New York (April 4, 2003) - While financial institutions executives show strong support for the adoption of International Financial Reporting Standards, few said their firms will be using IFRS as their primary accounting standard in 2005, when adoption is required, according to a survey by PricewaterhouseCoopers and the Economist Intelligence Unit.

While 92 percent of survey respondents favor a single set of global accounting standards, only 34 percent said they would be using IFRS as their primary accounting standard come 2005.What’s more, nearly half of respondents have yet to start implementation, PwC reported. Senior executives from 85 financial institutions participated in the online survey in February 2003.

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