Uniform CPA Examination FAQs - International Financial Reporting Standards (IFRS) 


    When will IFRS be included on the CPA Examination?
    In 2011, when new Content and Skill Specifications (CSOs/SSOs) for the Uniform CPA Examination go into effect, IFRS will be eligible for testing on the Uniform CPA Examination.

    Why was it decided to include IFRS on the CPA Examination?
    The decision to include IFRS on the CPA Examination was based on a determination that knowledge of IFRS is currently required of entry-level CPAs in protection of the public interest. A practice analysis was used to make this determination.

    What criteria were applied in making the decision to test IFRS on the CPA Examination?
    The criteria for determining whether any content should be tested are: whether it is relevant to the work of entry-level CPAs and, if it is relevant, then the importance and frequency of the content to the work of entry-level CPAs is determined. IFRS met these criteria. Based on the practice analysis, it was determined that IFRS is part of current entry-level CPA practice, notwithstanding the fact that IFRS and US GAAP have not yet fully converged.

    Where do entry-level CPAs currently work with IFRS?
    In many settings. For example, in US companies that are owned by international entities, entry-level CPAs use IFRS in preparing reporting packages; in US companies that own international entities, entry-level CPAs work on converting IFRS financials to US GAAP. In addition, entry-level CPA auditors use IFRS when auditing companies or subsidiaries that report in IFRS.

    Will US GAAP continue to be tested on the CPA Examination in addition to IFRS?
    Yes. For the foreseeable future, both US GAAP and IFRS will be included on the CPA Examination. Entry-level CPAs will need to be conversant with both.

    Will IFRS be tested in one or more CPA Examination section?
    IFRS may be tested in more than one CPA Examination section.

    Will IFRS be tested in one or more question format?
    IFRS may be tested in more than one question format.

    Will international standards – other than IFRS – also be included on the CPA Examination?
    Yes. For example, International Standards on Auditing (ISAs), International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants, and International Accounting Standards will be eligible to be tested.

    What should candidates remember as they prepare for international content on the CPA Examination?
    The integration of IFRS and other international standards into the CPA Examination will be gradual. International standards will begin to be tested in 2011 but US standards will continue to be included on the examination.

    What is the best source of information about the testing of international content on the CPA Examination?
    The best source is the new Content and Skills page on AICPA.org.




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