2010 Student Writing Competition

• Topic
• Possible Subtopics
• Eligible Participants
• Prizes & Benefits
• Entry Criteria
• Submission
• Deadline
• Questions

There is no shortage of news detailing the increasing prominence of financial information reported under accounting standards set by the International Accounting Standards Board (IASB), called International Financial Reporting Standards (IFRS). Well over 100 countries either allow or require the use of IFRS, but the United States does not yet permit its use by U.S. corporations for financial statements filed with the SEC. That is about to change.

When in 2007 the SEC allowed foreign corporations to file financial statements without the use of the 20-F reconciliation requirement, it effectively opened the door for use of IFRS by U.S. companies. The SEC ultimately published a document titled a “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers” in November 2008. This roadmap established a time line for U.S. companies to report financial statement information using standards issued by the IASB, beginning in 2014. But questions remain about the feasibility of a conversion under this proposed time line. From changes in the SEC administration, to the status of many FASB/IASB short-term convergence and longer-term joint projects, to practical implementation constraints and the education of financial statement users and readers, many things need to be done. Can they all be done by 2014?

PICPA will award $4,000 to ambitious, business-savvy students with the conviction to present their case regarding the IFRS time line through the 2010 Student Writing Competition.

• The conversion process: Where to begin, how to proceed?
• Joint projects by FASB and the IASB: Has enough work been completed yet?
• IFRS: a conversion process or newly created system?
• The challenge of educating present and future professionals.
• Members of the European Union (EU) accomplished conversion in the allotted time period. Can the U.S.?
• Will U.S. generally accepted accounting principles (GAAP) cease to exist with implementation of IFRS?

Undergraduate accounting or business majors who attend Pennsylvania colleges and universities, or those who maintain a permanent residence in Pennsylvania but attend an out-of-state college.

• $2,000 for first place, $1,200 for second place, and $800 for third place.
• The accounting programs of the winning students receive $1,000, $600, and $400 respectively.
• First-place entry is published on the Students and Educators section of PICPA’s Web site and an excerpt is featured in the Pennsylvania CPA Journal.
• All participants who have not graduated by award time will be offered a one-year, complimentary PICPA Student Affiliate membership.

• 1,500-2,000 word research paper
• 50-75 word abstract
• No co-authored papers accepted
• 12-point font required
• Must contain proper citation of sources
• Papers are evaluated for content, method of presentation, and writing style
• Every submission must include an author information sheet. Do not include personal information on your paper.

Careers in Accounting Team
Pennsylvania Institute of Certified Public Accountants
1650 Arch St., 17th Floor
Philadelphia, PA 19103-2099

April 12, 2010

Call the PICPA Careers in Accounting Team at (888) 272-2001 or e-mail schools@picpa.org.