Chicago - Nearly half of the nation's chief financial
officers and senior controllers polled by global CPA and business advisory firm
Grant Thornton say that the U.S. should not adopt international Financial
Reporting Standards until after U.S. GAAP and IFRS have converged to the point
where the differences are inconsequential - a time frame of between five to
seven years.
Meanwhile, 81 percent of those surveyed revealed that
their companies did not prepare financial statements in accordance with IFRS.
"While there is movement toward greater acceptance
of International Financial Reporting Standards based on our previous surveys,
it is clear that there is still much work to be done in educating the U.S.
financial community on the benefits of IFRS," said Grant Thornton CEO
Stephen Chipman.
Some 57 percent of the 516 senior financial executives
surveyed believe that the Financial Accounting Standards Board should set U.S.
accounting standards for companies that file with the Securities and Exchange
Commission, while 19 percent said it should be the International Accounting
Standards Board, and 12 percent believe said it should be the SEC.
The poll also found that eight in 10 CFOs are not
currently reporting financial results using eXtensible Business Reporting
Language (XBRL), with 76 percent indicating they have no plans to do so in the
future.
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