What is the Best Way to Learn IFRS for Accountants?

For accountants in the United States, gaining proficiency in International Financial Reporting Standards (IFRS) is becoming a critical career move. With the Securities and Exchange Commission (SEC) potentially mandating a transition from Generally Accepted Accounting Principles (GAAP) for all public companies by 2014, individuals with IFRS knowledge are poised to become highly marketable. The demand for this expertise is expected to surge, making now the ideal time to invest in IFRS education.

Why Should US Accountants Learn IFRS Now?

The shift to IFRS is not just a theoretical change; it's a foreseeable industry disruption. While only the largest 100 public companies were eligible to file using IFRS starting in 2009, the SEC is set to decide on a broader mandate by 2011. This transition would be phased in from 2014 to 2016. According to industry experts like Mark Viego from Robert Half Management Resources, "There’s going to be a tremendous demand for folks with this experience once the SEC finalizes the IFRS road map." Even if you don't work for a large multinational firm, this knowledge makes you a valuable asset for any company navigating the future of financial reporting. Proactively learning IFRS demonstrates foresight and positions you for long-term career growth.

What Are the Most Effective IFRS Training Options?

Fortunately, accessing high-quality IFRS training doesn't have to be prohibitively expensive. A strategic approach involves starting with foundational resources and progressing to more specialized courses.

• Start with the Basics: Begin by reading the backgrounder from the International Accounting Standards Board (IASB), which sets the standards. This free resource explains the organization's role and provides context.
• Enroll in a Structured Course: The most effective path is to enroll in a formal course. Professional accounting associations offer the most recognized and cost-effective training.
  • AICPA Courses: The American Institute of Certified Public Accountants (AICPA) offers a popular two-hour IFRS overview course that "walks through the major differences between GAAP and IFRS," as noted by Arleen Thomas, AICPA's SVP for member competency. This course is open to all, with costs around $145 for members and $180 for nonmembers. For deeper learning, an eight-hour online course is available.
  • State CPA Societies & Specialty Organizations: For a more interactive experience, many state CPA societies offer live versions of the AICPA courses. Specialty groups like The Institute of Internal Auditors (IIA) also provide seminars focused on specific roles, such as how IFRS impacts the internal audit process.

When choosing a course, consider the presentation format (e.g., video, documents), opportunities for instructor interaction, and whether it qualifies for Continuing Professional Education (CPE) credits required for maintaining your license.

How Can You Leverage IFRS Knowledge on Your Resume?

The moment you complete an IFRS course, you should update your professional materials. "Anyone with IFRS education, experience or knowledge should highlight it at the top of the resume," advises Mark Viego. This immediate action signals to employers that you are current with global trends. To gain practical experience, volunteer for relevant projects within your company, such as joining an IFRS committee or analyzing what the transition would mean for your firm. This combination of education and initiative significantly enhances your marketability.

To maximize your career potential, start with a foundational course from a recognized body like the AICPA, immediately update your resume to feature this new competency, and seek out internal projects to apply your knowledge.