Recent public comments by SEC officials and the G-20 have revitalized discussions around IFRS. Comments by Chairman Schapiro and others indicate the SEC will provide additional guidance on the status of the SEC’s thinking about IFRS soon.
No matter how it takes shape, transition to IFRS in the US will dramatically impact companies in a number of ways. In addition, aside from ultimate conversion, convergence between US GAAP and IFRS continues in a number of areas requiring companies' attention.
To help you understand what other companies are doing in these areas, PwC recently polled executives at US-based multinational companies to gain their perspectives on IFRS. We are pleased to share the results of this survey along with our point of view and recommendations in this publication.
The next several years will bring a near-constant rate of accounting change
Nearly 60% of executives either agree with the current pace of conversion or think it should proceed more quickly
Despite an uncertain timeline, over half of respondents view IFRS conversion as at least a moderate priority
Companies should maintain corporate oversight as non-US subsidiaries adopt IFRS. A combined 85% of respondents plan to do so
Preparation is possible. There are a number of steps companies should take.