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

• Position: News update

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 www.IFRS.com, a new Web site developed in partnership with CPA2Biz (www.CPA2Biz.com), 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...