The Pending Transition to IFRS: Current Market Views

Home > United States > Insights > Surveys > The Pending Transition to IFRS: Current Market Views


Current Challenges Case Studies Newsletters Surveys Moving Internal Audit Back Into Balance The Pending Transition to IFRS: Current Market Views 2008 Loss Prevention Survey Internal Audit Capabilities and Needs Survey Fraud Risk Management Survey Creating Value From Your Compliance Efforts: Retail SOX Optimization Survey Operational Risk Management Takes Hold Procurement Contract Risk Management Survey Integrated Compliance Efforts Survey Managing Outsourcing Risks Survey Understanding Supply Chain Risk Survey Regulatory Reports Resource Guides White Papers Featured Articles Events & Webinars KnowledgeLeader

	The Pending Transition to IFRS: Current Market Views
	Regulatory agencies and investors in different countries increasingly have sought out a consistent worldwide standard for financial reporting due to the continued globalization of capital markets, cross-border investing, capital flows and the need to assess the financial health and condition of organizations under one dependable and understandable approach. IFRS, which are the principles-based guidelines adhered to by more and more countries, differ from the rules-based system of U.S. GAAP. The transition under consideration by the SEC and the Financial Accounting Standards Board (FASB) would mean that U.S. companies eventually would begin reporting their financial statements in accordance with IFRS. In recognition of the far-reaching impact of a U.S. transition to IFRS, Protiviti recently conducted a brief survey among 75 executives to ascertain their organizations' preparations for the possible transition from U.S. GAAP to IFRS and what they foresee in terms of the overall cost impact. Key survey findings include: Reflecting the current wait-and-see approach taken by many, approximately one-half of the respondents said their organizations have made no preparations to date to adopt IFRS. More than 60 percent of respondents said they anticipate at least a moderate cost impact in transitioning to IFRS. Notwithstanding a mandate, more than 40 percent of the respondents said that if the SEC allows a choice between using U.S. GAAP and IFRS, their organizations would choose to switch to IFRS. Download The Pending Transition to IFRS: Current Market Views (PDF) (requires Acrobat Reader; please disable your pop up blocker)