The FINANCIAL — In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, 40 percent said that they do not believe that U.S. companies should ever have to use International Financial Reporting Standards (IFRS), while another 39 percent said that U.S. companies should start using IFRS in 3 to 5 years. Only 7 percent want to start using it immediately.
Regarding actual IFRS usage, 90 percent of companies report that they do not prepare financial statements according to IFRS – only 15 percent of public companies said that they do and only 8 percent of private ones do.
Less than two in five CFOs (39%) are familiar with the Financial Accounting Standards Board's (FASB) project on financial statement presentation; and the majority of those that are say that it is either "beneficial but the benefits to the users of our financial statements would not justify the costs of implementing the proposed format" (49%) or that it "would not be beneficial to the users of our financial statements" (30%).
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