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Majority of CFOs do not agree with SEC on IFRS - More than three-fourths have no experience in preparing IFRS statements
Business Wire, Oct 25, 2007
CHICAGO -- In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations, 56 percent do not agree with the SEC's proposal to permit foreign firms listed on U.S. exchanges to file financial statements prepared according to International Financial Reporting Standards (IFRS) without reconciliation to U.S. Generally Accepted Accounting Principles (GAAP). In addition, a great majority of public companies (90.57%) as well as private companies (75.16%) believe that today's accounting standards are too complex.
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