Link: IAS campaign special
The joint project between the International Accounting Standards Board and its UK counterpart would have seen income statements changed to a matrix format, and would replace the profit and loss account, along with the statement of total recognised gains and losses.
It had been anticipated that the standard would be ready for early adopters by 2005 before then becoming mandatory in 2006.
This deadline may now be pushed back, however, after many companies testing the proposals reportedly struggled with the new format.
‘The board is going to have a look at the project to see if it is still going in the right direction,’ said a source close to the IASB. ‘Based on the somewhat critical remarks from testers, who in the most struggled with it, the board could well decide to delay the project.’
The IASB was unavailable to comment. But the original timetable for the IASB’s reporting comprehensive income standard would have seen a draft rule issued before the end of the year, and was anticipated to spark significant opposition from businesses and representative bodies.
A final standard would have followed no earlier than the second quarter of 2004.
If the board decides to delay the project, it is unclear when a draft rule would eventually be released.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process