Companies warned on new standards

Companies warned on new standards

Business have been warned to concentrate its efforts on adapting to the new standards relating to financial instruments because they will form the biggest challenge for companies as global markets moves toward International Accounting Standards

Link: ASB backs sacked Mirror man

The warning was issued by Accounting Standards Board chairman Mary Keegan. With the arrival of IAS across the European Union in 2005, Keegan said that the 400-page exposure draft on amendments to IAS 32 and 39, relating to financial instruments, was the issue that had provoked the most vociferous response from the accounting community.

The standards on financial instruments proved highly controversial when they were published because of their drive to measure assets using market values instead of historic cost.

‘This has proved not to be the most popular of standards, especially IAS 39,’ said Keegan.

The warning comes amid mounting concern that companies will not be ready for international standards when they go live in 2005.

However Keegan advised: ‘If corporations devote most of the resources set aside for standard changes to just IAS 32 & 39, then they will be most of the way there. Most of the other standards will be relatively small changes on what we are already used to.’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource