Private Company CFOs Prefer FASB As Standard Setter, GT Survey

A national survey of private company chief financial officers finds that the majority (59 percent) prefer the Financial Accounting Standards Board as their standard setter. The remainder of the CFOs were split between adoption of International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs) (22 percent) and a separate standard setter for private companies (18 percent). The responses from CFOs from public companies were similar.

These are findings from a Grant Thornton survey from March 22 through April 6, 2011, with 318 U.S. CFOs and seniors comptrollers participating. The full findings were published in a white paper "Who Should Set Financial Reporting Standards for Private Companies?"

Read the press release here.