Businesses across the globe are transitioning to International Financial Reporting Standards (IFRS) and this activity is becoming too significant for many US businesses to ignore. While the US Securities and Exchange Commission (SEC) is not likely to issue a final decision on a mandatory adoption date before 2011, by that time more than 150 countries will have already adopted IFRS.

In this special issue, PricewaterhouseCoopers surveyed our panel of senior executives at US-based multinationals to determine what they are doing to anticipate a conversion to IFRS. More than one half responded that IFRS conversion ranks at least a moderate priority and nearly half reported that they are working to address IFRS in some fashion.

In IFRS perspectives: An executive survey, we provide these marketplace perspectives and our views on the current state of US conversion to IFRS.

Highlights:

• The next several years will bring a near-constant rate of accounting change.
• Nearly 60 percent of executives either agree with the current pace of IFRS conversion or think it should proceed more quickly.
• Despite an uncertain timeline, over half of respondents view IFRS conversion as at least a moderate priority.
• A combined 85 percent of respondents plan to maintain corporate oversight as non-US subsidiaries adopt IFRS.
• Companies can take a number of steps to ensure a successful conversion.

By keeping apprised of developments with IFRS at home and abroad, US companies can ensure that they and their affiliates remain well positioned to address issues relating to ongoing global conversion both efficiently and effectively.

Additional resources: IFRS and US GAAP: similarities and differences: September 2009

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