Our joint transition group will help to ensure that stakeholders are reading the words in the new revenue standard in the way that we intend that they be read.” Russell G. Golden, Chairman of the FASB commented: “Effective implementation of the revenue recognition standard is critical to its success in providing financial statement users with the information they need to make the right decisions about how to allocate their capital.  The Boards are committed to ensuring a smooth transition to the new standard, and the transition resource group is an important tool for determining any areas that will need additional guidance before the standard becomes effective in 2017.” IFRS   USA Organization
Tune in again for the next thrilling episode of . . “The IFRS Saga” - Coming to a website near you!
IFRS: Current situation and next steps Updated August 2013 by Cliff Beacham
 FASB Priorities                In a speech delivered at the 32th Annual SEC and Financial Reporting Institute Conference in Pasadena, California on 30 May, he presented his views on the FASB’s current and future tasks. Mr Golden commented on the FASB’s and IASB’s convergence projects, noting that they are “critically important” and a top priority. The FASB’s current plan is to issue 1) a standard on revenue recognition in the coming months, 2) two financial instruments standards in early 2014 (on classification and measurement and on impairment), and 3) standards on leasing and insurance sometime in 2014. Mr Golden also explained that shortly after issuing each standard, the FASB will create a "transition resource group" to facilitate implementation of the standards. The groups will focus on issues related to education, amendments, and interpretation and will include FASB and IASB members as well as representatives from preparer, auditor, and investor communities. Also Mr Golden discussed the new international Accounting Standards Advisory Forum (ASAF) and how the FASB’s membership in the ASAF will help advance the convergence process. As far as the FASB’s own future agenda items, the Financial Accounting Standards Advisory Council (US) has published a survey seeking information from stakeholders on what projects they believe the FASB should prioritize. Possible US projects include: disclosure framework, hedging, pension accounting, and liabilities and equity. The FASB will also continue to work with the Private Company Council to address the needs of users of private company financial statements. Lastly, Mr Golden stated that in response to feedback from stakeholders about the FASB Accounting Standards Codification, the FASB plans to “conduct an analysis of areas where the codification may be improved.” The focus of the analysis will be to improve on how changes to the codification are written and communicated and “to rewrite some of the more confusing sections” (the FASB is presently rewriting the Liabilities and Equity sections).
Sir David Tweedie Sir David Tweedie, former chairman of the IASB, was inducted into the Accounting Hall of Fame on 5 August 2013 at the American Accounting Annual Meeting in Anaheim, California
Russell G. Golden  Russell G. Golden began his term as the seventh chairman of the Financial Accounting Standards Board (FASB) on July 1, 2013 when he was appointed Chairman of the FASB, after serving for six years on the FASB staff.  His term as chairman is to June 30, 2017, when he will be eligible for appointment to an additional three years.
Alive and Well So it would seem (although you have to read between the lines) that the IFRS are alive and well and heading for a future in the US. However, one wonders if US education providers will include IFRS in their curricula and whether the IFRS will be examined in the CPA exams. If not, then it may be up to individuals to privately research on their own to ensure their knowledge of IFRS. Without an official direction and agenda, US accountants are on their own and CPA’s may well lack knowledge that the rest of the world does not. For example, the topics of ‘Fair Value’ and ‘Revaluation of Assets’ come to mind.