Finance directors have categorically backed FSA chief executive John Tiner, following his warning to listed companies to make sure that they are ‘on top’ of their IFRS adoption progammes.
The latest Accountancy Age/Reed Big Question survey, which looked at the response of more than 200 FDs, found that two-thirds were in favour of Tiner’s IFRS warning to UK plc.
‘If he doesn’t intervene, then companies may view IFRS with a relaxed attitude,’ said one FD.
Others said that the issue will ‘not disappear’, and the FSA’s guidance should act as an ‘effective and authoritative influence’.
Only 10% of respondents were totally against Tiner’s warning. ‘By barging in like a bull in a china shop the FSA risks upsetting companies in an already fragile position,’ according to one anonymous FD. While another respondent said that it seemed as if the FSA was practicing ‘damage limitation’.
Tiner has warned companies to apply the new standards with consistency from day one.
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