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U.S. CFOs aren't eager to adopt IFRS

Executives say switch to international standards should occur in 5 to 7 years, according to survey

By staff Writer | Updated on November 12, 2010

A survey of U.S. CFOs shows they’re in no hurry to adopt international financial reporting standards (IFRS). Forty-nine percent of the 516 finance executives surveyed by Grant Thornton say adoption should be put off for five to seven years, until the differences between U.S. GAAP and IFRS are inconsequential.

Just 24% of the finance executives surveyed want to adopt IFRS as soon as possible, while 17% think the U.S. should focus on high-quality accounting standards and make convergence a secondary goal. Another 10% say the U.S. should try to issue converged standards rather than adopting IFRS wholesale.

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