Nearly half of U.S. companies have made no preparation to adopt International Financial Reporting Standards, according to a new survey.
IFRS and U.S. generally accepted accounting principles are in the process of converging. The Securities and Exchange Commission recently proposed a roadmap that would allow the largest U.S. companies to begin filing statements in accordance with IFRS in 2010, with most large public companies switching to IFRS by 2014 (see SEC Proposes IFRS Roadmap). The survey by Protiviti, a consulting firm and subsidiary of accounting recruiter Robert Half International, shows that many companies are unprepared for the transition.
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