The US economy and students will be at a
disadvantage if regulators do not adopt IFRS and universities do
not take immediate steps to adapt coursework, according to a recent
survey by KPMG US and the American Accounting Association.

Half of the 500 professors who responded to
the survey, conducted in July and August, said they thought a low
sense of urgency existed among US regulators to adopt IFRS by a
certain date. Only 16 percent thought regulators had a high sense
of urgency.

Nearly half of respondents believed the US
should transition to IFRS to remain competitive in the global
market and three-quarters thought IFRS needed to be immediately
incorporated into their school’s curriculum.

A large percentage of respondents (74 percent)
thought US adoption of IFRS will occur by 2015 or later and more
than half said the CPA examination will include significant IFRS
content by 2012/2013.

In November 2008, the US Securities and
Exchange Commission (SEC) issued a proposed road map for IFRS
transition. In 2011, the SEC will consider whether all public
companies should adopt IFRS on a phased-in basis from
2014-2016.

In January, newly appointed SEC chairman Mary
Schapiro expressed concerns regarding the proposed road map but
more recently SEC chief accountant James Kroeker indicated the
regulator will prioritise the proposed road map in the next three
months.