Additionally, 40 percent agree with the Securities and Exchange Commission's decision to permit foreign firms listed on U.S. exchanges to file financial statements prepared according to the IFRS without reconciliation to U.S. Generally Accepted Accounting Principles (GAAP).

The vast majority of respondents (97 percent) agree that accounting practices become at least somewhat more complex when dealing with foreign businesses as opposed to just domestic companies.

The most challenging aspect that CEOs find when dealing with foreign businesses, in relation to managing accounting practices, is complying with U.S. accounting practices. Other top challenges include loss of managerial control and dollar or currency volatility.

"We supported the SEC's decision to remove the costly and, increasingly less relevant reconciliation requirement for foreign companies," said Gary Illiano, Partner-in-Charge of International and Domestic Accounting. "More and more, people are starting to become familiar with IFRS, which is clearly the wave of the future."