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:
Financial directions - IAS changeover an internal affair.
(From Financial Director)
Only one-half of listed European companies have an internal project team in place to help with the impending conversion to international accounting standards.
UK companies have let the conversion process slip and are in no hurry to apply the new standards, instead adopting a wait-and-see approach, writes Kevin Reed.
A survey of 425 European listed and non-listed companies by accountancy firm Mazars reveals that the changeover will affect five million companies in Europe. Despite calls to prepare for the accounting conversion, just 75% of listed companies hope to apply the standards before the legal deadline of 1 January 2005, as do 55% of non-listed companies.
Only 55% of listed companies have a specific project in place to manage the changeover, and just 35% of companies have a specific training programme for the personnel who will be involved with the changeover. Ad-hoc projects will be the way of dealing with IAS for many companies, although two-thirds of respondents have called in, or plan to call in, expertise to assist with their conversion project.
Nearly 40% of the companies have still not attempted to compare the future accounting standards against current GAAP, which suggests that many of the internal projects in place to deal with IAS have not reached an advanced stage.
Only 32% have taken the initiative of simulating how their accounts would look under IAS. The Benelux countries have carried out these comparisons, as local standards have been modified over the past decade towards convergence.
- '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...
- 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...
- Revised IAS 32 and IAS 39.(Accounting)(International Accounting Standards Board...
- Magazine article from: Accountancy Ireland February 1, 2004 700+ words
...issue of the revised IAS 32 and IAS 39, Mary Keegan...accounting regime for EU listed companies from 2005 contains...that will apply to EU listed companies from 2005." For summary...main requirements of IAS 32 and IAS 39 see the...