PracticeAuditProfession welcomes extension of IFRS

Profession welcomes extension of IFRS

The decision to extend international financial reporting standards to non-listed companies has been well received by both KPMG and the ICAEW.

Link: Unlisted companies to get IFRS option

KPMG described the decision, which gives non-listed companies the choice of adopting the international standards, as a ‘good first step’ although it was concerned that IAS 39, the financial instrument standard, was still being ‘reworked’.

‘Timing is getting on, so the remaining new standards, will need to be endorsed swiftly if the required conversion to IFRS by 2005 is to succeed,’ said Mark Vaessen, head of KPMG’s IAS Advisory Service.

David Illingworth, president of the ICAEW, said the announcement provided ‘welcome clarification’ for small companies over international accounting standards.

‘This announcement will give unlisted companies some welcome breathing space, but it doesn’t provide an excuse for heads to be buried in the sand. Businesses of every size will eventually be affected by International Accounting Standards. Companies need to consider the implications now and make the necessary preparations.’ Illingworth said.

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