Fifty-five percent of the 688 CFOs and senior controllers surveyed by Grant Thornton said U.S. companies should be permitted to use International Financial Reporting Standards instead of U.S. generally accepted accounting principles.
However, 59 percent of the respondents disagree with the Securities and Exchange Commission's December 2007 decision to permit foreign firms listed on U.S. exchanges to file financial statements prepared according to IFRS without reconciliation to U.S. GAAP. Only one in five of respondents have experience preparing financial statements according to IFRS.
More than half of the CFOs and senior controllers who were polled said they are familiar with Extensible Business Reporting Language, but only 2 percent actually use it when reporting their company's financial results. Of those who do not use XBRL, 92 percent have no plans to do so at this time.
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