ZGAS recently hosted a presentation regarding the impact of International Financial Reporting Standards (IFRS) on the CPA examination. Experts from Becker Professional Education, a leading provider of CPA exam review courses, were on hand to examine the history of the movement towards IFRS in the United States, to outline some of the major elements of IFRS, and to discuss the introduction of IFRS-related questions on the CPA examination.
Robert DeFilippis, a lead instructor at Becker, noted that it was a good time to be entering the accounting profession because accounting provisions were changing at an increasing pace, particularly as US GAAP converges towards IFRS. He stated that the SEC in 2008 created an initial timeline for the ultimate adoption of IFRS in 2015, but that the actual timing for the implementation of the new standards was still uncertain.
Mr. DeFilippis said that, beginning in January 2011, the American Institute of Certified Public Accountants changed the CPA exam to include questions related to IFRS. Even though the US has not yet adopted IFRS, he remarked that IFRS was already commonly seen in financial statements, such as those for a US company with a foreign subsidiary or a foreign parent. Currently the CPA examination typically contains only a few questions concerning IFRS, but that number will likely increase, Mr. DeFillipis noted, regardless of whether or not the US eventually adopts IFRS, since IFRS is used by growing numbers of foreign jurisdictions.
I hope that you were able to attend this informative presentation, and look forward to seeing you at some of our upcoming events.
Internal Committee, Zicklin Graduate Accounting Society