OUR THOUGHTS ON:

IFRS Readiness Survey Shows Progress

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By Donald Applegarth

The spring 2010 AICPA IFRS Member Readiness Survey results were released. Members' familiarity with IFRS has increased since the September 2009 survey, companies continue to make progress toward adoption although a large percentage report delaying IFRS preparations until the Securities and Exchange Commission sets a date certain, and respondents believe 2015 or 2016 for first use of IFRS is feasible if the SEC decides on adoption in 2011. 

In addition, a majority of respondents (53%) are aware of IFRS for Small and Medium-sized Entities, although 51% of CPAs in public practice are "unsure" about whether they would advise their clients to adopt IFRS for SMEs. A similar percentage (49%) of CPAs working for private companies indicated they were unsure about adopting it. Read the news release.

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