UK's IAS preparations among worst in Europe
Preparations by UK companies for international accounting standards are among the worst in Europe, according to new research.
Link: IAS special report
Figures produced by Atos KPMG Consulting revealed that 26% of companies in the UK said they would not be ready for the 2005 deadline compared with 12% in France, Germany and The Netherlands. More worrying perhaps is the fact that only 2% of UK companies are ready now, compared with 20% in the other three countries.
Scott Parker, managing director of Atos, said: ‘Companies must review the delivery risks and benefits in their IFRS projects now. ‘The best organisations view IFRS as more than just an accounting issue. They are already looking at business results and budgets prepared on an IFRS basis and are able to explain the impact to investors.’
Researchers spoke to 200 companies across Europe for the survey, which also revealed that most companies in the latter stages of preparation expect that IFRS will produce financial benefits.
A survey for Accountancy Age in May showed that preparations for IFRS were worsening. The number of companies that believed their staff were poorly prepared for IFRS rose four points to 45%.