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March 31, 2010

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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