US CFOs back early IFRS adoption

US company finance professionals in fast increasing numbers are now considering adopting International Financial Reporting Standards (IFRS) sooner than the timetable proposed in the Securities and Exchange Commission (SEC)'s IFRS roadmap.

The latest survey results from Deloitte show almost half (42%) of more than 200 finance professionals representing companies of various sizes and industries surveyed in November indicated they would consider implementating IFRS sooner than 2014, if they were permitted under the mandated adoption date proposed by the SEC recently.

This is a significant increase on a similar Deloitte IFRS study conducted earlier in 2008 showing 30% of respondents willing to consider adopting IFRS, if given the opportunity.

'We've observed a steady increase in interest around IFRS from all types of US companies, not just multinationals and not just large companies. Company executives are beginning to understand and recognise the potential benefits that will likely result from reporting in IFRS,' Donald Gannon, leader of Deloitte's IFRS service offering in the US, said.

Further reading:

US interest in IFRS picking up

CEOs of top six join forces to push for IFRS