US - IFRS ripples throughout the CPA profession

International Financial Reporting Standards (IFRS) have made great inroads over the past five to seven years. The US Securities and Exchange Commission (SEC) has proposed a timetable, open for public comment, that will allow/require listed companies to use IFRS starting in 2014 or earlier. For big and small CPA firms, members in industry, accounting educators, investors, tax professionals, bankers, board members, auditors and financial analysts, the financial world will change by a magnitude unseen by most who are currently working in the accounting field and related professions. The most significant challenge now is how to get the horse (IFRS-specific knowledge) in front of the cart (financial statement preparation and reporting using IFRS) where it belongs. (Read the article "IFRS ripples throughout the profession" at AccountingWeb.com.)