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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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October 20, 2008 1:37 PM ET
With U.S. regulators currently busy trying to address the ongoing financial crisis, it seems the transition to international financial reporting standards has been put on the back burner. And the move to IFRS doesn’t seem to be on the minds of most financial executives either. According to a survey by business consulting and internal audit firm Protiviti, about half the respondents said their companies haven’t made any preparations to date to adopt IFRS. The Securities and Exchange Commission voted to publish for public comment a proposed road map that could lead to the use of IFRS by U.S. companies in 2014. In addition, more than 100 U.S. companies may be able to voluntarily adopt the new accounting standards earlier. Right now, few seem to be concerned about that option. This is “reflecting the current wait-and-see approach taken by many,” noted Protiviti in its survey report in regard to the relatively high number of companies that aren’t yet getting ready for IFRS. Protiviti, a business consulting and internal audit firm, surveyed 75 executives, 49% of whom were CFOs. The remainder consisted of chief executive officers, chief audit executives, comtrollers and directors of financial reporting. Respondents believe that some of the greatest barriers to transition to IFRS include cost, education and learning new standards, according to CFOs. Audit executives cited issues related to introducing cultural change to businesses and implementing information technology changes to management processes. Over half the respondents said they anticipate a moderate cost from transitioning to IFRS. Only 7% expect a significant cost, and close to 40% a minimal cost.
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Latest News
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