AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Decisions - Accounting standards - Opt to Adopt.
(From Financial Director)
The switch from reporting under UK GAAP to international accounting standards after 1 January 2005 has several implications for the accounts of listed companies and the financial software packages they use to prepare them.
For example, the Royal Bank of Scotland states in its 2003 annual report that it spent the year assembling a dedicated IAS project team that has identified and is implementing a range of separate work streams. It is focusing on each difference in accounting that the team has identified as requiring "significant effort" to implement. The approach adopted by the team is to document the differences between the bank's current accounting policies and IAS, then to set out detailed planning for the move to the new standards, including the identification of implementation methodologies and the specification of IT requirements. The scale of the impact on RBS' financial and operational IT systems is still being scoped, but is likely to be significant.
But few, if any, listed companies are willing to talk openly about the impact of IAS on their financial software systems. This may be that many companies simply haven't established how IAS will impact their business processes. As Chris Webb, spokesperson for software vendor CODA, says: "Many of our customers are ...
- 'Listed companies should follow revised IAS 32 & 39 on Financial Instruments'.
- News wire article from: PPI - Pakistan Press International November 17, 2006 700+ words
...16 (PPI): All listed companies in Pakistan are...applicability of IAS 39 on banks operating in Pakistan. IAS 39, when adopted...SECP had adopted IAS 32 & 39 which...financial statements of listed companies. As the amendments...
- Implementation of IAS 39.
- News wire article from: Asia Africa Intelligence Wire September 30, 2002 700+ words
...framework of listed companies in Pakistan...contained in IAS 39 have been...instruments. Although IAS 39 was adopted...last year, the listed companies did not play...implementation of IAS 39 by all listed companies under its purview...
- IAS, 2005 -- what it means! (International Accounting Standards).
- Magazine article from: Accountancy Ireland Curtis, Una April 1, 2002 700+ words
...alternatives: * Option 1 IAS GAAP required and permitted...the group accounts of listed companies * Option 2 IAS GAAP required and permitted...Revenue, etc. Option I IAS GAAP required and permitted...the group accounts of listed companies The main argument in...
- ACCOUNTANCY: FEE ISSUES DISCUSSION PAPER ON IAS.(International Accounting...
- Newspaper article from: European Report April 21, 2001 700+ words
...crucial that listed companies can use IAS from 2003 onwards...Application of IAS should not be...to transfer listed companies to a separate...obstacle to using IAS. The priority...for at least listed companies across Europe...
- Financial directions - IAS changeover an internal affair.
- News wire article from: Europe Intelligence Wire February 1, 2004 700+ words
...half (57%) of listed companies say the change to IAS provides them...the accounts. IAS will allow business...compare European-listed companies. Despite this...to deal with IAS. However, only 20% of listed companies have currently...
- FOR AND AGAINST - Companies should opt for IAS.
- News wire article from: Europe Intelligence Wire July 24, 2003 700+ words
...2005, all European-listed companies will have to begin reporting under IAS. Some listed companies may immediately require...subsidiaries to report under IAS. And some of the more progressive non-listed companies will choose to do so...
- Analysis - Preparation is key to smooth IAS move.
- News wire article from: Europe Intelligence Wire September 11, 2003 700+ words
...companies for compliance with IAS in 2005 as 'very good...said for the smallest listed companies. In fact, twice as...to come to terms with IAS and prepare the ground...interests of smaller listed companies, is demanding the EU...
- Cartesis[R]: you may be aware of the imminent transition to international...
- Magazine article from: Financial Management (UK) October 1, 2002 700+ words
...1 January 2005 under IAS. Subsidiaries of listed companies will therefore also need to prepare IAS accounts for consolidation...consolidated accounts. Listed companies, which will need to...consolidated accounts under IAS, should not only be...
- Ministers plan to extend IAS: private firms should prepare for international...
- Magazine article from: Financial Management (UK) Howarth, Anita November 1, 2002 700+ words
...this year requires listed companies in Europe to use IAS when preparing their...alone accounts of listed companies. The potential...individual accounts of listed companies, unlisted companies...and insurance. IAS could mean a big...
- IAS 39: making securitization transparent.(IAS 39 Financial Instruments:...
- Magazine article from: Risk Management Togher, Sean August 1, 2003 700+ words
...for financial instruments, IAS 39 Financial Instruments...has proposed that all EU-listed companies prepare their financial statements using IAS 39 accounting standards by...industry. The Development of IAS 39 Since the introduction of...
