Recently, there has been an increased emphasis on IFRS in curriculum readings. Not only are differences between IFRS and U.S GAAP discussed at length, but there is an entire reading on convergence in international accounting standards (Reading 43). This has culminated in the default for accounting questions on the CFA exam being set to IFRS.

In the May 2009 newsletter to Level I candidates, Dr. Robinson states the following:

“….some of the concepts in the study sessions may be superseded by updated rulings and/or pronouncements issued after a reading was published. You are expected to be familiar with the overall analytical framework contained in the assigned readings, but you are not responsible for changes that occur after the material was written. For questions relating to financial reporting and analysis, you should assume International Financial Reporting Standards (IFRS) apply unless otherwise noted.”

While we share certain candidates’ feelings that this announcement came rather close to the June 2009 exam, we agree with the move in principal. After all, India, China, Canada and Japan are scheduled to make the switch to IFRS in 2011.

Keep checking in for more updates. 

Tata!