International Standards in 2011
International standards — including International Financial Reporting Standards (IFRS) — became eligible to be tested on the CPA Examination as of January 1, 2011, when the new Content and Skill Specifications (CSOs/SSOs) went into effect.
What does this mean for CPA candidates? International standards have begun to be integrated gradually into the examination while U.S. standards continue to be tested. Questions on international standards and international topics in general may appear in different examination sections.
Financial and Auditing now tests international standards (IFRSs and ISAs), and BEC tests candidates’ understanding of the impact of globalization on the business environment. No questions on international standards are currently scheduled to be included in REG in view of the uncertainty of the U.S. tax ramifications of the potential use of IFRS by U.S. Companies. However, the REG content specifications may be modified in the future to reflect international standards.
Call your Personal Counselor at 800.874.5346, ext 498 or 352.375.0772, ext 498 to ensure that you are using the 2011 edition, which is current and has been updated to reflect the international standards now being tested.