Hold-up hits IAS committee
The move towards international accounting standards suffered a setback this week after it emerged the launch of the revamped IAS Committee will be delayed by three months.
The committee is set to play a leading role in introducing global standards across the EU by 2005. But Sir Bryan Carsberg, secretary general of the IASC, told the conference: ‘1 January 2001 was the possible date for things to start but looks too optimistic. The IASC board will begin operations fully on 1 April 2001.’
He added: ‘I feel that IASC is in a strong situation for the future.
The market situation has put us on track. A move to global standards is now inevitable.’
Major players at an IASC conference in Brussels this week expressed excitement and a sense of urgency in paving the way for compulsory international standards for all 7,000 EU quoted companies by 2005.
Sir Bryan also highlighted the benefits of the move for European companies and capital markets, which was endorsed by the EC in June, with estimates that Dutch bank ING could save a euro 0.25bn (£0.15bn) annually by adopting international standards.
Goran Tidtrom, deputy President of the European Federation of Accountants and PwC Sweden chairman, said many European companies would have to adopt IASs by 2003 or 2004 to be ready for the deadline.