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November 10, 2010

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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