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October 28, 2010

US finance professionals expect 2011 IFRS decision

An overwhelming majority of finance professionals believe IFRS adoption could be completed by 2016 if the Securities and Exchange Commission made a decision to adopt the standards next year, accoring to a recent survey conducted by KPMG and FEI.

Nearly half of the respondents believe the SEC will make a decision on IFRS in 2011 and three quarters said their organisations would not adopt IFRS until the SEC requires it.

The survey findings indicate that although familiarity with IFRS is improving, there is a lack of knowledge among the majority of respondents and organisations have not assessed how IFRS will affect their companies.

This lack of readiness will have an impact on the time it will take to make the switch, according to Marie Hollein, Financial Executives International chief executive and president.

“Requiring adoption of the new converged US-GAAP standards and later IFRS could create a significant burden on companies and the FEI would hope that the regulatory process will provide enough time for companies to understand the impact of the new standards and have the opportunity to respond to any rule proposals offered by the SEC,” Hollein said.

More than 900 accounting and financial reporting executives took part in the survey.

 

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