40% of U.S. Senior Financial Executives Don't Want IFRS to Replace GAAP.61% Not Familiar with FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Financial Statement Presentation CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- In a national survey of U.S. CFOs and senior comptrollers COMPTROLLERS. There are officers who bear this name, in the treasury depart @ment of the United States. 2. There are two comptrollers. It is the duty of the first to examine all accounts settled by the first and fifth auditors, and certify the balances arising conducted by Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , the U.S. member firm of Grant Thornton Thornton, city (1990 pop. 55,031), Adams co., NE Colo., a residential and industrial suburb of Denver; inc. 1956. Industries include oil and gas development and the production of computer graphics systems, wood products, coffee and tea, building components, infant International Ltd, 40 percent said that they do not believe that U.S. companies should ever have to use International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ), while another 39 percent said that U.S. companies should start using IFRS in 3 to 5 years. Only 7 percent want to start using it immediately. Regarding actual IFRS usage, 90 percent of companies report that they do not prepare financial statements according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. IFRS - only 15 percent of public companies said that they do and only 8 percent of private ones do. Less than two in five CFOs (39%) are familiar with the Financial Accounting Standards Board's (FASB) project on financial statement presentation; and the majority of those that are say that it is either "beneficial but the benefits to the users of our financial statements would not justify the costs of implementing the proposed format" (49%) or that it "would not be beneficial to the users of our financial statements" (30%). Does your firm prepare financial statements according to International Financial Reporting Standards (IFRS)?
< < All <
Public
Private
Yes < < 10% <
15%
8%
No < < 90% <
85%
92%
< < <
When do you believe the U.S. companies should be required to use IFRS? [TABLE OMITTED] Should there be different recognition and measurements principles for public entities and nonpublic Adj. 1. nonpublic - not invested with or related to prominent position or status etc. private - confined to particular persons or groups or providing privacy; "a private place"; "private discussions"; "private lessons"; "a private club"; "a private secretary"; entities?
< < All <
Public
Private
Yes < < 51% <
39%
56%
No < < 41% <
54%
37%
Don't know < < 8% <
7%
7%
< < <
Should nonpublic entities be allowed to use simpler recognition and measurement principles when preparing financial statements?
< < All <
Public
Private
Yes < < 60% <
42%
66%
No < < 34% <
51%
29%
Don't know < < 6% <
7%
5%
< < <
Should nonpublic entities in the U.S. be allowed to use IFRS for SMEs when preparing financial statements?
< < All <
Public
Private
Yes < < 52% <
44%
55%
No < < 20% <
32%
17%
Don't know < < 29% <
25%
28%
< < <
Are you familiar with the FASB's project on financial statement presentation?
Yes <
39%
No <
61%
<
If yes, which of the following statements best describes your impression of the project? [TABLE OMITTED] About the Survey Grant Thornton LLP conducted the biannual bi·an·nu·al adj. 1. Happening twice each year; semiannual. 2. Occurring every two years; biennial. bi·an national survey from Sept. 21 through Oct. 2, 2009, with 846 U.S. CFOs and senior comptrollers participating. For more information about the survey, please go to www.GrantThornton.com/cfosurvey. About Grant Thornton LLP The people in the independent firms of Grant Thornton International Ltd provide personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity. In the U.S., visit Grant Thornton LLP at www.GrantThornton.com. |
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