Most US financial executives want IFRSs
14 Apr 2009
We have posted the results of the 2009 IFRS Survey conducted in March 2009 by Deloitte (United States). The goal of the survey was to gather data and information about how companies perceive the Securities and Exchange Commission's proposed IFRS roadmap, and how companies are approaching IFRSs, given a certain level of regulatory uncertainty.
Highlights of the survey report include:
- 75% of respondents supported or strongly supported a movement toward a single set of high-quality accounting standards, such as IFRSs.
- 62% of respondents agreed or strongly agreed that the SEC should establish a date (the so-called 'date certain') for requiring US companies to use IFRSs.
- Over half (56%) of respondents surveyed indicated that the SEC should extend the option for early use of IFRSs to a broader group of US companies than outlined in the current SEC roadmap.
- 64% of respondents stated that no budget has yet been allocated for IFRS conversion, in contrast to the quarter (25%) who have budgeted for assessment and readiness, or all aspects of conversion.
- 56% of financial executives described the proposed SEC timeline to be 'about right' or could be accelerated further.
- Over half (54%) of survey respondents indicated some or sufficient in-house knowledge of IFRSs, while 40% acknowledged no in-house IFRS knowledge or experience.
