Accounting standards more relevant than everGlobal financial markets demand international consistency in accounting and auditing standards and approaches, which was again called for by the world leaders at the
G-20 Summit in April 2009. More than ever, financial markets also demand responsiveness, clarity and, of course, transparency. Ernst & Young can help you navigate this challenging environment with a range of guidance and services concerning accounting standards. Many businesses are concerned about the risks and opportunities associated with mandatory conversion from local accounting standards to International Financial Reporting Standards (IFRS). For those that have already converted to IFRS, however, the challenge may be a different one -- keeping up with the gradual maturation of IFRS as the concepts and rules are refined to respond to market conditions. And regardless of whether your business is currently using IFRS or is on the road toward those standards, we understand your concern regarding managing your accounting and reporting responsibilities in times of unprecedented financial turmoil. With resources ranging from our Global IFRS Services Center to technical accounting professionals in 130 countries, Ernst & Young can help your business navigate -- and thrive -- in this environment. | IASB projects and improvements The International Accounting Standards Board's work plan includes more than 30 active projects, including plans for numerous new standards and amendments. In addition, the Board continues to work on non-urgent but necessary amendments to IFRSs through its Annual Improvements project. See our comments on these projects. The challenge of IFRS As IFRS progresses into the single globally accepted financial reporting language, consistent understanding, interpretation and application becomes ever more important. Our IFRS website available at ey.com/IFRS, presents our IFRS thought leadership, delivers materials in a business and industry context and includes web-based learning, webcasts, email alerts and other forward-looking insights. Managing in turbulent times What’s next for the markets? No one knows for sure, of course, but there are positive ways to explore risks and opportunities even in today’s uncertain economic world. To help you and your business steer a steadier course, our global network of professionals offers ways to think about risk, private equity and financial operations. SEC mandates XBRL On 30 January 2009, the US Securities and Exchange Commission (SEC) published a final rule (pdf, 257kb) for the mandatory use of eXtensible Business Reporting Language (XBRL) in reporting financial information to the SEC. From mid June 2009, primary financial statements, notes and schedules filed with the SEC for certain companies are required to be submitted in XBRL. For more information please see our XBRL Implementation Roadmap (pdf, 4.1mb) which provides an XBRL implementation framework and discusses various matters that companies should consider when preparing for, and complying with, the SEC rule. |
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