21. During 2010 and 2011, the FASB and the IASB plan to issue standards that will include major revisions to the current accounting for revenue recognition, financial instruments, leases, financial statement presentation, insurance contracts, and the conceptual framework. How should these standards be implemented in the US?
|Using an incremental approach where no more than one major standard takes effect in a given reporting year to allow time for preparers and users to understand and implement the changes.||28||35.90%|
|The standards should be implemented first in IFRS; US companies can make the transition on adoption of IFRS||20||25.64%|
|The Boards are moving too quickly to implement major changes and should defer major changes in the financial reporting model until the projects have been more fully developed and discussed.||16||20.51%|
|Using a "big bang" approach where all of the standards are effective for the same reporting period to improve the financial reporting model as quickly as possible.||14||17.95%|
22. Should there be different recognition and measurements principles for public entities and nonpublic entities?
23. Should nonpublic entities be allowed to use simpler recognition and measurement principles when preparing financial statements?
24. In the coming year, do you believe your aggregate state effective tax rate will:
|Remain the same||26||28.95%|
|Don't know/not applicable||2||7.89%|
25. With regard to international taxation, you are most concerned about:
|Overall global compliance burden||19||25.00%|
|Repatriation of offshore earnings||18||23.68%|
|Risk management in developing countries||10||13.16%|
|Mergers and acquisitions||2||2.63%|
26. Is your company currently taking any actions in anticipation that federal tax rates will change?
27. What types of actions? (Check all that apply)
|Reorganization of business structure||20||51.28%|
|Acquisition of capital assets||9||23.08%|
|Acceleration of dividend payments||8||20.51%|
|Other (please use text box below to describe)||8||20.51%|
|Disposition of capital assets||7||17.95%|
|Modification of terms on installment sale(s)||4||10.26%|
28. Does your company plan on taking any action in anticipation of the current administration's international tax proposals?
29. What types of decisions or actions? (Check all that apply)
|Foreign tax credit planning||15||37.50%|
|International supply chain changes||12||30.00%|
|Other (please use text box below to describe)||9||22.50%|