CPAs Becoming More Familiar With IFRS, Many Want More Time

Journal of Accountancy
2009/05/20

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.