Most financial services industry executives 88% favor a single set of global financial reporting standards, but 68% of them want to stick with the Financial Accounting Standards Boards generally accepted accounting principles, according to a survey by PricewaterhouseCoopers. According to 34% of respondents, the International Accounting Standards Boards International Financial Reporting Standards, now used largely by the rest of the world, should be the global standard. Some 44% of respondents suggested keeping the two standard setters but continue to work toward converging standards, while 13% said the standards should be something other than GAAP or IFRS, a statement about the survey said.
In addition, 55% of respondents expect a single global financial reporting standard to be in place by 2015; 22% dont expect convergence until 2020; 6% expect it by 2010; and 7% think convergence will never take place.
PwC surveyed 397 financial service industry executives at its Finance Executives Forum May 17.