AICPA Survey Shows that U.S. Accountants Have Some Knowledge of IFRS
According to the results of the IFRS Readiness Survey released by the American Institute of Certified Public Accountants (AICPA), the majority of CPAs in the U.S. have some knowledge of the International Financial Reporting Standards (IFRS). Not surprisingly, IFRS knowledge is highest among those CPAs who work in foreign-owned public companies. The survey also shows that many CPAs strongly approve of U.S. adoption of IFRS.
Here are some of the highlights of the survey:
- 78% of CPAs already have some knowledge of IFRS.
- 76% of CPAs working in public companies are delaying preparations to adopt IFRS until the SEC issues a decision.
- 53% support an SEC mandate requiring use of IFRS in the U.S.
- 23% think IFRS should be offered as a financial reporting option for public companies.
IFRS requires that a company’s balance sheet recognize all allowable assets and liabilities under IFRS reporting standards, re-classify items that were previously classified under GAAP, and apply IFRS standards when measuring the value of all assets, which requires a certified appraisal.
Because Present Value LLC has performed machinery and equipment appraisals worldwide, we are very knowledgeable about IFRS accounting principles, and we aim to be at the forefront of the appraisal industry to better serve our clients and partners as they navigate these changes.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
Additional Reading
Debate Continues About Whether or Not the U.S. Should Adopt IFRS
SEC Releases Staff Paper on a Possible Incorporation of IFRS into U.S. GAAP