EMU concerns software body

EMU concerns software body

Mounting concern over European Monetary Union has prompted the software industry’s trade association, BASDA, to begin lobbying the Government over its inadequate consultation. BASDA is alarmed at the lack of discussion with software suppliers, whose products must be able to cater for at least two base currencies after 1999, even if the UK opts out of the new system.

Although the Bank of England (above) has consulted with several organisations about the implications of EMU, no computer or software body has been involved in discussions. This, according to the trade association, could lead to disaster.

BASDA director Dennis Keeling commented: ‘Our members develop software which is used throughout Europe and, even if the UK does not join, any organisation trading with companies elsewhere in Europe will have to have accounting systems that can cope.’

A working group of BASDA members has been set up to lobby Government departments on the issue. Under the existing timetable, the run-up period to EMU is due to begin on 1 January 1999, when participating countries’ exchange rates will be irrevocably locked in to the Euro.

Keeling complained: ‘There has been no guidance whatsoever to the software industry from either the DTI or the Bank of England. Besides the handling of two base currencies, we are concerned about the rounding rules that will apply when national currencies are converted to Euros and back again.’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource