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Know it All.
(From Financial Director)
Byline: Tom Berry.
International Financial Reporting Standards apply to company accounts of public companies whose financial periods begin on or after 1 January 2005. In December 2004, Morgan Stanley's Equity Research division published a guide to IFRS highlighting the most important areas for investors to consider when getting to grips with the new standards.
Morgan Stanley's 10 Things You Need To Know About IFRS are:
1. Companies will be late and investors aren't ready. Morgan Stanley advises investors to keep a list of companies that have not disclosed much about their IFRS preparation. It is particularly worried that too many companies are leaving it to the last minute to compile their numbers.
2. Share price volatility may cause chaos as investors and analysts will struggle to make sense of the numbers. As hedge funds become more interested in IFRS, expect further volatility.
3. Reported earnings are going to be more volatile than ever. This is because of the new value measures under IFRS for financial instruments, stock options and the like. It is also because there are now fewer tools to manage earnings, such as using provisions to smooth earnings.
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