June 2008


  • Assessment of Acceptable International Private-Sector Standard Setters – NASBA and boards of accounting may wish to independently perform their own assessment to conclude as to the acceptability of the IASB.
  • Dual Reporting Systems for Both Public and Private Entities – While true internationalization may be a few years away, it is likely that IFRS will be required for public companies as early as 2013. Neither the FASB nor the AICPA can or should be allowed to make such a decision for non-public companies without appropriate guidance and input from boards of accountancy.
  • Auditing Standards – IFAC’s International Auditing and Assurance Standards Board (IAASB) and the AICPA’s Auditing Standards Board are currently engaged in efforts to harmonize a variety of issues.
  • Educational and Examination Update – NASBA and state boards need to think about changes to candidate educational and examination requirements so that appropriate planning and lead time will be available.
  • Regulation of International Cross-Border Practice – As cross-border mobility increases, issues state boards will face in this new environment include:
    • determining which ethics standards to enforce
    • ensuring and evaluating accounting firms’ quality of work
    • identifying the best standard of entry for the profession
    • providing a path for licensing and permitting of foreign firms and accountants.

See Full Document:
Strategic Initiatives Impact of Internationalization

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