Senior U.S. finance executives, currently saddled with rules-focused Generally Accepted Accounting Principles (GAAP), aren't entirely sure what they would prefer in the way of global standards, according to a recent survey by Grant Thornton LLP. More than 55% of those polled disagree with the Security and Exchange Commission's proposal to let foreign firms file financial statements according to the principles-based International Finance Reporting Standards (IFRS). Professional jealousy? Perhaps. But nearly 50% also oppose letting U.S. firms with extensive overseas operations adopt IFRS rules instead of GAAP. Further muddying the waters was the respondents' claim–67.5%said so–that they would choose principles-based standards over GAAP's rules-based approach.


Most of the respondents do agree on one thing: More than 90% of the public company executives polled think accounting rules are too complex.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.