Guide to Making the Most of International Accounting Firms

Educate yourself and your clients about global accounting changes with information from international accounting firms

By Rachel Davy, Writer/Editor

Action Steps
The best contacts and resources to help you get it done

Share global accounting information by networking with international CPA firms

International accounting allows you to network with accountants in other parts of the world to share knowledge and information about things like the upcoming changes in global accounting standards along with training courses and other industry insights.

I recommend: Read the information provided by the American Accounting Association (AAAHQ) about its educational international accounting services, such as finding the locations of international accounting courses that they offer to members. Network with the accountants at Grant Thornton International, which is one of the top international accounting firms in the world, so that you can share information with 2,400 partners from 100 countries around the world.

Learn about international accounting standards

Knowledge is power, and this holds true for you as an accountant. According to news reports, the United States is planning to move toward making international accounting standards mandatory by 2016. This means that you need to move your business in that direction so that you can meet the needs of clients who have business interests overseas.

I recommend: Learn how the Financial Accounting Standards Board (FASB) is working with the International Accounting Standards Board (IASB) to create on international standard for accounting. Read the article from The New York Times about how the United States announced its plan to start using international accounting standards for some American companies. Become a member of the Alliott Group, which is an alliance that brings together professionals representing various international accounting jobs from around the world into one international accounting network, where they can share resource information to meet the needs of their clients.

Explain international accounting standards with your clients to help them build their businesses

Because companies of all sizes are branching out into the global marketplace, it's important that you explain International Financial Reporting Standards (IFRS) to your clients. Many international accounting companies understand that in order to be successful, clients need to be educated about international accounting standards.

I recommend: Read the article about how it's important for you as an international CPA to discuss international standards with clients at The American Institute of Certified Public Accountants. This website also offers a FAQ for accountants to share with their clients to help them understand international accounting standards. Read about how to become a member of IGAF Worldwide, which is one of the global accounting firms that brings together industry professionals and clients so that all can benefit from their international accounting services and resources.

Helpful advice for making the most of this Guide

• •  Take an international accounting course to prepare yourself to help your clients learn everything that they need to know about international accounting standards.

Guide to International Accounting Firms

Take your accounting services global by adding international accounting

By Patti Richards, Free Lance Writer, PGWRites Communications

Action Steps
The best contacts and resources to help you get it done

Offer tuition reimbursement for classes in international accounting for employees in your firm

Encourage accountants and estate planners to broaden their marketable skills by providing resources for training in international accounting standards. Offer salary incentives and bonuses for additional certifications.

I recommend: Consult the IFAC for continuing education requirements for international accounting. The IFAC is the global organization for the accounting profession.

Join international accounting network organizations to market your international accounting firm

Networking with other professionals in international sales, accounting and financial planning establishes international accounting firms in the international finance community. Getting to know others in the field provides a basis for referrals and connections to potential clients.

I recommend: AGN International is an international networking organization for accountants and tax professionals.

Look for positions in larger, established international accounting and financial planning firms

One of the best ways to become a part of the international accounting community is to work for a well established firm. Time spent learning the trade from seasoned international CPA firms and financial planners is the best way to quickly establish yourself in the field.

I recommend: Ernst & Young Global is a leader in the global financial market and offers many career path options for financial planners looking to expand into international accounting.

Helpful advice for making the most of this Guide

• •  Look for local chapters of IFAC open to new members. Find a mentor in the international accounting firm community that will help answer some of your initial questions when branching out into this area.
• •  Find a regional accounting federation recognized by IFAC for more information on the global organization. AGN lists these regional offices on their website.

Guide to International Accounting Firms Basics

Learn how international accounting firms and standards are helping accountants work together globally

By Rachel Davy, Writer/Editor

Action Steps
The best contacts and resources to help you get it done

Learn about international accounting standards and how those standards apply to your business needs

Since more businesses and companies have become part of a global marketplace, it became necessary to come up with a basis to manage accounting on an international level. These international accounting standards cover things such as financial reporting, borrowing costs and business combinations. As an accountant, it's imperative that you learn what these standards are so that you can apply them to your business.

I recommend: Learn about international standards from the International Accounting Standards Board (IASB). Read about U.S. international accounting standards and how some differ from those by the IASB at the U.S. Securities and Exchange Commission. Read the article about how the financial reporting international accounting standard has been become an issue for international accounting companies and how they plan to come up with solutions to harmonize international accounting standards at the Wharton School.

Gather information about the benefits of joining a network of global accounting firms

If you want your accounting business to become international, a great way to get the help and support you need is by joining international accounting networks. These networks are made up of accounting firms from around the world, and they offer advice, referrals and support to the other accounting firms in their group so that all can benefit from their shared information and expertise.

I recommend: Learn about the international accounting services provided to members at Inpact Americas Group. This group is the American offshoot of the Inpact Group, which is a network of international CPA firms. Read the information about member benefits given to an international CPA who joins AGN International, such as additional training and referral services.

Learn about the benefits and requirements of applying for work with an international accounting firm

Even if you work for yourself as a CPA, there are still opportunities to help you become part of the global accounting world. You can apply for a job for an international accounting firm. There are firms of this type located in the United States as well as overseas.

I recommend: Read the article about the benefits of an international accounting job such as traveling to another country and receiving a higher paying salary at JobsintheMoney. Register at the NBFSN (National Banking and Financial Services Network) to apply for international accounting jobs.

Helpful advice for making the most of this Guide

• •  If you're planning to work for an international accounting firm overseas, take the time to learn about regulations for U.S. citizens living aboard.

Action Steps
The best contacts and resources to help you get it done

International Federation of Accountants (IFAC)

The International Federation of Accountants represents over 2 million accountants in over 120 countries. The IFAC has a standards setting board whose job it is to come up with international accounting standards and continuing education requirements.

I recommend: See the IFAC for more information on its standards and requirements.

AGN International

AGN International is a networking organization that serves international accounting professionals and firms worldwide. It provides an information conduit for accounting firms in 90 different countries.

I recommend: See the AGN International site for member information and business advice.

International Group of Accounting Firms (IGAF) Worldwide

IGAF Worldwide is an international accounting association that offers tools and resources for global accounting professionals and their clients. The association has strict admission requirements and performs continuous inspections to ensure firms maintain the organizations high standards.

I recommend: IGAF Worldwide offers more information on the association and its services.

International Financial Reporting Group (IFRG)

Ernst & Young Global is a major player in the international financial sector. This firm's International Financial Reporting Group provides information and interpretation on IFRS, the global accounting and auditing standards from around the world.

I recommend: Ernst & Young Global has more details on IFRG and the international GAAP.

Accounting, Auditing & Accountability Journal

This is an international journal that publishes accounting-related articles from around the world. These articles might challenge current practices or discuss the socio-political relationship between accounting policies and standards, for example.

I recommend: Read more about the Accounting, Auditing & Accountability Journal and see sample articles at Emerald Group Publishing.

International Accounting Standards Board (IASB)

The International Accounting Standards Board sets the International Financial Reporting Standards (IFRS). These standards are put together with the assistance of a group of international accounting consultants in order to establish consistent practices amongst international financial reporting professionals.

I recommend: The IASB offers details on the board's meetings, projects, speaking engagements and more.