Half Of US CFOs Would Prefer To Use IFRS
In a national survey of chief financial officers and senior comptrollers conducted
by Grant Thornton LLP, 55% of respondents believe that all US firms should be
permitted to use International Financial Reporting Standards (IFRS), instead of
US Generally Accepted Accounting Principles (GAAP), in financial statements
filed with the SEC.
According to Grant Thornton's survey, 59% disagree with the SEC's December
2007 decision to permit foreign firms listed on US exchanges to file financial
statements prepared according to IFRS without reconciliation to US GAAP. Only
one in five of respondents have experience preparing financial statements according
to IFRS. "The results tell us that although the respondents don't yet have a lot
of hands-on experience, they can tell that US companies should not be put at
a disadvantage when it comes to reporting requirements that allow for the use
of IFRS," said Gary Illiano, partner-in-charge of Grant Thornton LLP's
International and Domestic Accounting. The survey also discovered that more than half of CFOs are familiar with eXtensible
Business Reporting Language (XBRL), but only 2% actually use it when reporting
their company's financial results. Of those who do not use XBRL, 92% have no
plans to do so at this time. .
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