Less Than Half of CFOs Aware of FASB Accounting Standards Codification[TM] Project Although It is Set to Become Sole Source of Authoritative U.S. GAAP on July 1.

CHICAGO -- In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, only 46 percent are aware of the FASB's Accounting Standards Codification([TM]) project.

The Codification will change U.S. GAAP by removing the current four-level U.S. GAAP hierarchy and replacing it with two levels: authoritative and non-authoritative. The Codification will become the single source of authoritative U.S. accounting and reporting standards, superseding all existing pronouncements of the FASB, the EITF, the AICPA and predecessor standards setters effective July 1, 2009. The proposed changes are included in an Exposure Draft, The Hierarchy of Generally Accepted Accounting Principles, issued on March 27, 2008.

"The FASB has concluded that the Codification is not in itself a change in GAAP," said John Hepp, a partner in Grant Thornton's National Professional Standards Group. "However, each reporting entity should review its critical accounting policies in light of the revised and reformatted text." Any issues identified in the review that could be interpreted as a change in GAAP potentially requiring transition guidance should be reported to the FASB as a comment in response to the Exposure Draft. The comment deadline is May 8, 2009.

While the Codification will be a major change in the U.S. GAAP hierarchy, less than one in five (19%) CFOs think that the Codification project will make accounting standards easier to use. Only 16 percent of CFOs think that the Codification should become the sole source of authoritative GAAP this year.

Are you aware of the FASB's FASB Accounting Standards Codification([TM]) project?

     <  <  <  <  <  <  <







Yes  <  <  <  <  <  <  <






46%
No   <  <  <  <  <  <  <






54%

Do you think the Codification project will make accounting standards easier to use?

            <  <  <  <  <  <  <







Yes         <  <  <  <  <  <  <






19%
No          <  <  <  <  <  <  <






16%
Don't know  <  <  <  <  <  <  <






65%

The codification is set to become the sole source of authoritative GAAP later this year. Choose one of the following statements regarding the Codification project:

[TABLE OMITTED]

*May not total 100% due to rounding.

About the Survey

Grant Thornton LLP conducted the biannual national survey from March 23rd through April 4th, 2009, with 530 U.S. chief financial officers and senior comptrollers participating. In its fifth year, the Grant Thornton Survey of Senior Financial Executives is the longest running survey of its kind.

About Grant Thornton LLP

The people in the independent firms of Grant Thornton International Ltd provide personalized 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.