"IFRS - History, Current Status and Future Developments"

  • March 04, 2015
  • 5:30 PM - 8:00 PM
  • Driehaus College of Business, DePaul University, 1 E. Jackson Blvd., 5th floor, Suite 5800, Chicago, IL 60604

Registration

  • Current DePaul MBA students can register for free on a first-arrived-first-served basis.
  • Price per person attending the workshop on site.
  • Price per person attending the workshop on site.

Registration is closed
Topic: "IFRS - History, Current Status and Future Developments"

Speaker: Dr. Barry J. Epstein PhD., CPA, CFF


Program Chair: Judi Spaletto, ITCC Board Member

 

We have invited Dr. Epstein, a licensed CPA in Illinois and a Partner in the Chicago firm of Epstein & Nach LLC. Dr. Epstein is a recognized expert in the harmonization of international accounting principles called International Financial Reporting Standards ("IFRS"), and the efforts to harmonize financial reporting world-wide.

The focus of his presentation will address the following: 

  • The history regarding the creation of the IASC (now IASB) in 1973, its early efforts to narrow the then-wide range of accounting treatments given transactions by businesses around the world, in order to foster international commerce and capital flows by reducing the perception of 'accounting risk;' 
  • The major boost given in the late 1990s to international accounting standards when the international organization (IOSCO) representing national securities regulators endorsed IAS for cross-border registrations; 
  • The SEC-demanded change in structure from IASC (part-time board, limited technical support, limited financing) to IASB (full time board, well funded, with large technical staff) in 2011, essentially emulating the US's FASB;
  • The decade-long effort to "converge" IFRS with U.S. GAAP, which has been partially successful but which apparently cannot be fully accomplished;
  • The uncertain status of SEC permission to file in the U.S. using IFRS (permitted for foreign issuers, but not yet for domestic ones, even if they also file under IFRS in other markets);
  • The recent or pending major achievements with new standards addressing revenue recognition, accounting for leases, and accounting for financial assets and liabilities; and
  • The outlook for other projects currently under development.

Dr. Epstein holds degrees in Finance, Accounting and Economics from DePaul University, University of Chicago, and the University of Pittsburgh. 

 

The International Trade Club of Chicago (ITCC) is a not-for-profit organization and all proceeds are used solely to cover the costs of ITCC activities. The ITCC appreciates the efforts of the volunteer speakers.
 
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