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US CFO's call for delay to IFRS

Half of US CFO’s would like to see the adoption of IFRS to take place five to seven years after US GAAP and IFRS have converged, according to a survey conducted by Grant Thornton.

The survey of 516 US CFO’s revealed that only 20% of the participating companies are using XBRL and 76% have no plans to use it in the future.

With the rest of the world actively working towards full IFRS implementation, the Grant Thornton survey found only 19% of CFO’s questioned is using IFRS.

The Grant Thornton survey casts doubt on how prepared US companies are for IFRS as standards board’s works towards a convergence agreement.

The survey by the mid-tier firm was conducted on a national level starting on 5 October 2010.

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