British companies still struggling with IFRS

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.

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