BusinessCompany NewsNon-listed companies face global standards

Non-listed companies face global standards

The possibility of extending globally accepted accounting rules to non-listed companies is under discussion by the global standard-setter's Standards Advisory Council this week years ahead of schedule.

Over the past two years pressure has been growing on the IASB from European commissioners, member states and countries hoping to join the EU to take up the challenge for small company accounting, too.

Until now the IASB has said the issue of non-listed companies using IASs would not feature on its agenda until after the 2005 EU deadline for all listed companies in Europe to report under IASs. It appears the IASB has had a rethink and moved the issue up its agenda.

IASB research director Wayne Upton said: ‘A typical small business is lucky if it has a good bookkeeper, much less a skilled accountant. And the problem is the same if you are located off Fleet Street or in the Upper Volta.’

Karel van Hulle, head of financial reporting and company law at the European Commission, has said ‘unless IASB deals with this as soon as possible we will have 15 different [accounting] regimes. We will help and make sure the issue remains a priority’.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor