Poll: IFRS viewed favourably by executives
Wednesday 12 October 2011 - by Andrew Hickley
Over half of senior executives view the IFRS accounting standards more favourably following the global financial crisis, a new survey has found.
Sixty-one per cent of investors were either neutral towards the benefits compared with the costs, or said it was too early to tell, compared with 43 per cent of chief CFOs and FDs.
However, only 18 per cent of CFOs and FDs, and 7 per cent of investors, said they believe the costs outweigh the benefits of adoption. In comparison, 39 per cent of CFOs and FDs, and 31 per cent of investors, said that the advantages of compliance outweigh the negatives.
Commenting on the study, Acca chief executive Helen Brand urged the US Securities and Exchange Commission to adopt the standards, given their increasing sentiment amongst finance officials.
The SEC will make a decision about whether to endorse the standards later this year.
Brand said: "The growing support amongst CFOs and investors for global standards must be considered carefully by the Securities and Exchange Commission as it considers its decision about whether the US should adopt IFRS.
"We believe a positive answer from the SEC would give a tremendous boost to the cause of financial reporting and more importantly the world economy.
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