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October 19, 2010

CPAs waiting on IFRS green light

CPAs in the US believe the country is in a pivotal stage in the development of uniform, high-quality global accounting standards, according to an American institute of Certified Public Accountants (AICPA) study.

“Our latest tracking survey shows CPAs in the US are increasingly aware of International Financial Reporting Standards but significant numbers are waiting to invest more resources in international standards until they see a clear signal from the SEC about future US adoption,” said Arleen Thomas, the AICPA’s senior vice president for member competency and development.

The AICPA’s October IFRS Readiness Survey showed that 45 percent of respondents have a basic familiarity with IFRS and more than 13 percent of companies and firms are actively preparing for adoption, results similar to May 2010.

The survey also shows that 40 percent of respondents support the adoption of IFRS- though only after the IASB/FASB convergence project.

Thirty-eight percent of companies and firms indicated they were waiting for regulator action before implementation and 14 percent of respondents support unqualified adoption.

Nearly two-thirds of members expressed the belief that a 2015/2016 target for adoption would be a sufficient amount of time for implementation.

 

 

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