RegulationAccounting StandardsUS CFOs back early IFRS adoption

US CFOs back early IFRS adoption

Almost half of US finance professionals would now consider adopting IFRS earlier rather than later

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

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