US CFOs mixed on international accounting choice

The US Securities and Exchange Commission (SEC) proposed last week that foreign public companies listed in the United States may choose International Financial Reporting Standards (IFRS) or US Generally Accepted Accounting Principles (GAAP) when filing reports. In a recent survey by Financial Executives International and Baruch College, just over half of the 148 CFOs polled said they would support the SEC's plan. But almost 45 percent said they were opposed to it. In comments, some of the CFOs said they felt the ability to choose between accounting standards was inconsistent or that regulators should allow only one standard, whether it is IFRS or US GAAP.