Thursday, September 25, 2008

Grant Thorton survey: Plurality of CEOs Give Lukewarm Support to IFRS

A Grant Thornton survey of 250 U. S. chief executive officers indicated that 40% of CEOs favored the SEC's decision to permit use of international financial reporting standards without reconciliation (16% strongly, 24% somewhat); 31% had not decided and 29% disagreed (9% strongly, 20% somewhat) - meaning that only one-quarter of those surveyed had strong opinions. About three-fifths of respondents had some significant experience with IFRS; only about 20% had none. About three-quarters of those surveyed believed that their accounting systems were at least somewhat capable of handling IFRS.

No great enthusiasm for IFRS here; but I guess a lack of fervent resistance will encourage the SEC. I hope that the optimism of CEOs is well-founded regarding the flexibility of their accounting systems.


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