2009 IFRS Survey Results
Survey results: 62 percent of respondents agree that the SEC should soon establish a “date certain” for when IFRS would be required for U.S. issuers.
A Deloitte survey was conducted in March 2009 to gather data and information about how companies perceive the Securities and Exchange Commission's (SEC) proposed International Financial Reporting Standards (IFRS) roadmap, and how companies are approaching IFRS, given a certain level of regulatory uncertainty.
Highlights of the survey report include:
- Seventy-five percent (75%) of respondents supported or strongly supported a movement toward a single set of high-quality accounting standards, such as IFRS.
- Sixty-two percent (62%) of respondents agreed or strongly agreed that the SEC should establish a date (the so-called “date certain”) for requiring U.S. companies to use IFRS.
- Over half (56%) of respondents surveyed indicated that the SEC should extend the option for early use of IFRS to a broader group of U.S. companies than outlined in the current SEC roadmap.
- Sixty-four percent (64%) of respondents stated that no budget has yet been allocated for IFRS conversion, in contrast to the quarter (25%) who have budgeted for assessment and readiness, or all aspects of conversion.