PracticeAuditIAS timetable ‘too ambitious’

IAS timetable 'too ambitious'

The International Accounting Standards Board has admitted that it may have been too ambitious in the timetable it set for creating a standard on performance reporting. But it denied that any decision to postpone the project had been made.

Link: IAS campaign special

The standard, a joint project with the UK Accounting Standards Board, would replace the profit and loss account and the statement of total recognised gains and losses with a matrix format income statement. The project is expected to cause huge controversy and has already hit problems, with those testing the proposals struggling with the new format.

‘We may have been a bit ambitious on the dates we originally set, but the project is soldiering on,’ said Kevin Stevenson, director of technical activities at the IASB.

The project for reporting comprehensive income is due for a review soon and a decision to delay the project could be made at that stage. The standard was not due to be mandatory for 2005, but had been expected to be available to early adopters at that time.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

5d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter