For those of you that are planning to take the CPA Exam in the coming years, be aware that International Financial Reporting Standards (IFRS) and related materials will be incorporated into the test starting in few short years, even if adoption/convergence of the standards in the United States is postponed.

For those of us raised on U.S. GAAP, the day is coming that being “bilingual” in accounting standards will be required.  This may impact your decision to postpone the exam any longer than you have to because accounting curriculum (including instructors, textbooks, etc.) will need some time to also incorporate the new standards and if you don’t pass the exam my 2012 you may find yourself in limbo for a while while the educational opportunities are available for you learn this new material.

Although IFRS adoption in the U.S. is in a holding pattern, IFRS adoption in other countries marches on.  In the end, we face two likely scenarios.  Either the U.S. ultimately adopts IFRS or both IFRS and U.S. GAAP coexist (converged or not).  Under both scenarios, it will be important for U.S. CPAs to build foundational knowledge of IFRS.

Recognizing this need, IFRS questions will be incorporated into the CPA exam no later than 2012.  Colleges are incorporating IFRS into their accounting curricula and accounting textbooks with IFRS content are expected in the reasonably near future.

Read more at the IFRS Blog: