Some of the results:
- Majority of CPAs in the United States have some knowledge of IFRS
- Many CPAs have begun to develop greater expertise
- Significant movement in the readiness of U.S. CPAs for introduction of IFRS in the U.S. over the three years since 2008
- Slight reversal in readiness gains as CPAs await progress in the convergence of U.S. and international standards and a clear timeline from the SEC.
- 76% of CPAs working in public companies are delaying preparations to adopt IFRS until the SEC issues a decision, which is an inrease of 13 percent from 63% who were delaying six months ago.
- 78% of CPAs already have some knowledge of IFRS
- 53% support an SEC mandate requiring use of IFRS in the U.S.
- 23% think IFRS should be offered as a financial reporting option for public companies.
- Large majorities were unsure whether the proposed new standards and accompanying guidance in these areas would be improvements over existing standards.
- Only 16% of respondents said that they had heard of the “condorsement” model proposal.
- 50% of CPAs working for foreign-owned public companies and 39% in foreign-owned private companies have already adopted IFRS or are ready to adopt.
- 48% of CPAs working for U.S. public companies foresee a need for advanced or expert level knowledge of IFRS
- 32% have begun actively preparing for adoption.
- 18% are planning to adopt IFRS.
- 30% said the pace of change for IASB-FASB convergence is too fast; 36% said the pace is appropriate; 28% are unsure; 6% think the pace of change is too slow.
- 51% believe a 2015-16 adoption date would allow enough time for implementation; 17% said that would not be enough time, and 32% are unsure.
- 53% said they are aware of the standard for SMEs; 30% said they would consider adopting it or would advise their clients to consider adopting it, but most would only consider this if IFRS were required for public companies.
