Most companies say they could be ready for a move to International Financial Reporting Standards, but won’t switch until mandated, even if early adoption is allowed, a survey of accounting and financial reporting executives by KPMG and Financial Executives International shows.
Among more than 900 FEI and KPMG IFRS Institute members polled, 94 percent say their organizations could accomplish IFRS adoption by 2016 if a decision is made in 2011. Still, 75 percent say their firms would wait until the Securities and Exchange Commission requires IFRS as the standard for filing financial reports before they move away from U.S. generally accepted accounting principles.
