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Editor's letter - The GAAP year.
(From Financial Director)
It's here. Almost. The long-promised introduction of international financial reporting standards. And the excitement is palpable. And, of course, while it's still not too late to 'comply', there are things such as hedging strategies currently in place that will affect the results to be reported under the new standards.
While not as headline-grabbing among the world at large as the introduction of the euro, the arrival of IFRS shares a few common themes (not least the fact that, for both, the rules had to be changed or bent to accommodate the French). For example, just as the single currency was to increase the pool of capital available to businesses in the eurozone, so IFRS are intended to play their part in creating the Brussels dream of a single European capital market by creating cross-border comparability in accounting and, hence, company valuations.
None of this comes cheap, and it's tempting for many to argue that the UK is paying the price for the poor accounting standards and disclosure ...
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