September 20, 2018

Change is Bad

Grant Thornton Survey: 40% of CFOs Never Ever Ever Want IFRS to Replace GAAP

dragging.jpgAll this IFRS hubbub is going to be expensive and time consuming anyway so let’s just forget it, shall we?
Eh, not so fast, IFRS haters. The remaining 60% of the respondents did state that they thought that IFRS should be required at some point in time, including 7% that want it ASAP, thanks.
Part of the resistance may be that lots of CFO/controller types have got no idea how IFRS is going to affect their company’s reporting. GT’s survey shows that 90% of the respondents don’t use IFRS currently and earlier this summer another survey cited that many CFOs weren’t even sure how IFRS would affect their reporting.
The IASB is clearly serious about the whole thing, and the FASB, while less excited, seems to be on board, along with big shots like Jim Turley. Finance execs can stall all they want but eventually IFRS will be all up in their business. Probably should get crackin’.
40% of U.S. senior financial executives don’t want IFRS to replace GAAP [GT Press Release]