Friday, October 24, 2008

The Implementation of IFRS in the UK, Italy and Ireland

The Institute of Chartered Accountants of Scotland issues a study on IFRS Implementation.

According to the Scottish Institute's site:

The study examines: the resultant changes in financial reporting, in terms of the additional disclosures and the impact of IFRS on profit and equity; the costs involved in implementation of IFRS; the most problematic international accounting standards for adopters; and the usefulness of the resulting IFRS information from the perspective of preparers and users. It is hoped that the study will aid companies implementing international standards in the future.

This study of IFRS implementation experiences in the UK, Italy and Ireland is interesting input for us in Canada and contains points that we should consider in our own implementation. Any comments from IFRS Veterans are most welcome.

The Study and the Executive Summary can be downloaded here.

There is an article on this study by David Wood in Accountancy Age "The challenges of switching to IFRS"can be found here. Mr. Wood is the executive director, technical policy at the Institute of Chartered Accountants of Scotland.

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