A quarterly survey of CFO attitudes shows the level of optimism about the economy is in steep decline.

The survey of over 200 corporate CFOs by Financial Executives International and Baruch College's Zicklin School of Business showed optimism about the U.S. economy plunging to an all-time low in the second quarter of the year. Optimism about the CFOs' own companies remained relatively stable in Q2, however. The top business challenges for CFOs were expense control and competition.

More than half of the CFOs surveyed believe that the price of oil will reach at least $160 per barrel or higher in six months. The majority of CFOs are changing their behavior to accommodate oil prices, including increasing product prices, cutting back on corporate travel and becoming more ecologically responsible.

Less than one-fifth of the CFOs surveyed said they would take advantage of filing or preparing financial statements in accordance with International Financial Reporting Standards if the opportunity was available for their company, while more than half would not. Nearly half of the surveyed CFOs said it would take only two to three years for their companies to adapt to IFRS should they decide to do so.

Seventy-one percent of the CFOs surveyed said John McCain's policies align best with their companies. Only 13 percent of respondents were in favor of Barack Obama.

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