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US executives want early IFRS adoption option

US executives want to be able to adopt IFRS early once the Securities and Exchange Commission (SEC) has decided to require or permit US companies to use the international standards, according to a recent survey by KPMG’s IFRS Institute.

The poll, which was held during a webcast attended by more than 2,500 executives, found that while the uncertainty over the SEC’s decision lingers, firms will not slow their IFRS conversion activities.

Only 18% said they will delay their IFRS plans based on the SEC’s February announcement. Last month, the SEC confirmed it would decide in 2011 whether the US will adopt IFRS.

Almost half of respondents said they would like the ability to adopt IFRS earlier than the anticipated 2015 or 2016 implementation date named in the SEC work plan.

Some 59% said 2015 or 2016 implementation dates would give their organisations enough time to prepare for the change.

Only 15% said it would not be enough time, with a quarter unsure of the impact.

The majority (82%) said despite being comfortable with the timetable, they need more clarity on the SEC’s plans.

Regarding IFRS adoption overall, less than half the respondents thought the SEC should adopt IFRS, while 22% said it should not. The remaining 36% were undecided.

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