The California Society of CPAs said it would begin an educational initiative to help its 31,000 members cope with International Financial Reporting Standards.
IFRS has been on a road to convergence with U.S. generally accepted accounting principles. The Securities and Exchange Commission recently decided to allow foreign companies to file financial statements that comply with IFRS without needing to reconcile them with GAAP. The SEC has also proposed allowing U.S. companies to use IFRS.
The California Society is working with the International Accounting Standards Committee Foundation to develop educational programs and resources to help CalCPA members adjust to IFRS. The IASC Foundation will make available information about recent convergence developments to CalCPA members. In addition, CalCPA is developing a Web resource center at www.calcpa.org/ifrs to help California CPAs better understand global convergence and IFRS.
"This educational initiative will better prepare our members involved in the development of financial reports of public companies used by millions of investors worldwide," said CalCPA CEO Loretta Doon (pictured) in a statement.
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