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Study: 90% of finance execs say IFRS is 'likely'

NEW YORK, Sept. 14, 2009 -- Nearly 90 percent of financial executives believe conversion to international financial reporting standards is likely to become mandatory in the United States, according to a Deloitte survey.

Fifty-nine percent of respondents said mandatory IFRS conversion in the U.S. is highly likely.

"And companies are taking action or planning to take action, with 80 percent of respondents indicating their companies' involvement with a high-level IFRS assessment," Deloitte reports. "These results ... are a strong indication that attitudes and dynamics around IFRS are changing in the U.S. -- and companies are beginning to alter their stance when it comes to IFRS readiness."

• Read the report in its entirety.

Among the other findings:

• 67 percent of respondents say their company has "designated a person or team to focus on IFRS or monitor IFRS developments."
• 40 percent of companies are performing or have performed a high-level IFRS assessment.
• 40 percent of companies are planning to perform such an assessment.