Apparently CFOs are not in favor of using IFRS as opposed to GAAP. Grant Thornton released a survey of CFOs last week showing that 55% of CFOs do not believe that US Companies should be allowed to issue their financials using IFRS. In addition, 90% of public companies and 75% of private companies surveyed believe that current regulations are too complex. Sixty-seven percent preferred "Principles-based standards that provide for use of professional judgment in the application of accounting standards" which sounds a whole lot like IFRS…I guess that statistic is not suprising considering 77% of CFO's have no experience preparing financial statements in accordance with IFRS. Guess its time for for some education for CFOs.
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