- Survey shows 49 percent of execs want early IFRS adoption
- Another 50 percent don't think the U.S. should adopt at all
- Majority of executives want greater clarity from SEC
However another half of American business executives (presumably the other half) are not convinced the US should adopt international accounting standards, at all.
In a survey of 2,500 executives by accounting firm KPMG LLP [KPMG.UL], 49 percent said they would like the option to adopt IFRS, which are already used in more than 100 countries, before 2015, if the U.S. does plan to formally make the switch.
KPMG completed the survey completed only two days after the SEC's announcement, found the majority would also like greater clarity on the SEC's IFRS plans.
About 59 percent 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.
Only 15 percent of those polled said that it would not be enough time, and 25 percent said they would be unsure of the impact of a switch.
The questions were asked during a web seminar two days after SEC Chairman Mary Schapiro, said she would delay a final decision on US adoption until 2011, and companies would not be permitted to begin using the rules until at least 2015.
However, almost half of respondents, 49%, said they would like the ability to adopt IFRS earlier before the SEC’s 2015 timetable.
KPMG said that while some uncertainty remains, companies are not slowing their IFRS conversion activities. Only 18 percent of respondents said they will delay their IFRS plans based on the SEC’s February 24 announcement.