Small Firm Perspective: How Do You Talk About IFRS to Your Clients?

By James C. Metzler, CPA, AICPA Vice President http://www.ifrs.com
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It makes sense to talk to your clients about International Financial Reporting Standards (IFRS) because even the smallest companies are increasingly doing business in the global marketplace. According to the U.S. Small Business Administration, exports by U.S. small businesses soared fourfold – to $400 billion – between 1992 and 2007. And it's expected that half of U.S. small businesses will be involved in international trade in the next 10 years. After probing their clients a bit, many practicing CPAs will quickly discover that even their smallest business clients are involved in or contemplating international transactions in some fashion.
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Our neighbor to the north, Canada, has called for full adaptation of IFRS in 2011 for publicly accountable entities. Thus, the many U.S. businesses that have ties to Canada will have the acronym "IFRS" suddenly appear on their radar. To date, nearly 100 countries have required or permitted IFRS for public companies, and it's expanding rapidly. It's easy to envision that IFRS will one day be adopted by private companies as the globalization of business and convergence of standards continue at today's rapid pace.
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AICPA | The American Institute of Certified Public Accountants
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Read the full article at: http://ifrs.com/overview/Accounting_Firms/IFRS_sftalk_aug.html