Are you IFRS ready?

With the move toward public companies implementing the International Financial Reporting Standards (IFRS), expertise in these standards will be paramount for CPAs and accounting professionals.

In fact, the U.S. Securities and Exchange Commission  could be requiring public companies to use the international standards as early as 2014.  The SEC is continuing to move forward to “promote a single set of high-quality globally accepted accounting standards,” according to SEC Chairman Mary Schapiro.

What does this mean for accounting professionals?  Job growth, especially for those who have become certified in the new standards.  In addition, there are new job opportunities for accounting professionals who have expertise in information technology as companies have to update their accounting software and hardware systems to accommodate the new standards.

Educational opportunities are increasing to ensure that today’s accounting professionals stay abreast of the global standards.

AICPA Certification Program

The American Institute of Certified Public Accountants has created a certification program for current CPAs and other financial professionals to gain knowledge on the international standards.  The on-line educational program uses 50 IRFS experts in its videos.  For more information, click on this link.

IT Systems Implications

AICPA is also addressing the impact the new standards will have on information technology systems and changes to software and hardware that will need to be made to incorporate the new standards.  The book IFRS Compass: IT Systems Implications  is available through the AICPA store.  Click this link for more information. 

IFRS Foundation and IASB

The IFRS Foundation and the International Accounting Standards Board are the two groups working together toward finalizing and implementing the international standards.  They also have an educational division with training materials available.  Click this link for more information.

We Deliver Great Jobs/ Great Applicants

Everyone’s first day at a new job with a new company is similar.  We all have fears:  Will I fit in? Will I enjoy working here?  Will this company be a good fit for my background? Will it give me the growth opportunity I need?

At Tru-Bridge, we turn those first-day jitters into genuine excitement and enthusiasm for the great job that is waiting for you.  We do this in three ways:

Placement with quality companies. There are many recruiters who place qualified and highly skilled individuals in companies where turnover is high, morale is low and the work environment is toxic.  Our philosophy is simple: We only place candidates with companies that we personally would work for, thus making sure that you, as our client, will land a position with a company that will treat you right and be there for the long term.

Thorough interview process. It’s important that the company you work for has a good work environment and good employees who work together for the benefit of all. At Tru-Bridge, you, as our client, will go through an extensive interview process to ensure that you are a good fit for the company and that the company is a good fit for you.  It begins with our personal interview with you and continues with a minimum of two interviews at the company looking to hire.  You will be introduced to a number of employees and have an opportunity to observe the work environment.  Each meeting with a company gives you a better understanding of the company philosophy and work environment, and when a company takes the time to get to know you, you know they are looking for a long-term relationship.

Right position for the right candidate: We all learned at a young age that it’s very difficult to put a round peg in a square hole.  At Tru-Bridge we closely review the qualifications and experience of our clients—both the candidate and the company—to ensure that the right person is interviewing for a position. Some recruiters will line up five or 10 potential candidates to interview for a position, wasting the time of candidates and of the hiring company.  We don’t waste time—we’re too busy sending the right highly qualified candidate to the right interview.  This is one of the reasons companies call us first because we have a reputation for sending candidates with the proper background and experience to interviews.

If you’re not with the right company and have fears about your long-term future, gives us a call or e-mail.  Let’s put your qualifications and experience to work in a rewarding career with an excellent company.

On the Horizon: International Financial Reporting Standards

By Bobby Pastorius, Partner

It’s difficult to imagine that with all of the diverse cultures and ideas the world over that any one standard on any topic can meet the needs of all countries. But the financial industry may get it done and more quickly than many U.S. accounting firms thought possible.

Christopher Cox, the former Securities and Exchange Commission Chairman, introduced a roadmap converging the U.S. GAAP rules with global accounting standards in 2008. This roadmap is a timeline for U.S. based public companies to use to transition to the international financial reporting standards (IFRS).

Although the SEC’s attention to this project was diverted due to the financial crisis, James Kroeker, the SEC chief accountant, noted in a meeting on September 17, 2009 with the New York State Society of Certified Public Accountants that the U.S. is on track with the roadmap.

In fact, he observed that the crisis may have underscored the importance of the international standards. “Addressing issues such as off-balance-sheet accounting from a national perspective rather than an international one doesn’t make sense because of the interconnections among multinational companies and their investments,” explained Kroeker as reported in CFO.com.

There are many benefits to U.S. companies for adopting IFRS including promoting global competitiveness, strengthening U.S. markets, facilitating the management of U.S. based global companies and achieving significant cost savings and process efficiencies for companies that have offices worldwide.

In a Deloitte and Touche LLP survey of more than 245 financial executives conducted in July, 90 percent viewed mandatory conversion highly likely.  According to D.J. Gannon, a partner in the U.S., “Those companies with plans and strategies in place will not only be better equipped to address IFRS-related changes, but they will also reap the benefits of IFRS sooner.” Deloitte is a global conglomerate with offices in 140 countries.

In an address to the annual conference of the International Organization of Securities Commissions held in Paris in May 2008, then SEC chairman Christopher Cox explained that Europe and nearly 100 countries worldwide require or permit the use of IFRS. “In order for IFRS to fulfill the promise it holds to be a uniter of the world’s capital markets and a powerful tool for investors everywhere, there are a handful of principles that are critical to its success.” These key principles include that the standards be crafted in the interest of investors, that the standards be transparent, and that the standard setter be independent and accountable.

Getting all countries to agree on standards will not be easy but with the worldwide economy it just makes good business sense. Although some countries such as India are on track to transition to IFRS in 2011, U.S. companies are viewed to transition by 2014.

For addition information on IFRS, look to these websites:

www.ifrs.com The site was created by The American Institute of CPAs and gives up-to-date information for all things related to IFRS.

www.iasb.org  This site is the International Accounting Standards Board, an independent standard-setting body whose mission is to develop the IFRS.

Accountants: You’re in the right field

By Bobby Pastorius, Partner

If you’re looking at this site and are employed in the accounting or financial services industry, then you’re one of the lucky ones. Every business—no matter what size—needs accountants.  The industry has been doing very well and will continue to do so.

According to Forbes.com, although the U.S. has lost about 500,000 jobs per month in the past six months, it has gained 3,000 jobs a month in accounting.  The U.S. Bureau of Labor Statistics notes that the number of jobs for accountants and auditors will grow 18 percent between 2006 and 2016, faster than other occupations.

There are many employment options for people in this field and all types of companies, including private clients, nonprofits, government and small and large corporations, that are looking to hire.

Congratulations, you are in a growing industry with a future.

Are you ready for a new challenge?

There are many facets to the field of accounting, yet sometimes individuals can be pigeon-holed before they really can explore the field. Often, one gets settled in a position, then personal and social obligations make it difficult to pursue another area. In addition, an accountant may find that he has reached the “top” at his current employer and needs a new challenge.

That’s where a recruitment company can be so beneficial as the right company can lead a client to a new more challenging position or into a new area of the field that the client may want to explore.

Here are questions to ask yourself when meeting with a recruiter.

1. Does the recruiter listen to your needs or simply talk about  positions that you have no desire to pursue?
2. Does the recruiter call and ask permission before he sends your resume to another company?
3. Does the recruiter push you to interview for positions you are not interested in?
4. Is the recruiter genuinely interested in placing you with the best company available or does he seem to be pursuing his own commission?

The right recruiting firm can take you from a dead-end job to a new, exciting place in your career.  If you feel like your career interests are not being met, find a new recruitment company.

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