The ICAEW has hit out at the International Accounting Standards Board's plans for convergence of standards with its US counterpart, claiming that it could put too much pressure on companies already struggling with other upcoming new standards.
Link: IAS special report
In response to the IASB’s exposure draft on the accounting treatment of non-current assets and discontinued operations, the first to arise from its joint short-term convergence project with the US Financial Accounting Standards Board, the Institute warned that there should be a greater focus on the adoption of International Financial Reporting Standards in 2005.
Andy Simmonds, chairman of the Institute working party that prepared the comment letter to the IASB, said: ‘While we strongly support convergence between IFRS and existing national GAAPs, we believe that UK and other EU listed companies – already facing major challenges migrating to IFRS – should not be obliged to implement these further changes in 2005 solely in the interests of advancing the convergence process. A smooth transition to IFRS is of paramount importance and much remains to be done.’
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