Making the leap: IFRS/GAAP convergence brings new opportunities to the profession.

• Author: Rooney, Natalie
• Position: Cover story

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If you are overwhelmed at the thought of all the additional hard work the convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP means, you're probably not alone. The good news is that with the challenges of convergence come a great many new opportunities for CPAs to cement their status as the leaders of the international business community. The better news is that the CPAs who are out in front on this initiative will find themselves uniquely positioned to bring new business opportunities and revenue streams to their organizations.

WANTED: IFRS LEADERSHIP

CPAs have long been accepted as the leaders in business, said Bruce Pounder, CMA, CFM, DipIFR (ACCA) of Leveraged Logic, a provider of professional education and consulting services to financial professionals. With the convergence of IFRS and GAAP on the horizon, Pounder said he foresees a redistribution of career options and new earning potential for U.S. CPAs.

"Much like we saw with Sarbanes-Oxley (SOX), convergence will bring opportunities to CPAs who recognize the significance of what's happening," Pounder said. "The first CPAs to act on the information will find themselves able to write their own ticket. IFRS has a bright side for the swift and agile--no doubt about it."

But right now, IFRS experts are few and far between. This is where the opportunities for CPAs to differentiate themselves from their peers will emerge. Some CPAs are already leading the charge.

Chuck Maimbourg, CPA, senior vice president of accounting policy and research for KeyBank in Cleveland, said he is seeing an increasing number of e-mails and brochures about IFRS training programs. "A lot of information is starting to come out," Maimbourg said. "People really need to start following it." He advises CPAs and other accounting professionals to get the necessary training sooner rather than later--from the top financial officers to a summer intern. Those who know something about IFRS can differentiate themselves.

OSCPA Chair, Jay Moeller, CPA, partner-in-charge of the International Services Group at Battelle & Battelle LLP in Dayton, also urged CPAs to get the necessary training now. "CPAs need to know what's going on, what it means and how they are going to be affected," Moeller said. "That expertise can then be used to help clients and those who use the organization's financial statements."

Leah Donti, CMA, MBA, who provides IFRS training through her company, Advantage Montreal Seminars, Inc., said if you talk to the average recruiter right now, there's a "big shortage" of people with international standards experience. "There are openings at the senior and even intermediate levels for an IFRS coordinator," she said. Donti likened the need for individuals with experience in the international arena to what happened after SOX. "We just don't have the people with the knowledge right now," she said. "And IFRS is scheduled to have a bigger impact on accounting than SOX ever did."

STEPPING UP AS INDUSTRY LEADERS

"IFRS convergence is an accounting initiative." That is a phrase Maimbourg often hears in the corporate world. It's this lack of understanding of how the convergence will impact a corporation that...