PracticeConsultingStandards deadline looms

Standards deadline looms

Worrying news from former International Accounting Standards Committee secretary-general David Cairns this week. Cairns' survey of IAS usage shows that many of Europe's biggest companies are not fully engaging with international standards.

The research also lays part of the blame at auditors who are failing to be sufficiently rigorous in auditing IAS compliance.

However, it is a shared responsibility and is a situation that cannot be allowed to continue if companies are to meet the European Union’s 2005 deadline for full IAS compliance.

It’s hard not to have some sympathy; talk of international standards has been around for a long, long time. But if there is a message that this research should hammer home it is that the EU’s deadline is real.

And it’s imminent.

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