IFRS Survey Results 2009: Update on Views and Activities
Almost 90 percent of respondents view IFRS conversion to be highly or somewhat likely to become mandatory in the U.S.
Anticipation of Securities and Exchange Commission (SEC) action regarding IFRS runs high among many U.S. companies. As executives await news about the SEC’s proposed IFRS roadmap, many are preparing their organizations for change and mobilizing around IFRS planning and transition activities.
According to a recent Deloitte survey, 89 percent of respondents indicated their companies viewed mandatory IFRS conversion to be highly likely or somewhat likely in the U.S. And companies are taking action or planning to take action, with 80 percent of respondents indicating their companies’ involvement with a high-level IFRS assessment. The Deloitte survey, with more than 245 financial executives participating, was conducted in July 2009 to gather data and information on current views about IFRS in the U.S. and activity around IFRS planning.
Highlights of the survey results include:
- 89 percent of respondents indicated their companies viewed IFRS conversion to be highly or somewhat likely to become mandatory in the U.S.
- Fifty-nine percent (59 percent) viewed mandatory conversion in the U.S. as highly likely.
- Over two-thirds (67percent) of respondents indicated that their company had designated a person or team to focus on IFRS or monitor IFRS developments
- Eighty percent (80 percent) of respondent companies are positioning themselves to address IFRS: 40% are performing or have performed a high-level IFRS assessment, while 40 percent plan to perform an assessment.
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