Masters in Accounting - Great USA site by Mark Macaluso

Masters in Accounting was created as a nonprofit resource to serve students considering enrolling in a masters in accounting program. Actively maintained, Masters in Accounting is the only nonprofit website which lists and links to every accredited masters in accounting program as well as answers some basic questions about the degree so that students have a single unbiased resource from which they can begin their research.


About Us

Who and Why?

Masters in Accounting was created by Mark Macaluso in June 2010. Mark, a MSA graduate, decided to create Masters in Accounting because despite the fact that you can find almost anything online, there were to-date no reliable nonprofit websites devoted to presenting prospective students with an understanding of what a masters in accounting program entails, which schools offer the degree, what differences exist between various masters in accounting programs and sub-specialities, etc.

Contact

Feedback is always welcomed. While I generally try not to give advice about specific schools and programs in an attempt to remain unbiased, I will be happy to answer questions relating to other aspects of the degree, career options, etc. So please don’t hesitate to email me, Mark Macaluso, at: info #at# mastersinaccounting #dot# net.

SEC to Determine Next Steps

by Jeff Henson

Read more on Jeff's blogs:

• IFRSUSA.
• XBRLUSA.

The SEC is analyzing comments and determining its next move on IFRS. In the meantime, we would do well to stay IFRS aware and conduct a business impact assessment on how IFRS will affect our businesses. This would be a good time to determine how your financial statements will be impacted by IFRS and to learn more about the convergence project between the FASB and IASB.

The FASB & IASB have several topics on their convergence Agenda including:

• Financial Statement Presentation (Performance Reporting)
• IFRS 2 Share-based Payment Amendment – group cash-settled share-based payment transactions Impairment
• Income Taxes – Reconsideration of IAS 12
• Insurance Contracts – Phase II (Comprehensive Project)
• Joint Ventures – Reconsideration of IAS 31 Leases
• Liabilities (was part of Business Combinations – Phase II)
• Post-employment Benefits including Pensions
• Rate-regulated Activities
• Related Party Disclosures
• Revenue Recognition
• (IFRS for) Small and Medium-sized Entities (also referred to as Private Entities and Non-publicly Accountable Entities)
• Intangible Assets Extractive Activities IFRS XBRL Taxonomy
• Conceptual Framework Project Update
• Business Combinations Project Update
• Financial Statement Presentation
• Revenue Recognition Project Update

As a result of these and other initiatives, the FASB expects to make significant progress toward international convergence in the next few years. However, because of the volume of differences and the complex nature of some issues, the FASB anticipates that many differences between U.S. and international standards will persist.

Diploma in IFRS Results

The results from the February 2008 sitting of the ICAI Diploma in International Financial Reporting Standards (IFRS) exam have just been published. In total 42 participants sat and were successful in the February exam, with over 60% receiving Distinctions.

The ICAI congratulates the following people:

• Martin Barry
• Clare Bourke
• Michelle Carroll
• JJ Comerford
• Margaret Deehan
• Niamh Fee
• Elizabeth Gildea
• Aidan Gorman
• Anna Kurchenko
• Colm Malone
• Garrett McCarthy
• Una McGuinness
• Brendan Molloy
• Thomas Murphy
• Margaret O'Neill
• Hugh O'Neill
• Bronagh Quigley
• Aisling Reenan
• Theresa Ryan
• Nicola Walsh
• Brian Gallagher
• Damian Gleeson
• Noel Gleeson
• Shane McKenna
• Denise O'Connell
• Lucy O'Connell
• Lisa Ryan
• Michelle Walshe
• Lauren Allman
• Andrea Flanagan
• Darren Harty
• Noel McLaughlin
• Erling Mitton
• Derval Molloy
• Liz Murphy
• Gerard John O'Gorman
• Adeline Smyth
• Paul Summers
• Niall Sweeney
• Michael Harty
• Sarah Williams
• Lynne Martin

To receive more information about the next session of the IFRS Diploma email ifrs@icai.ie

TAKE A DEEP BREATH – AND THEN GO AHEAD

Written by Greg Millman from IFRS reporter.com

That's former SEC Chairman David Ruder's message to newly appointed SEC Chairman Mary Schapiro. In a frank interview with IFRS Reporter, Chairman Ruder talked about why IFRS adoption by companies is inevitable. He acknowledged that it may not take place on the timetable laid out in the SEC Roadmap, but insisted that it will take place. Why? The alternative would be to put U.S. companies at a disadvantage in the capital markets. Few major U.S. companies have shown any eagerness to transition to IFRS. But that may change because IFRS often allows companies to report higher earnings than GAAP. There aren't many other ways to report higher earnings in a deepening recession. So IFRS could look better and better to companies as the financial squeeze tightens. Click here to listen to the highlights to learn: How the financial crisis affects the international accounting agenda Why accounting convergence is pointless without auditing convergence--a task that has barely begun. What threats to IASB independence will make the FASB necessary even if the U.S. eventually adopts IFRS How Paul Volcker brought the bacon home for the IASB A Q&A text and will be available shortly. The full interview is available here: Part 1, Part 2

SEC Delivers Final XBRL Mandate

By Mitchell Feldman: A.E. Feldman Blog

Insight on Hot Issues, News and Trends in Employment in Financial Services, Accounting and Legal plus Expert Advice on the Executive Search Process

The SEC has finally delivered its mandate that corporations start filing financial statements using XBRL technology. Read original article.


