Since 2005 all EU listed companies have been reporting under IFRS (International Financial Reporting Standards) in their group accounts. In the UK, the Accounting Council (and its predecessor, The Accounting Standards Board) have developed a new financial reporting framework based on the International Financial Reporting Standards (IFRS) framework for all but the very smallest companies in the UK and Republic of Ireland. The US continues to consider a transition to IFRS, as are many other countries such as India and Japan.
The switch from local accounting standards to IFRS must be well thought-out, and its implications understood. It is easy to think that only those involved with accounting and finance need to get involved or will be affected by it. However, the lessons learned by the EUís listed companies in the last phase of conversion to IFRS indicate that a much broader perspective is needed, and that the conversion must be treated as a project to be carefully planned and executed.
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