• Register
Return to: Home > News > Standards > US executives want early IFRS adoption option

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.

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.