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GT Survey: CFOs in No Hurry to Adopt IFRS

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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, 27 percent of those participating in the recent survey said that IFRS should never be used, and 24 percent indicated that IFRS should be adopted as soon as possible - between two and five 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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