Survey: CPAs Growing More Familiar With IFRS


Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey released Monday. 

 

Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been cut in half, to just over 15%. The latest survey, conducted April 20 to May 7, found that nearly half (47%) of CPAs already have basic knowledge of IFRS, a clear advancement from the 39% who had basic knowledge in October 2008.

 

Nearly one in four CPAs (24%) say they expect to need “advanced” knowledge of IFRS in coming years, compared with 5% who say they already have advanced knowledge now. Seven percent expect to need expert knowledge in the future, compared with only 1% who have expert knowledge today.

 

More than half (60%) say the SEC should ultimately require adoption of IFRS for U.S. public companies, but most believe more convergence of U.S. GAAP with IFRS is needed first. Another 18% said IFRS should not be mandated, but should be available as an option for use by U.S. issuers. Only 6% said IFRS should not be mandated or allowed for U.S. issuers. And 16% were unsure.

 

A majority of respondents (53%) are aware that the International Accounting Standards Board (IASB) recently issued IFRS for Small and Medium-sized Entities (SMEs). However, 51% of CPAs in public practice are “unsure” about whether they would advise their clients to adopt IFRS for SMEs. A similar percentage (49%) of CPAs working for private companies indicated that they were unsure about adopting IFRS for SMEs.

 

SPONSORED REPORT

Questions to ask before committing to the cloud

Cloud computing has its pros and cons. In this report, we answer common questions CPAs may have as they consider transitioning partially or fully to the cloud.

QUIZ

News quiz: IRS reopens an online service, but criticism endures

The IRS brings back the Get Transcript Online service, but the agency faces criticism for its handling of the aftermath of the event that led to the shutdown of the service. See how much you know about other recent news with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.