US private companies strongly favour IFRS

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23 Feb 2009

A new Deloitte poll suggests that a significant number of American private companies would like a single set of globally accepted financial reporting standards for non-public entities.

More than 40 percent of 1,700 finance professionals, mostly from private companies, responded to a set of polling questions during a Deloitte webcast by stating that their companies would take positive action when the IASB completes its project on private entity reporting. Almost 14 percent said they will consider adopting IASB's new standard in the near term, while 26 percent reported they will assess the costs and benefits of adoption. Nearly 85 percent found something appealing about the project, including more than 33 percent that liked having a simplified, self-contained set of accounting standards that are appropriate for private entities. Close to 30 percent believed these standards will reduce their financial reporting burden, and just over 21 percent cited better comparability for users of private company financial information. Click for Deloitte News Release (PDF 24k).


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