The accounting educators, the major accounting firms, the American Institute for CPAs (AICPA), and the accounting textbook publishers have recognized that the shift from a rules-based approach to a principles-based approach will require the preparers and auditors of financial statements to utilize more critical thinking skills and to be used to working with ambiguity in the absence of detailed and highlighted accounting standards as in GAAP
The AICPA Board of Examiners have decided to test candidates for the national CPA examination on IFRS topics in three of the four sections of the exam beginning as early as 2011 (AICPA, 2010). The Board wants candidates to be as proficient in IFRS topics as U.S. GAAP and GAAS (Generally Accepted Auditing …show more content…
Faculty in U.S. colleges and universities have a wealth of expertise in teaching U.S. GAAP, however, expertise in IFRS is limited.
Adding international standards to an already complex and robust accounting curriculum would require the teaching of two sets of standards. A year later, it is clear that until the convergence becomes mandatory, both standards must be covered. The big four accounting firms are now requiring that new hires be familiar with IFRS, while some of the regional firms are also expecting the students to be aware of IFRS at some level (Kroll, 2009). As noted earlier, the AICPA Board of
Examiners will be testing candidates on IFRS in three of the four sections of the national Uniform CPA exam beginning as early as 2011. These events now will force universities to fully incorporate IFRS into the accounting curriculum as soon as possible. For generations in the U.S., GAAP has been the basis for training, education, and examinations of accountants, in schools and in practice. IFRS is barely known and rarely taught. So the entire U.S. training, education, and examination system requires revision (Cunningham, 2008).
Peter and
The AICPA Board of Examiners have decided to test candidates for the national CPA examination on IFRS topics in three of the four sections of the exam beginning as early as 2011 (AICPA, 2010). The Board wants candidates to be as proficient in IFRS topics as U.S. GAAP and GAAS (Generally Accepted Auditing …show more content…
Faculty in U.S. colleges and universities have a wealth of expertise in teaching U.S. GAAP, however, expertise in IFRS is limited.
Adding international standards to an already complex and robust accounting curriculum would require the teaching of two sets of standards. A year later, it is clear that until the convergence becomes mandatory, both standards must be covered. The big four accounting firms are now requiring that new hires be familiar with IFRS, while some of the regional firms are also expecting the students to be aware of IFRS at some level (Kroll, 2009). As noted earlier, the AICPA Board of
Examiners will be testing candidates on IFRS in three of the four sections of the national Uniform CPA exam beginning as early as 2011. These events now will force universities to fully incorporate IFRS into the accounting curriculum as soon as possible. For generations in the U.S., GAAP has been the basis for training, education, and examinations of accountants, in schools and in practice. IFRS is barely known and rarely taught. So the entire U.S. training, education, and examination system requires revision (Cunningham, 2008).
Peter and