EARLY ADOPTION OF IFRS BY COMPANIES UNLIKELY, SAYS FEI/FERF STUDY

While many financial executives have begun the initial stages of convergence with International Financial Reporting Standards, early adoption in 2009 for qualifying companies will be difficult, if not impossible, due to the significant time requirements, according to a new report released today by Financial Executives Research Foundation (FERF) and Resources Global Professionals.

The new study, “International Financial Reporting Standards: A Project Plan for U.S. Companies,” is the first in an information series FERF is publishing to provide practical professional education on IFRS. The report highlights current IFRS–related efforts of United States public companies in compliance with the multi-year "Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers," (referenced as the roadmap), which was released by the U.S. Securities and Exchange Commission in November 2008. The data for the study was primarily compiled from a gathering of representatives from 30 U.S.-based public companies during which the discussion focused on challenges and best practices related to IFRS.

To read the complete press release, visit the FEI press room: http://fei.mediaroom.com/index.php?s=43.

To download the study, visit the FERF bookstore: http://www.ferf.org/bookstore.