The U.S. accounting professionslowed down its preparation for adoption of international accounting standards over the last six months, according to a survey conducted by the American Institute of CPAs.
Sixty-five percent of CPAs said that they want the Securities and Exchange Commission to address its plans for IFRS adoption by the end of the year. Familiarity with IFRS among U.S. CPAs did not advance during the past six months, according to the survey.
Still, 50.6 percent of those surveyed said that they expect that they will need relevant IFRS knowledge within the next one to three years. Eight percent said that they need more knowledge now.
According to the survey, 62 percent of CPAs at public companies said that they were delaying IFRS preparations until the SEC sets a specific date for adoption. Twenty-eight percent said that they were not delaying.
