IFRS may be used in US within three years

Author: Nicholas Pettifer | Published: 13 Nov 2007

According to the preliminary results of a survey by Deloitte & Touche, US companies are warming to the idea of using International Financial Reporting Standards (IFRS).

A fifth of chief financial officers and senior finance professionals from approximately 300 US companies said they would consider adopting IFRS if given the choice by the SEC. In addition, approximately two-thirds of these would adopt within three years.

This is a higher than expected response considering that many of the companies questioned do not have international operations. Supporters of a global set of accounting rules will no doubt see this as a step towards a level playing field, and eventually companies will see the benefits.

They will be able...