U.S. Execs Ready for International Financial Reporting Standards

March 9, 2010 (PLANSPONSOR.com) - About half of U.S. executives would like to be able to move to international financial reporting standards sooner rather than later, according to a new survey.

Reuters reports that in a survey of 2,500 executives by accounting firm KPMG LLP, 49% said they would like the option to adopt IFRS before 2015, if the U.S. does plan to formally make the switch.

The news report noted that last month, the U.S. Securities and Exchange Commission said U.S. companies could start using International Financial Reporting Standards, rather than U.S. Generally Accepted Accounting Principles, no sooner than 2015. The SEC’s previous plan would have required companies to switch in 2014 and allowed some to do so before then.

The survey found the majority of executives would like greater clarity on the SEC’s IFRS plans. The SEC said it would come up with its own “work plan” and make another decision next year about whether the U.S. would move to IFRS, according to Reuters.

About 59% of the executives polled said a potential move to IFRS in 2015 or 2016 would give their companies enough time to prepare for the change, and only 15% said it would not be enough time. One-quarter indicated they are unsure of the impact of a switch.