CFOs’ Top Worry: IFRS
But still years away from being ready.
via CFO
Some 34% of CFOs rank “convergence to IFRS” as their No. 1 issue. Cumulatively, CFOs rank IFRS convergence higher than any other accounting issue, according to the latest Duke University/CFO Magazine Global Business Outlook Survey.
Yet asked to describe their companies’ “readiness to comply with global accounting standards,” 44% said they hadn’t “begun to address convergence,” while 39% said they were preparing, “but far from ready.”
Corporations are “still several years away from having to implement a plan” to comply with a converged set of standards, says James Kaiser, U.S. Convergence IFRS leader for PricewaterhouseCoopers. Yet, as alarming as the state of awareness without preparedness sounds, it just about fits the current state of the regulatory outlook. “It’s important to monitor [regulatory developments] and develop a plan, but not get out in front of the standards until they’re finalized,” says Kaiser.
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