What Manufacturing Chief Financial Officers Have to Say

On March 22 Thorugh April 5, 2010, Grant Thornton LLP Conducted a Survey Among Chief Financial Officers. 496 U.S. CFOs and Senior Comptrollers were Surveyed. Among this Large Group, 92 Officers were from Manufacturing Companies. See What These Manufacturing Chief Financial Officers Had to Say

By Grant Thornton LLP

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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?

Item Count Percent %
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?

Item Count Percent %
No 44 58.97%
Yes 22 28.21%
Don't know 10  12.82%

 

23. Should nonpublic entities be allowed to use simpler recognition and measurement principles when preparing financial statements?

Item Count Percent %
No 37 47.44%
Yes 35 44.87%
Don't know 6  7.69%

 

24. In the coming year, do you believe your aggregate state effective tax rate will:

Item Count Percent %
Increase 47 61.84%
Remain the same 26 28.95%
Don't know/not applicable 2  7.89%
Decrease 1 1.32%

 

25. With regard to international taxation, you are most concerned about:

Item Count Percent %
Transfer pricing 27 35.53%
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?

Item Count Percent %
No 53 70.67%
Yes 22 29.33%

 

27. What types of actions? (Check all that apply)

Item Count Percent %
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?

Item Count Percent %
No 50 67.57%
Yes 24 32.43%

 

29. What types of decisions or actions? (Check all that apply)

Item Count Percent %
Foreign tax credit planning 15 37.50%
Cash repatriation 14 35.00%
International reorganization 12 30.00%
International supply chain changes 12 30.00%
Other (please use text box below to describe) 9 22.50%

 

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