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.  

 

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.