2011 US GAAP convergence & IFRS survey: How companies are preparing for convergence between US GAAP and IFRS

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04/19/2011 by US GAAP & IFRS Convergence
How companies are preparing for US GAAP and IFRS convergence: 2011 survey: PwC

At a glance

PwC surveyed 1,400 executives to get their views about convergence, its likely impact, and how they are preparing for changes to come. This report gives you key insights so you can see how your company's progress on convergence compares to others in the marketplace.

Gain key insights on how your company's progress on convergence compares to others in the marketplace.

PwC surveyed 1,400 executives in finance and other functions to get their views about convergence, its likely impact, and how they are preparing for changes to come.

Key findings:

  • Among respondents, the leasing project is expected to have the greatest impact.
  • Revenue recognition ranks second in impact, with certain aspects of the proposed standard eliciting very strong reactions.
  • Financial instruments, while not widely understood, is expected to have a significant impact on companies - in all industries.
  • Most companies have taken a measured approach to preparing for convergence-related changes.
  • All of the convergence projects will have a major impact on companies' systems.

Read this summary of the survey findings, first presented on our webcast on March 15, 2011.