The Journal of Accountancy has reported that beginning in 2011, the CPA exam will test International Financial Reporting Standards (IFRS) in three of the four sections of the CPA exam:
Although the board does not disclose specific weightings at the topic level, it has made clear that it expects exam takers to exhibit adequate competence in international standards in much the same way that they should exhibit competence in U.S. GAAP and GAAS.
The board’s decision to include international standards is not contingent on action by the SEC to require or allow U.S. public companies to report under IFRS, according to senior AICPA exam staff. Rather, it reflects the reality of the interconnectedness of world economies and its impact on organizations operating in the U.S.
Click here to test your knowledge of International Standards by trying to answer sample questions released by the AICPA Board of Examiners in February.