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As the deadline for the first International Financial Reporting Standards (IFRS) compliant accounts looms closer, large numbers of companies are scrabbling to meet deadlines.
"The next six months will be extremely tough," says Michael Hughes, chairman of audit at KPMG (UK).
There is concern about the readiness of the smaller companies in the FTSE 350. He says: "Smaller companies don't have the same resources at their disposal."
More than half of the FTSE 350 companies analysed (52.6 per cent) have a December 31 year-end and therefore will be in the first group to report under IFRS. Some of these have already announced their intention to restate …