Even without a "date certain," many companies aren't delaying work underway to prepare for a move to International Financial Reporting Standards, according to the latest survey by Big 4 firm KPMG.

When asked how the Securities and Exchange Commission's IFRS statement will affect their plans to convert, 26 percent of the more than 2,000 executives surveyed by KPMG said it wouldn't change their plans, and 8 percent said it would accelerate their plans.

Among those polled, 18 percent said they would delay their plans, 26 percent were undecided about how it would affect them, and 19 percent said it wasn't applicable, according to results of a Feb. 26 online KPMG IFRS Institute poll.

As reported, the Commission laid out its latest thinking on IFRS on Feb. 24, adopting a statement that sticks to a 2011 deadline to make a decision, but delays any possible transition until at least 2015. The decision hinges on the progress of ongoing convergence projects between U.S and international accounting rulemakers and on the completion of a detailed SEC staff work plan.

"Of course, it's much easier to plan with a definite timeline and goal in sight, but the Webcast survey does show that many companies continue to move forward with plans for implementing IFRS," says Janice Patrisso, partner and National IFRS Leader at KPMG. "I think the SEC was clear that it continues to support development of a globally accepted set of accounting standards. To that end, they are working to ensure the path to the incorporation of IFRS into the U.S. financial reporting system is smooth and well planned."

Still, 29 percent of those polled said the SEC action didn't provide enough clarity on how IFRS would be implemented for U.S. companies, while 53 percent were undecided about whether the statement helped clarify things. Only 16 percent believe the Commission provided enough clarity on where the United States is going on IFRS.

Meanwhile, most executives seem comfortable with the SEC's tentative timetable, according to the findings. More than half of respondents (59 percent) indicated that potential IFRS implementation in 2015-16 would give their organizations enough time to prepare for the change. Only 15 percent said it wouldn't be enough time, while a quarter were unsure of the impact.

Once the SEC decides whether to require or permit U.S. companies to use IFRS, nearly half of respondents (49 percent) say they'd like the option for "early adoption."

The SEC backed off from a plan under its 2008 Proposed Roadmap for a small group of issuers to voluntarily adopt IFRS prior to a 2011 decision after companies said there was no incentive to undertake the cost and work required for conversion until they the Commission makes a final determination on adoption. However, SEC officials noted that early adoption could still be part of the transition plan after the 2011 decision is made.

"It's possible for companies to early adopt IFRS, if given the option, if they have IFRS conversion plans underway when the SEC makes an affirmative decision," Patrisso tells Compliance Week.

She says some companies may see it as an opportunity to reduce compliance costs, since many U.S. companies already use IFRS for some of their foreign subsidiaries' statutory reporting.

"The opportunity to use one accounting framework for most or all of their financial reporting around the globe could be cost-beneficial," she says.

Other companies who want to move fast are those whose peers are already on IFRS. "Some of them have been laying the groundwork for adoption of IFRS since the SEC began to consider a timeline for adoption in 2008," she says.

At the same time, the findings show that executives are still somewhat split on whether the United States should adopt IFRS at all. Among those surveyed, 41 percent say the SEC should adopt IFRS, 22 percent say it shouldn't, and the remaining 36 percent are undecided.

The SEC's Feb. 24 statement left open the question of how issuers might adopt IFRS. The proposed roadmap envisioned mandatory adoption on a phased-in schedule after a 2011 vote.

While Patrisso says the SEC's recent statement has focused executives on what the change would mean for their organizations, she says much work remains before a U.S. change to IFRS.

"As this activity progresses, companies should make sure they have a good handle on their IFRS needs in order to have a smooth transition that will affect every area of their organization," she says.