CPAs Becoming More Familiar With IFRS, Many Want More Time


CPAs hold mixed views on the SEC’s proposed timeline for the adoption of IFRS by U.S. public companies, according to an AICPA survey.

 

Asked whether they think the timeline, which would require IFRS adoption for public companies starting in 2014, should be changed, 47% of CPA respondents said it should be delayed.  Twenty-two percent said the proposed timeline is a good one. Six percent said it should be accelerated. The remaining respondents were unsure.

 

CPAs gained greater basic familiarity with IFRS over the past six months, according to the survey.  Only 22% said they had “no knowledge” of IFRS, an 8 percentage point drop from 30% who had no knowledge in September.  Forty-two percent said they already have basic knowledge and 24% have some knowledge of IFRS.

 

Familiarity with IFRS and recognition of a need to learn advanced principles of international accounting was higher among those CPAs working for foreign-owned private companies. Within this group, 37% said they are ready to adopt IFRS now and 13% said they are actively preparing to adopt IFRS.

 

To see the full results of the survey, click here.

 

Where to find January’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.