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May 24, 2010

IFRS awareness grows among US CPAs

Nearly half of US CPAs have a basic knowledge of IFRS, indicating a growing awareness of the global standards within the US profession.

An AICPA survey of 3588 accountants found 47% of CPAs have a basic knowledge of IFRS, which is up 8% since October 2008.

Nearly a quarter of CPAs expect they will need advanced knowledge on IFRS in the coming years and 7% believe they will gain this knowledge.

“We see clear evidence in our survey that CPAs in the US are not only increasingly aware of IFRS but also significant numbers are beginning to recognize a need to gain advanced and expert knowledge,” said Arleen Thomas, AICPA senior vice president for member competency and development.

Forty-two percent of respondents believe the SEC should require adoption of IFRS for US public companies, but only after more convergence of IFRS with US GAAP. Another 18 percent support US adoption outright while only 6 percent believe IFRS should not be mandated for US issuers. 

There is uncertainty on IFRS for SMEs, with about half of respondents unsure on whether they should advise clients to adopt IFRS for SMEs.

The AICPA survey was conducted during April and May.

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