At the AICPA National Conference on Current SEC and PCAOB Developments being held in Washington December 7-9th, yesterday IFRS was discussed. We tracked the conference by following the tweets by the AICPA chair Robert Harris. Although nothing was announced officially, all the information about IFRS was positive. See below for the tweets from the AICPA Chair at the meeting this morning
- SEC Chief Accountant Kroeker on #IFRS: I expect you'll hear more from us on this topic in the near term. #aicpasec
- AICPA Chair Harris: We intend to make significant headway on private company reporting in my term. #aicpasec
- AICPA Chair Harris: #IFRS is pushing private company reporting to forefront. #aicpasec
- AICPA Chair Harris: CPA Exam to include #IFRS in 2011. #aicpasec
- AICPA Chair Robert Harris: 95% of accounting programs now include #IFRS in curriculum. #aicpasec
- AICPA Chair Robert Harris: More consensus than disagreement on goal for single global accounting standard. #aicpasec
- AICPA Chair Robert Harris: Thinking globally is no longer a luxury. It is a necessity. #aicpasec
To sum up, it looks like IFRS will be part of the CPA exam in 2011, that IFRS will be important for private companies, and that there is more "consensus than disagreement on goal for single global accounting standard".
UPDATE: For more information see comments by SEC Commissioner Elisse Walter on an expected IFRS update in early 2010: http://bit.ly/6SJHU9
and an interesting summary from the Journal of Accountancy: http://www.journalofaccountancy.com/Web/20092393.htm
