PracticeAuditUK plc still unready for IAS ‘watershed’

UK plc still unready for IAS 'watershed'

The vast majority of chartered accountants serving public companies in the UK are still doing little or nothing to ready these businesses for the introduction of international accounting standards in 2005.

Link: New legislation shores up IAS gaps

A survey carried out by the ICAEW found that two-thirds of its members working in business were unaware of the International Accounting Standards Board’s timetable for issuing new standards.

Only 70% of those respondents who felt IAS were applicable to them, said they would definitely be ready in 2005, while one third were completely oblivious of the EU mandate to adopt the new standards by 2005.

New ICAEW president David Illingworth said more must to be done to ready UK plc for the introduction of IAS.

‘The introduction of International Accounting Standards in 2005 represents a critical watershed which will affect all businesses in the UK, either directly through EC Regulation or indirectly where these Standards replace domestic accounting principles.

‘It is vitally important that companies start to assess the likely impact of IAS on their operating practices and plan accordingly. The institute has an important role to play here and a key theme of my presidential year will be to raise awareness among our members and the wider business community.’

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