The majority of US accountants support
optional adoption of IFRS, according to a survey by the American
Institute of Certified Public Accountants (AICPA).
The IRFS Readiness Survey found more
than half (54%) of AICPA’s members support optional adoption of
IFRS standards, in line with an AICPA recommendation this August.
However, 44% of respondents said they were delaying IFRS
preparations until the Securities and Exchange Commission (SEC) has
reached a decision.
“It’s clear the profession is looking for more
guidance from the SEC. But whether or not the SEC decides to
incorporate IFRS into the US financial reporting system through an
endorsement approach, CPAs support giving US issuers an option to
adopt IFRS as issued by the International Accounting Standards
Board,” AICPA vice president Susan Coffey said.
According to AICPA, optional adoption would
let publically traded US companies use IFRS while the SEC decides
whether to incorporate the standards into US reporting. The choice
would also apply during the implementation phase, if SEC accepts
the standards.
The AICPA survey was conducted by internet
poll between 7 September and 27 September with 1,241
respondents.
