National Survey Finds Majority of Senior Finance Executives Support Pension and Lease Accounting Revisions

The majority of senior finance executives support pension and lease accounting revisions, according to a national survey conducted by Grant Thornton LLP.

A strong majority also believe that Securities and Exchange Commission (SEC) Chairman Christopher Cox is doing a good job; that the external auditor should not also design and oversee internal controls; and that there should be uniform global accounting standards.

Specific findings:

• Is SEC Chairman Cox doing a good job?
        Yes 75.07%
        No 24.93%
  
• Should lease accounting rules be revised to give investors more transparency?
        Yes 62.80%
        No 37.20%
  
• Should the external auditor also design and oversee internal controls?
        Yes 23.87%
        No 76.13%
  
• Should companies be required to account for pension plans on their balance sheets?
        Yes 81.07%
        No 18.93%
  
• Do we need greater transparency in financial reporting?
        Yes 64.97%
        No 35.03%
  
• Should there be uniform global accounting standards?
        Yes 79.52%
        No 20.48%
  
• Do we need a comprehensive revenue recognition statement?
        Yes 69.95%
        No 30.05%

About the Survey
Commissioned by Grant Thornton LLP, the survey was conducted during the last week in August 2006, with responses from 381 senior finance executives at public and private companies.

About Grant Thornton
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations.  Through member firms in 112 countries, including 50 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com.

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