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.
Only 19% of the companies surveyed currently use IFRS to prepare their financial statements.
The CFOs were also unenthusiastic about XBRL. Just 20% currently use it to report their financials. Among those not now using XBRL, 76% say they have no plans to use it, 21% say they'll start using it after 2011 and 3% say they'll use it before 2011.