Resistance grows to international standards

Business groups appear to be on a collision course with accountancy
institutes over the implementation of international accounting standards.

The ICAEW and ICAS want a switch to IFRS as soon as possible, but the CBI and
the British Chambers of Commerce (BCC) have warned that such a move could cause
chaos and want a regulatory ‘impact assessment’ first.

The BCC claimed its members would ‘not be overly delighted’ with the switch,
which it said would ‘cost more money and would not help them be competitive’.

However, according to the Independent, ICAS wants a switch to be
made as soon a possible while the ACCA wants all publicly accountable entities,
including large private companies to be required to use IFRS.

Currently, companies can report under IFRS, UK generally accepted accounting
principles or a standard for smaller companies, depending on their size and
listed status.

Related reading