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.