US INVESTORS expect the country will eventually adopt IFRS, but this will take time and require substantial investment in staff and training, ACCA has said.
According to research surveying nearly 500 US-based investors, many expect the SEC will one day require reporting under IFRS.
More investors agreed than disagreed that the long-term benefits of adoption would outweigh the costs, the report found.
“US adoption of IFRS would give a tremendous boost to the cause of globally comparable financial reporting, and more importantly, the US and world economies,” said Sue Almond, technical director at ACCA.
Among the main challenges identified, investors believed it will take four and a half years for most companies to be ready for IFRS, and that awareness of IFRS among US-based investors is modest.
Hans Hoogervorst, chairman of the IASB, said: “The ACCA’s findings are consistent with anecdotal feedback we hear from the US investor community. They also lend further credence to the argument that the US is well prepared for a successful transition to IFRS.”
Almond added: “While there are clearly challenges and reservations, attitudes to IFRS appear to be changing in the US, irrespective of any action by the SEC.”
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain
The FRC is inviting comments from stakeholders on its proposed approach to updating FRS 102 to reflect changes in IFRS
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code