The newsletter reviews examples of steps that companies in the United States are already taking in planning for an IFRS conversion, and identifies key questions for the audit committee to ask executive management. Click to download Making the Transition to IFRS: The Role of the Audit Committee (PDF 459k).

Considerations for the audit committee

What educational needs and goals does the audit committee have? Has the audit committee considered the implications IFRS may have on the financial-expert designation? Does the audit committee have an oversight plan for IFRS adoption, including the implementation process? How will the audit committee remain informed about changes and the impacts of the company's IFRS transition? How will IFRS adoption affect the duties and responsibilities of the audit committee for internal control and financial statement disclosures? Is the audit committee aware of the accounting policy elections and various implications for the organisation? What are the tax and systems implications of an IFRS implementation?

This page on IAS Plus has links to Many Other Publications about First-time Adoption of IFRSs.

 

Roundtable participants consisted of a cross-section of representatives including auditors, financial statement preparers, valuation experts, and industry. We have posted Notes Taken by Observers at the Tokyo Roundtable (PDF 29k). Those notes represent the roundtable observers' interpretations of the discussions, focussing on those issues that were not discussed at the Norwalk Roundtable held on 2 November 2009. As with the Norwalk roundtable, the following issues were identified by the IASB staff for discussion during the roundtable:

• Issue A – Fair value as an exit price
• Issue B – Fair value of liabilities
• Issue C – Fair value of non-financial assets and liabilities
• Issue D – Fair value in inactive markets
• Issue E – Fair value in emerging and transition economies
• Issue F – Jurisdiction-specific issues
• Issue G – US GAAP convergence

Participants raised points on several other topics, including disclosure requirements and valuation of non-quoted equities.