PracticeAuditIASB needs to speed up, says PwC

IASB needs to speed up, says PwC

Moves by the International Accounting Standards Board to update its standards before 2005 have raised concerns among accountants over the board's timing.

Last week the IASB published for comment proposals to revise 12 of its 34 standards as the beginning of its improvements’ project. The initiative comes just three years ahead of the European Commission’s deadline to have all of Europe’s 7,000 listed companies report under global accounting rules.

Although the initial changes to standards are relatively minor, PricewaterhouseCoopers has voiced concerns over far-reaching changes to other standards, ahead of the 2005 deadline.

Ian Wright, leader of the global IAS expert team at PwC, said: ‘These 400 pages are just the first step. The IASB needs to accelerate its review of the standards not covered in this update, to enable those converting to IAS in 2005 or earlier have as much certainty as possible, well before implementation.’

The IASB is due to publish fundamental revisions to its standard on financial instruments.

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