Surveyed CFOs: U.S. should wait on IFRS until GAAP convergence

11/11/2010 | WebCPA

Almost 50% of chief financial officers and senior controllers who participated in a Grant Thornton survey said the country needs to wait until after generally accepted accounting principles and International Financial Reporting Standards converge in five to seven years before adopting international standards. More than a quarter said IFRS should never be adopted, and 24% said IFRS should be used within five years. Eighty-one percent said their companies' financial statements do not comply with IFRS.

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