PracticeAuditCompanies face global rules wake-up call

Companies face global rules wake-up call

UK listed companies have received their first concrete wake-up call as standard setters put out for comment guidelines for businesses reporting under the new international accounting rules.

The UK Accounting Standards Board this week issued plans for how companies that apply the single set of global rules, called IFRSs, should restate parts of their financial accounts and the disclosures that must be made.

As part of a combined effort, the ASB is conducting the work on behalf of the global standard setter – the IASB. Under an EU ruling, all listed companies in Europe must report under IFRSs by 2005 at the latest.

KPMG welcomed the draft guidelines but urged the IASB to act swiftly to finalise the rules.

Mark Vaessen, head of IAS Advisory Services at KPMG, said: ‘As the 2005 deadline for IAS implementation rapidly approaches, it’s becoming increasingly important for companies to have certainty regarding both the transition provisions and the final versions of the standards they will need to apply. This will reduce the risk of last minute problems.’

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