PracticeAuditInternational standards disaster looms

International standards disaster looms

Almost nine-out-of-ten are unprepared for the adoption of international accountings standards, a new survey has found.

While 70% of companies surveyed were aware of the IASs, which all EU companies must comply with by 2005, only 13% will be ready to do this, accounting software CODA found.

Even more worrying, just over half – 54% – said no plans had yet been put in place to comply by the deadline.

The survey also found that those companies that have already started preparations for the new standards may still not be ready due to the ‘long-term planning required across an organisation’s extended enterprise’.

CODA CEO Graham Steinsberg said: ‘In order to fulfil the tight 2005 deadline for IAS compliance, EU-listed companies have to start preparing now.

‘There is a misconception that it is a case of flicking a switch, to comply with IAS, but this isn’t true.’

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