Last Monday I spent some time with Peter Margaritas, a nationally known IFRS expert. I think you’ll enjoy his insights below.
Q: What is your forecast for U.S. IFRS acceptance?
A: Based on recent events from the SEC, the mandatory adoption of IFRS will occur around the same time the United States changes to the metric system. U.S. GAAP and IFRS are a lot closer than they were five years ago and apparently that’s good enough for now. With that said, IFRS is already in the U.S. and an example would be that there are many U.S. subsidiaries reporting back to their foreign parent in IFRS.
Q: What do CPAs need to know NOW about IFRS?
A: IFRS has snuck in through the back door and is already spreading across the United States. The time to prepare is now. Firms and businesses that are proactive in IFRS training will have financial leverage and advantage over their competitors. As I travel the country presenting my IFRS programs to CPAs, the number of them who are currently dealing with an IFRS implementation issue continues to grow.
Q: What might be one thing you think accountants aren’t giving enough priority to in 2012?
A: I think the one thing CPAs aren’t giving enough priority to is the development and strengthening of business success skills–those non-technical skills that help build business relationships in this complex and changing business environment. Many of these are related to communication skills: presentation skills, networking, business development and team building, just to name a few. The CPA Horizons 2025 Report… integration and collaboration are core competencies for CPAs–and CPAs will need to build effective strategic alliances while working collaboratively to provide multidisciplinary solutions to complex problems.
Questions about IFRS? Talk to Pete.
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