IFRS Survey Results 2009: Current issues

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Publish date: Monday, October 05, 2009

70% of respondents indicated that the SEC should approve its proposed IFRS Roadmap either “as is” or by pushing back the proposed mandatory deadline by a year.

Recent statements from the Securities and Exchange Commission’s (SEC) chairperson and new chief accountant suggest that IFRS is returning as a front burner issue. And many financial executives are showing support for decisive SEC action in approving its proposed IFRS roadmap, according to a new Deloitte survey. Seventy percent (70%) of respondents indicated that the SEC should approve its proposed roadmap or a modified version of it. Specifically, fifty-one percent (51%) responded that the SEC should approve the proposed roadmap, but consider pushing back the mandatory deadline by a year, and 19% responded that the SEC should approve its proposed roadmap “as is.”

The Deloitte survey, with over 150 financial executives participating, was conducted in September 2009 to gather data and information on the latest IFRS trends, views, and assessment activities.

Highlights of the survey results include:

Seventy percent (70%) of respondents indicated approval for the SEC’s proposed roadmap: 51% responded that the SEC should approve the proposed roadmap, but consider pushing back the mandatory deadline a year; and 19% responded that the SEC should approve its proposed roadmap “as is.”
Forty-five percent (45%) of respondents selected “delay in the finalization of the SEC’s roadmap” in characterizing the reason why their companies’ IFRS assessment plans may have been delayed. Only 9% of respondents identified “economic challenges or constraints” as the reason for delaying an IFRS assessment.
Thirty-four percent (34%) of survey participants indicated IFRS adoption would make the U.S. more competitive in the global marketplace, while 38% responded that IFRS adoption would not.
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IFRS Survey Results 2009: Current issues (95.30 KB)

Report; a 3-page PDF