Knowledge of IFRS is no longer optional
The SEC is sold. Finance executives are sold. And now, the AICPA is sold, too.
The topic is international financial reporting standards. U.S. convergence to IFRS has had a roller coaster year, but it's a hot topic again, and getting hotter all the time.
The latest development comes from the AICPA, which has announced that IFRS will be included on the CPA exam beginning on Jan. 1, 2011.
It's all part of CBT-e. That's AICPA-speak for "computer-based testing evolution," and it signifies the latest changes in CPA exam content and processes. Here's what the folks at Roger CPA Review said in breaking the story:
"There are two large changes that will have the most impact on CPA exam candidates. The AICPA announced:
- On Jan. 1, 2011, new Content and Skill Specification Outlines (CSOs / SSOs) for the Uniform CPA Examination -– including the testing of International Financial Reporting Standards (IFRS) –- will go into effect.
- On Jan. 1, 2011, a new release of authoritative literature -– with codified FASB Accounting Standards –- and a new research task format will be introduced on the CPA Examination."
In short, starting in January 2011, if you want to become a CPA, you'll have to know IFRS.
That might be the strongest evidence yet that IFRS is here to stay.
Sounds like a good time to get caught up on convergence. You'll find all the information you need in these MACPA and BLI programs: