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IFRS Mentioned At The AICPA Conference

At the AICPA National Conference on Current SEC and PCAOB Developments being held in Washington December 7-9th, yesterday IFRS was discussed. We tracked the conference by following the tweets by the AICPA chair Robert Harris. Although nothing was announced officially, all the information about IFRS was positive.  See below for the tweets from the AICPA Chair at the meeting this morning

  • SEC Chief Accountant Kroeker on #IFRS: I expect you’ll hear more from us on this topic in the near term. #aicpasec
  • AICPA Chair Harris: We intend to make significant headway on private company reporting in my term. #aicpasec
  • AICPA Chair Harris: #IFRS is pushing private company reporting to forefront. #aicpasec
  • AICPA Chair Harris: CPA Exam to include #IFRS in 2011. #aicpasec
  • AICPA Chair Robert Harris: 95% of accounting programs now include #IFRS in curriculum. #aicpasec
  • AICPA Chair Robert Harris: More consensus than disagreement on goal for single global accounting standard. #aicpasec
  • AICPA Chair Robert Harris: Thinking globally is no longer a luxury. It is a necessity. #aicpasec

To sum up, it looks like IFRS will be part of the CPA exam in 2011, that IFRS will be important for private companies, and that there is more “consensus than disagreement on goal for single global accounting standard”.

UPDATE: For more information see comments by SEC Commissioner Elisse Walter on an expected IFRS update in early 2010:

and an interesting summary from the Journal of Accountancy:

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  • many of us don't realize that adoption of ifrs in the united states is also dependent on our own lobbying...the more times we mention the standards to sec (aicpa seems to be a done deal at this point) the more chance we have of actually being heard. there is a lot of apprehension among the politicians in this country about ifrs who are only too quick to put them along the metric system and just bury deep into the ground as they have not been invented here. so, i would encourage us sdn'ers to contact their representatives and actually ask for it. another event that is also taking place, which in many respects, has a lot more influence is the supreme court deliberation regarding the sec and pcaob independence and validity of sarbox.
  • Beyond the legal requirement to comply, corporates in India perceive that converting to IFRS would help in enhancing their reputation and relationships with the financial community. Other benefits include,

    Increased consistency between internal and external reporting
    Comparability with international competitors
    Increased access to international markets
    Improvement in risk rating
    Group-wide harmonization
    Improvement in planning and forecasting
    Support for management