In July, the Securities and Exchange Commission issued a proposal that allows foreign private issuers a choice between International Financial Reporting Standards (IFRS) and U.S. GAAP.

According to the survey, CFOs are split on whether or not U.S. firms with extensive overseas operations should be permitted to use IFRS in financial statements -- 49 percent said no, while 47 percent said yes. And 53 percent said it would not be appropriate for privately held U.S. firms to use IFRS for small and medium-sized enterprises when preparing financial statements; 43 percent said it would be appropriate.

But CFOs agree that current standards are cumbersome -- 91 percent of public companies and 75 percent of private companies believe that today's accounting standards are too complex. Some 67 percent said they would prefer principles-based standards that provide for use of professional judgment in the application of accounting standards, while 30 percent said they prefer rules-based standards that provide detailed guidance for applying accounting standards.

The majority, 77 percent, said they have no experience preparing financial statements according to IFRS.

Related articles:

• FASB's Herz Chooses IFRS Over GAAP
• CFOs Split on Accounting Standards Debate
• Debunked: Three Myths About Convergence