US firms see opportunities in IFRS switchover...

US companies see adopting International Financial Reporting Standards (IFRS) as a chance to make improvements to the way they operate, according to a new survey. Read original article.

A study by Accenture found that 83 per cent of executives at US companies with a listed value of $1 billion (£680 million) believe the changeover from US Generally Accepted Accounting Principles to IFRS will present them with a chance to make changes in their finance functions.

Dan London, managing director of Accenture's finance and performance management practice, said: "Those companies that view the conversion as an opportunity to upgrade their performance management capabilities, addressing compliance and risk management, as well as increasing operational efficiencies, are better positioned to drive value from the process."

However, firms should start preparing for the switchover now to make sure they are well placed to deal with any issues arising, he added.

Last year, the US Securities and Exchange Commission issued a roadmap for the transition to IFRS which could see the rules adopted by 2014.