BusinessCompany NewsFSA issues ‘urgent’ IAS warning

FSA issues 'urgent' IAS warning

Howard Davies, chairman of the Financial Services Authority, is to make clear in a speech this evening that listed companies need to prepare themselves 'as a matter of urgency' for international accounting standards.

IAS campaign

Davies’ speech to the CBI in Glasgow, refers to a letter, signed by FSA director of listing Ken Rushton, sent to all companies with securities on the UK Listing Authority’s official list, which states that Davies is ‘very concerned’ that many issuers are ‘poorly prepared’ for IAS 2005.

For a company with a reporting date of 31 December 2005, the date of transition to IFRS will be 1 January 2004. This means such a company will be required to prepare comparative accounts for 2004.

Davies will point out that issuers not ready to adopt IFRS within the timescale are ‘likely to result in suspension of the issuers securities’, even though the letter accepts that the timescale is made more difficult because many of the relevant accounting standards have yet to be published.

He also asks that the letter be brought to ‘the attention of your chief executive and the chief financial officer’.

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