BusinessCompany NewsResistance grows to international standards

Resistance grows to international standards

Business groups want impact assessment carried out

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 Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor