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Accounting: IFRS

Wiley Reference Book in the LexisNexis Academic Database

The first link below provides directions for accessing Wiley's reference book on the IFRS.

The second link will take you directly to the LexisNexis (now Nexis Uni) database.

Articles

Dulitz, L.  (2009, April ). IFRS: A preparer's point of view. Journal of Accountancy.

Gill, L. M. (2007, June). IFRS: Coming to America: What CPAs need to know about the new global GAAP. Journal of Accountancy.

Pickard, G. (2007, July). Simplifying global accounting. Journal of Accountancy.

Sorensen, S. M., & Kyle, D. L. (2007, July). Found in translation: A guide to using foreign financial statements. Journal of Accountancy.

Tsakumis, G.T., Campbell, D. R., & Doupnik, T. S. (2009, Febrary). IFRS: Beyond the Standards. Journal of Accountancy.

SEC Road Map for Transition to IFRS. (2008, November). Journal of Accountancy.

Kuczynski, R. (2009, December). No Easy TaskCA Magazine.

What is the IFRS?

Tlhe IFRS (International Financial Accounting Standards) is a set of accounting standards that were developed by the IASB (International Accounting Standards Board). The purpose was to create a set of high quality, globally accepted accounting standards. It was thought that having one set of international standards would create investor confidence and bring about greater transparency, credibility, and comparability of companies.

In 2002 FASB and IASB signed an agreement to work toward making their existing financial reporting standards compatible and to co-ordinate their futrure programs to achieve this compatibility. In 2006 both boards produced a memorandum in which they agreed that convergence of accounting standards would be accomplish through the development of quality standards over time. Both sides agreed to seek convergence by replacing standards in need of improvement with new standards that they developed jointly. In 2008 FASB and IASB met again and committed themselves to developing common, high quality standards.

Although IASB and FASB are in the process of working toward eliminating differences between IFRS and U.S. GAAP, there are still significant differences. The SEC has published several roadmaps of steps that had to be met before IFRS would be accepted by the SEC for foreign private issuers. More.

The AICPA has prepared a 16 page pdf file giving the history and  background on the IFRS.

Web Sites

Electronic Books

RIA Checkpoint Database

Log into the portal and select Databases under the Library tab.

Scroll down and select the link, Checkpoint RIA (Tax and Accounting Students)

On the left under Practice Area, you must select Accting, Audit & Corp Finance.

Under Standards and Regulations (right) check the box in front of IASB.

 In the search box enter keywords or the IFRS number, for example: IFRS 8.

Books on IFRS

Most of the links below will take you to the catalog record, not to the full text. Those designated as ebooks will take you to the electronic version of the book when you click on either the on-campus link when you are at the Troy or Novi campus or on the off-campus link when you are at home.

Alexander, D., & Archer, S. (2011). International accounting/ financial reporting standards guide.  Chicago: CCH. (REF HF 5626 .M55 2011)

Bragg, S. M. (2011). IFRS made easy. Hoboken, NJ: John Wiley. (HF 5626 .B732 2011)

 Bragg, S. M. (2010). The vest pocket guide to IFRS. Hoboken, NJ: John Wiley & Sons. (E-book)

IFRS and US GAAP: Similarities and differences. (2012).  PricewaterhouseCoopers LLP (244 page pdf file) See also the document on the website.

Needles, B. E., & Powers, M. (2013). International financial reporting standards: An introduction. Mason, OH: South-Western. (HF 5626 .N44 2013)

 Understanding IFRS fundamentals: International financial reporting standards. (2010). Hoboken, NJ: Wiley. E-book HF 5681 .V3 .U53 2010

Also Check out these reference books

Siegel, J. G., Levine, M. H., Qureshi, A. A., & Shim, J. K. (2011). GAAP Handbook of policies and procedures. Chicago: CCH. (REF HF 5616 .U5 .S54 2018)

Jones, R. C. (2009-   ). Revenue recognition - International accounting standards. Arlington, VA: Tax Management. REF HF 5616 .U5 .A345 no. 5104-2nd.

",,,discusses revenue recognition principles under International Financial Reporting Standards (IFRS). The IFRS rules regarding revenue recognition are similar in principle to the U.S. Generally Accepted Accounting Principles (GAAP) rules on the subject; however, the two sets of rules may produce very different results under any given set of facts. Moreover, IFRS does not possess the detailed guidance that U.S. GAAP possesses. To wit, U.S. GAAP contains more than 140 authoritative pronouncements on revenue recognition, while IFRS contains fewer than 10 such pronouncements. "