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Survey: CFOs Not Eager to Switch to IFRS

Tammy Whitehouse | September 4, 2008

CFOs would appear a bit cool to the idea of adopting International Financial Reporting Standards, but believe they can do so quickly if allowed or required to do so, according to a recent economic outlook survey.

A recent poll by Financial Executives International and Baruch College of more than 200 corporate CFOs found that less than 20 percent of CFOs said they would take advantage of an opportunity if provided to file or prepare financial statements using International Financial Reporting Standards. If their companies decided to switch or were required to switch, however, nearly half said the job could be done in only two to three years.

The Securities and Exchange Commission is widely expected to provide such an option or perhaps even mandate a switch to IFRS for public companies at some point in the future. Cheryl Graziano, vice president of the Financial Executives Research Foundation, an...

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