One Set of Global Standards is on the Horizon

[mz96gzhprkvo]

I have read one article that United States will be adopting the IFRS and since I have subscribed to eIFRS, I have recently received an e-mail containing this:


International Financial Reporting Standards (IFRS)
in North America 2009:
The U.S. Perspective

Convergence or Adoption ... IFRS Impact US

The AICPA and IASC Foundation’s International Financial Reporting Standards (IFRS) in North America 2009 conference and keynotes from IASB Chairman Sir David Tweedie, FASB Chairman Robert Herz, and U.S. Economic Recovery Advisory Board Chairman Paul Volcker, as well as features in-depth presentations, panel discussions and extensive Q&A sessions on the most current developments impacting you and your organization.

The conference also offers:

* Detailed discussions on these major convergence projects underway by the IASB and FASB: consolidations, conceptual framework, leases, derecognition
* Roundtable sessions on how the IFRS transition may affect preparers, auditors, academics, audit committee and tax
* Update on XBRL for IFRS
* The IFRS for small and medium-sized private entities (SMEs)
* And, plenty of time to have your questions answered

IFRS – a reality for U.S. Businesses
Now is the time to prepare not only for the major convergence projects underway, but also the possible adoption of IFRS — which needs to be well-planned — requiring leadership and vision. Early adoption can give companies an edge on competitors and make them more competitive with international businesses.

[joseph0487]

Yup, actually, as I have heard, isasama narin ang IFRS sa Uniform CPA Exams come 2011.

[ida_takahashi]

Actually the philippines is already adopting provisions of the IFRS thru its PFRS though there are slight differences.

Even BOA already issued a memo that effective May 2009 yata all PFRS pronouncements including PSA and PAS are included in the CPA board already.

[mz96gzhprkvo]

@joseph0487
Really? Then, Wiley should come up with IFRS based CPA reviewers?!? Yey!

If there would be one global standard, would it be possible that a CPA who has passed licensure examination here in the Philippines practice in the U.S.? XD

[joseph0487]

Based on what I've read from NASBA on twitter, IFRS will be included in the CPA exams here in the US (probably 2011, when they'll implement some significant changes in the exams) so it will be a must for the American accountancy students to have a knowledge of IFRS.

So far, it's not yet included in the Wiley Reviewers (under Financial Accounting and Reporting section)

Currently, a Philippine CPA still needs to take the Uniform CPA Exams here in the US for us to be able to practice here. Like in my case, I am a Philippine CPA and now am currently taking the US CPA exams (which I'm hoping to finish by January). As of now, only a handful of countries have a Reciprocation Agreement with the US with regards to their CPA license and their ability to practice here.

There are slight differences pa kasi as of now between the US GAAP and the PFRS (like the treatment of negative goodwill sa business acquisition/combination, recognition ng extraordinary gains/losses, LIFO system, etc etc...). But as far as US GAAP is concerned, and based on my observation as well, they are having some amendments on the standards here to conform with the IFRS (like before, they used to allow the Pooling of Interest method and not anymore)

If there would be a global standard, it would be possible in the future that we, Phil. CPA's, will be able to practice here in the US without taking their CPA exams that is, if the PFRS would also be in full compliance with such global standards.