IFRS | Accounting is changing. Are you ready? | Ernst & Young | US IFRS services - Ernst & Young - United States

IFRS and US GAAP convergence guide now available online

Our latest edition of US GAAP vs. IFRS: The Basics takes a top level look into questions and provides an overview by accounting area, both of where the standards are similar and also where they diverge. This edition includes standards issued as of February 2010. Download US GAAP vs. IFRS: The Basics, March 2010 (608 KB PDF) as a printable document.

Worldwide, Ernst & Young is helping companies address the challenges and opportunities represented by the shift to IFRS. Resources available include several IFRS vs local GAAP comparisons.

For in-depth IFRS guidance, see GAAIT.

Financial reporting perspectives

Changes in leases accounting

IFRS practical matters for the c-suite summarises the technical accounting requirements of the lease accounting proposal. It highlights the more pervasive effects the proposal would have on an entity--- effects that extend beyond just accounting, including in areas such as financial metrics, systems, tax, and stakeholder communications.

For more, see our supplement on the Leasing exposure draft.

IASB staff paper on fair value measurment

Our supplement announces the IASB's staff draft paper which includes the tentative decisions to date of the FASB and IASB regarding how to measure fair value.

Limited re-exposure of fair value measurement disclosures

This supplement explores a number of topics following the release of the IASB’s June 2010 exposure draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements including:

• Specific proposals for disclosures related to measurement uncertainty
• How the ED fits with the joint IASB/FASB project on Fair Value Measurements
• How it compares with current IFRS, US GAAP and the previous ED

IFRS Thought Center Webcasts

Upcoming IFRS webcasts

• A new accounting model for insurers
  1 September



• IFRS 2010 Update: Implications for real estate
  12 October



• The proposed new financial statement presentation model: changing the way companies report
  Postponed: Date TBA



• All upcoming IFRS webcasts

Archived IFRS webcasts

• Revenue recognition under IFRS and US GAAP: the proposed single model
  27 July



• All archived IFRS webcasts

Industries

Refining IFRS: key implications of extractive activities DP

This edition of Refining IFRS outlines some of the key practical implications we raised in our comment letter to the IASB on the extractive activities project team’s working draft of the discussion paper on extractive activities.

IASB issues ED for accounting for insurance contracts

This special edition of the IFRS Insurance Accounting Alert provides a high-level overview of the Exposure Draft (ED) on IFRS 4 Insurance Contracts.

Good Petroleum illustrative financial statements

This publication contains an illustrative set of consolidated financial statements of Good Petroleum, a fictitious group of oil and gas companies for the year ended 31 December 2010. These illustrative financial statements havebeen prepared in accordance with IFRS in issue at 31 May 2010.

Asset managers & funds: IFRS accounting developments

Our report summarises the key features of certain IASB projects and standards which may have a significant impact on financial accounting by asset managers and funds. Some of these projects are joint projects with the FASB as part of ongoing efforts to converge IFRS and US GAAP.