CFOs are cutting back on expectations for capital spending,hiring and prices, according to a survey of CFOs by FinancialExecutives International (FEI) and Baruch College's Zicklin Schoolof Business. Companies are projecting average increases of 2.3% incapital spending, 4.1% in hiring and 1.9% in prices, down fromfirst-quarter projections of 7.9%, 5.2% and 2.1%, respectively.“While CFOs were a little more downbeat, they were neitheroutrageously optimistic nor outrageously pessimistic about theeconomy,” says Zicklin dean John A. Elliott. There's good news onthe issue of outsourcing: While 73% say they outsource, more thanhalf outsource to U.S. firms. “We often talk about outsourcing asif everything is going offshore,” says Elliott. “But there's also alot of efficient contracting for everything from accountingservices to benefits to manufacturing where they've foundspecialists to do the work for them, often here in the U.S.”

CFOs are split over letting U.S. companies choose between usingInternational Financial Reporting Standards (IFRS) vs. U.S.Generally Accepted Accounting Principles. But 55% would support aproposed change by the Securities and Exchange Commission allowingforeign private issuers to choose between GAAP and IFRS.

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