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

The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

5d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

5d Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter