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AICPA calls for three- to five-year timeline for transition to IFRS.

On June 16. AICPA President and CEO Barry' Melancon spoke at a Financial Accounting Standards Board forum and called for an orderly transition and reasonable time frame of three to five years for the U.S. accounting profession to adopt International Financial Reporting Standards. The forum's purpose was to open a dialogue about whether and how to move the U.S. financial reporting system to IFRS, and to broadly define next steps in that process.

"Awareness is growing among U.S. accountants that IFRS is coming for public companies and most believe it will take three to five years to get ready." Melancon said to representatives from the U.S. and international accounting and finance professions, as well as state and federal regulatory authorities, including the Securities and Exchange Commission and the Internal Revenue Service. A majority of AICPA members polled in a survey this past spring said they believed it would take three to five years to prepare for IFRS.

Earlier this year, the Institute announced the May 15 launch of, a new Web site developed in partnership with CPA2Biz (, to help members and financial professionals learn about and stay informed on IFRS (The CPA Letter. June). On May; 18, the AICPA's governing Council voted to designate the International Accounting Standards Board. which promulgates IFRS. as an accounting body for purposes of applying IFRS in the U.S.

Getting Ready for IFRS

The AICPA offers several training resources to help members get a better understanding of and prepare for IFRS, as well as seminars available through state CPA societies. For details on available courses and conferences, go to ("training").

* An 8-hour CPE course, "International Versus U.S. Accounting: What in the World is the Difference?," which covers the significant differences and similarities between U.S. GAAP and IFRS.

* 2008 International Financial Executives Leadership Forum, Sept. 25-26 in greater Washington, D.C. (register by Aug. 8 for $200 discount). Pre-conference session offered. One workshop and one session on IFRS. CPE credit available (15 for main, 4.5 for optional).

* AICPA National Conference un Current SEC and PCAOB Developments, Washington.

D.C., Dec. 8-10. Recommended CPE credit: 26. This conference will have additional simulcast locations in Chicago, New York, Houston, London and California (location pending). IFRS discussed on a high level.

* IASeminars, a leading global provider of training courses on International Financial Reporting Standards, is the AICPA's newest Elite Values partner. With more than 100 international accounting courses available in Atlanta, Chicago. Denver. Houston, Las Vegas, Los Angeles. Miami, New York and Seattle, AICPA members can save 10% when using promotion code "AICPA 10." Log on to
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Title Annotation:news update
Publication:CPA Letter
Date:Aug 1, 2008
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