PracticeAuditIFRS – The state of play

IFRS - The state of play

Judge your progress against the rest of UK plc using our latest surveys

Readiness among UK companies varied as they approached the launch day of the new IFRS reporting regime. Judge your progress against the rest of UK plc using our latest surveys.

Link: More information on ongoing requirements for IFRS

NOVEMBER 2004

Readiness of UK companies

FTSE100 companies Excellent: 31.7%
Good: 38.6%
Poor: 10.9%

FTSE350 companies
Excellent: 8.9%
Good: 51.5%
Poor: 19.8%

Other listed companies
Excellent: 2%
Good: 33.7%
Poor:19.8%
Very poor: 5.9%

Other non-listed companies
Good: 5.9%
Poor: 38.6%
Very poor: 36.6%

Readiness of IT and finance

Financial staff
Excellent: 12.9%
Good: 29.7%
Poor: 37%
Very poor: 6.8%

IT systems Excellent: 15.9%
Good: 32.7%
Poor: 37%
Very poor: 9.9%

Status of IFRS preparation
43% have not started
21% less that half preparation is done
21% more than half of preparation is complete
15% ready – preparation is complete

MAY 2005

How do you rate the overall readiness of UK companies for implementing IFRS?
Excellent: 1.7%
Very good: 6.7%
Good: 51.7%
Poor: 25.0%
Very poor: 0%
Don’t know: 15.0%

How do you rate the readiness of your own financial staff for the impact of IFRS?
Excellent: 5.0%
Very good: 11.7%
Good: 50%
Poor: 23.3%
Very poor: 10.0%

How do you rate the readiness of the IT systems in your organisation for the impact of IFRS?
Excellent: 8.3%
Very good: 18.3%
Good: 38.3%
Poor: 25.0%
Very poor: 0%
Don’t know: 10.0%

How do you rate the services provided by your auditors during your IFRS preparations?
Excellent: 6.7%
Very good: 5.0%
Good: 35.0%
Poor: 30.0%
Very poor: 3.3%
Don’t know: 3.3%
Not applicable: 16.7%

How do you rate the awareness of your senior management of the impact of IFRS?
Excellent: 3.3%
Very good: 10.0%
Good: 33.3%
Poor: 38.3%
Very poor: 15.0%

How do you rate the readiness of financial markets for the switch-over?
Excellent: 0%
Very good: 15.0%
Good: 35.0%
Poor: 45.0%
Very poor: 3.3%
Don’t know: 1.7%

Link: More information on ongoing requirements for IFRS

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