British companies still struggling with IFRS
British companies are not making enough progress towards adopting international financial reporting standards in 2005, according to a new survey.
Link: IAS/IFRS special report
Software company Geac found of the 90 British companies it asked, only 22% of those directly involved in supporting the financial accounting systems have personally received any IFRS training. Over half have yet to institute an IFRS compliance training regime.
In addition, just 44% have established some form of IFRS team, while 36% of those that haven’t set up a team admitted they have still not assessed the challenge in any organised way.
The survey also found that a huge burden is likely to be placed on the audit community. Over two-fifths of respondents said they would be placing the onus on their auditors, with just 18% opting to tackle IFRS themselves.