EXtensible Business Reporting Language (XBRL) usage has picked up some among public companies, increasing to 17 percent in September 2009 from 12 percent in March 2009; however, this increase is not as significant as one might expect given the SEC mandate that public companies use XBRL as early as June 2009 and no later than 2011. Even more surprising is that more than half (52%) of public companies still report that they have no plans to use XBRL.

Fifty-nine percent of the survey respondents report that their companies would continue to use leases more or less in the same manner as they currently do, even though the FASB has tentatively decided that all lease obligations should be recognized as liabilities on the statement of financial position with a corresponding ”right of use” asset. CFOs also feel that companies should report their own debt on their financial statements at amortized historical cost (43%), rather than at fair value (38%) or at the discounted amount of the expected future payments (18%).

Ideally, who should set U.S. accounting standards?

		All		Public		Private
A national independent board supervised by a national regulator (e.g., the Financial Accounting Standards Board)		71%		70%		71%
An international independent board supervised by international entities such as the International Organization of Securities Regulators, the World Bank and the International Monetary Fund (e.g., the International Accounting Standards Board)		24%		23%		25%
The global accounting profession (e.g., the International Federation of Accountants)		20%		16%		21%
A national regulator (e.g., the SEC)		16%		18%		16%
A body designated by an international entity such as the United Nations Council on Trade and Development or the World Trade Organization		3%		2%		3%
National legislatures (e.g., the U.S. Congress)		3%		4%		2%

Does your company currently report financial results using eXtensible Business Reporting Language (XBRL)?

		All		Public		Private
Yes		6%		17%		3%
No		94%		83%		97%

If no, when do you plan to report using XBRL?

		All		Public		Private
Before 2010		1%		6%		1%
Before 2011		8%		25%		5%
After 2011		6%		18%		3%
No plans at this time		84%		52%		92%

The FASB has tentatively decided that all lease obligations should be recognized as liabilities on the statement of financial position with a corresponding ”right of use” asset. Would a requirement to recognize lease obligations on the statement of financial position cause you to change the way in which you finance operations?

		All		Public		Private
Yes, we would continue to use leases or lease financing, but possibly with significant changes in the provisions of the agreements.		12%		13%		12%
Yes, we would be less inclined to make use of lease financing.		14%		16%		13%
No, we would continue to use leases more or less in the same manner as we currently do.		59%		57%		61%
Don't know		15%		14%		14%

How should firms report their own debt on their financial statements?

		All		Public		Private
At amortized historical cost		43%		47%		42%
At fair value		38%		33%		38%
At the discounted amount of the expected future payments		18%		19%		18%
Other		2%		2%		2%

 For more information about the survey, please go to www.GrantThornton.com/cfosurvey.