“Our mission is not to advocate adoption of IFRS,” Kerr says, but to help our customers get ready for what’s coming. “The benefit to U.S. companies is staying informed about developments with IFRS, including the possible requirement of SEC registrants (i.e. public companies) to adopt IFRS in the future.”

In other words, have a plan, which includes having the ability to assess the impact of IFRS adoption on systems, financial reports and personnel, Kerr says. Further, he explains that CPA firms that stay on top of the potential changes will be in a good
position to advise clients and provide
the expertise needed to thrive
under the new standards.

To help practitioners prepare for the potential of IFRS, Thomson Reuters offers several training solutions geared toward understanding IFRS, including the following courses:

PPC and AuditWatch Global Accounting and Auditing Conference: U.S. GAAP and IFRS: Addresses the current status of the considerations to the switch from U.S. GAAP to IFRS, and analyzes the key differences between the two.