Companies from southern and eastern European countries due to join the European Union this year will struggle to cope with the introduction of international accounting standards in 2005, according to the head of the standard setter.
Link: IAS special report
Sir David Tweedie, chairman of the International Accounting Standards Board, has warned that some companies from former Soviet bloc states, that will join the EU in May, will issue inaccurate financial statements due to the immense challenges involved in the changeover.
Ten nations, including eight from the former Soviet bloc – the Czech republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia – are due to join the EU this year. These countries will struggle as the accounting rules in these countries show far greater differences from IAS than those in the UK and other more established EU nations, according to the Financial Times.
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