The final version of its rule mandating eXtensible Business Reporting Language (XBRL) for public companies has been posted. The 500 largest public companies must start XBRL compliance this June, followed by other large filers in 2010, and all remaining companies in 2011. The new rule requires public companies to begin filing their financial statements in an interactive data format, allowing investors to download them more easily into spreadsheets and other software. According to the SEC, the technology is “intended not only to make financial information easier for investors to analyze (across companies and industries), but also to assist in automating regulatory filings and business information processing.” The SEC also contends that interactive data has the potential to increase the speed, accuracy and usability of financial disclosure, and eventually reduce costs.

XBRL is a language for the electronic communication of business and financial data which is transforming global business reporting with the promise of greater efficiency and improved accuracy. This technology involves computer “tags” similar to the bar codes used to identify groceries in the supermarket. According to the SEC, the tags uniquely identify individual items in a company’s financial statement so they can be easily searched, downloaded, reorganized, and put to any number of other comparative and analytical uses.

The technology is being developed by an international non-profit consortium of approximately 500 major companies, organizations and government agencies, according to XBRL.org. Right now, implementations of XBRL are growing rapidly around the world. Read more...

IFRS Summit in Canada January 27-28 2009

by Darla Sycamore

There will be a Summit on IFRS for Canada on January 27 - 28, 2009. The two day event will deal with practical issues on IFRS and representatives from various companies will be speaking on a number of issues related to IFRS conversions. The organizations represented at the Summit include:

• Accounting Standards Board Canada
• International Financial Reporting Interpretations Committee (IFRIC)
• Microsoft Corporation
• Bombardier Inc
• AltaGas Ltd
• The Finance Group
• Canadian Financial Executives Research Foundation
• Homes Trust Company
• Hydro One
• Axiotron
• HEC Montreal
• egX Group Inc.
• The Kidney Foundation of Canada
• Agrana Fruit US Inc
• Canam International
• Agrium Inc.
• TD Bank Financial Group
• Gildan Activewear Inc,

The session will deal with private company issues and small/medium size businesses as well as public company issues. The topics include "the usual suspects".

• Project management for IFRS
• IFRS1 Implementation issues
• Property, Plant and Equipment
• Mergers and Acquisitions
• Fair Value Accounting

See here for more details

Lexington Seminars - Specialist IFRS & USGAAP Training Provider

by David Goldman at Lexington Seminars

Lexington Seminars has established itself as a leading independent specialist provider of international accounting seminars (IFRS & US GAAP). With offices in Orlando Florida, we provide in company training delivered at a time and place of the client's choice.

www.lexseminars.com

Courses

Course 1020: IFRS Overview, with US GAAP Comparison

Duration: 3 days

This three-day interactive workshop is a step-by-step overview of the technical issues involved in IFRS and the critical differences between IFRS and US GAAP. The seminar is presented using financial statements, case studies, and extensive examples. Course topics include: Financial statement presentation and specific disclosures (segment reporting, events after the reporting period, cash flow statement, related parties, accounting policies/changes in estimates/errors, discontinued operations) | Revenue recognition | Recognition and measurement of assets (property, plant & equipment, borrowing costs, investment property and intangible assets) including the accounting treatment of impairment and assets held for sale | Contingencies and non-financial liabilities (including those for employee benefits) | Share-based payment | Foreign currency transactions | Investments in associates and joint ventures | Inventories | Overview of business combinations, including a recap of the January 2008 revisions | Consolidated financial statements, including special purpose entities | Financial instruments, including the IFRS 7 disclosure requirements | First-time adoption of IFRS | Comparison of the Conceptual Frameworks for IFRS and US GAAP | Discussion of significant differences between IFRS and US GAAP | Expected future developments (update on the IASB-FASB convergence project, status of global accounting convergence, Exposure Drafts, other IASB projects and work agenda). Please contact us for a price quote.

The following comprehensive course list is designed to meet a wide range of training requirements. If you need more assistance in identifying the adequate courses, please contact us for a personal consultation about your training requirements or to discuss an in-company (on-site) course.

• Course 1020: IFRS Overview, with US GAAP Comparison
• Course 1230: IFRS Business Combinations Accounting Workshop
  
• Course 1235: IFRS Business Combinations - Implementing the New Standard
  
• Course 1310: IFRS and US GAAP Revenue Recognition
  
• Course 2235: US GAAP Business Combinations - Implementing the New Standard

Blog

Lexington Seminars is launching a Blog that will allow people interested in IFRS to post their comments, experiences and needs as they relate to IFRS.

Click here to check it out:

We welcome any participation in the Blog. We want to develop a global message board, a sounding board, about the importance of a world-wide universal set of accounting standards.