AICPA IFRS Readiness Survey 2010

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20 Oct 2010

The American Institute of Certified Public Accountants (AICPA) has published its IFRS Readiness Survey 2010 showing that the movement within the U.S. accounting profession toward IFRS has been on hold since May 2010.

The IFRS Readiness Survey is a semi-annual survey of AICPA members that is used to gauge the level of knowledge members have about IFRS, their knowledge needs and the progress their organizations are making towards implementing IFRS.

According to the survey, basic familiarity with IFRS has remained stable since May 2010 at 45% and the number of companies and firms actively preparing for adoption or ready for adoption has remained about the same at 13.5%. 38% of respondents indicated they are delaying implementation while waiting for SEC action.

The largest proportion of respondents support adoption of IFRS, and a majority of members believe a 2015-2016 adoption target would allow enough time for implementation, if the SEC decides in 2011 to require IFRS at a future time. Last week's AICPA comment letter to the SEC on IFRS adoption reflects this view.

Click for AICPA press release and access to the IFRS Readiness Survey 2010 (links to AICPA website).

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