CURRENT NEWS

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FASB/IASB Proposed Revenue Recognition Standard: Questions and Answers , www.ifrs.com, 8/23/10

LIFO: The Battle Continues, www.ifrs.com, 7/15/10

Big Changes Proposed for Revenue Recognition, www.ifrs.com, Journal of Accountancy, 6/25/10

FASB Issues Exposure Draft on Accounting for Financial Instruments, www.fasb.org, 5/26/10

AICPA Survey Shows U.S. CPAs Gaining in Awareness of International Financial Reporting Standards 5/24/10

IFRS for SMEs-U.S. GAAP Comparison Tool Available Online, www.ifrs.com, Journal of Accountancy, 4/5/10

Technology Considerations for Converting to IFRS, - www.ifrs.com, Journal of Accountancy, 3/26/10

Countdown to Convergence - www.ifrs.com, Journal of Accountancy, 3/26/10

Half of US Execs want to use IFRS early - Survey - Reuters, 3/10/10

Firms jogging, not sprinting, to IFRS - WebCPA, 2/15/10

Japan's Big Accounting Move - istockanalysts.com, 12/13/09

During the week of December 7, 2009, Japan's Financial Services Agency (FSA) announced that it is moving to the formal adoption of International Accounting Standard (IAS) reporting by 2015. Up until now, the FSA has allowed Japanese companies to file consolidated statements using U.S. GAAP, but in 2015 this may end. The agency will make a final determination about whether to make IAS reporting mandatory in 2012.

QUESTIONS:

1. Based on this article, what are the major differences between U.S. or Japanese GAAP and IAS?

2. Approximately what percentage of current firms on the Tokyo Stock Exchange may be affected by this decision for the future?

3. What are the four major reasons cited by Japanese companies that are considering early adoption of IAS?

IFRS 9 - New IFRS Standard - Dow Jones Newswires, 11/12/09

First Phase of Financial Instruments Reform Completed - from www.iasb.org, 11/12/09

Revised Version of IAS 4 - Related Party Disclosures - from www.iasb.org, 11/04/09

IASB Chairman - Little Difference Between U.S. GAAP and IFRS by 2015 - from CFO.com, 10/8/09

Accounting Leaders Recommend IFRS Field-Test - from journalofaccountancy.com, 10/06/09

Deloitte Survey - U.S. CFO's Want IFRS Approved - from PRNewswire, 10/06/09

Are Small Businesses Ready for IFRS? - from CFO.com, 10/06/09

CPA Transformation - from journalofaccountancy.com, 9/30/09

>The 2011 CPA exam will address IFRS for the first time.

KPMG Faculty Survey of IFRS Impact on Students and Economy - from SmartPros.com, 9/27/09

>Half of the 500 instructors who responded to an American Accounting Association survey believe the United States should transition to IFRS to remain competitive.

SEC Expected to Focus on IFRS Roadmap - from WebCPA.com, 9/23/09

Accountants Uncertain over IFRS Roadmap - editorial by Michael Cohn, Editor-in-Chief of WebCPA

CFO's divided over need for IFRS - from AccountingWeb

U.S. "Will Be the Outlier" Without IFRS - from CFO.com

Global Accounting Convergence Plan Seen on Track - from Reuters UK

CFO's on IFRS: Forget About It! - from CFO Magazine

MapQuest: Comments on IFRS Roadmap - from accountingweb blog

Shell, BP, and the Increasing Cost of Inventory - from FT.com

> Issue of LIFO vs. FIFO vs. weighted cost & IFRS vs. US GAAP

US should adopt IFRS Quickly, According to ICAEW - from accountingweb.UK

> Opinions from around the UK on the US move to IFRS.

FASB relaxes accounting rules for banks on assets - from the AP