New DTT guide to transition to IFRS – manufacturing companies
18 Feb 2003
From 1st January 2005 onwards, virtually all European companies with securities listed in the European Union must prepare consolidated accounts in accordance with International Financial Reporting Standards (IFRS).
As a result, all affected entities will have to apply IFRS in 2004 to report comparative figures. This means that in 2003, while still reporting under their national GAAP, companies will need to run systems in parallel to be sure that the systems are ready for IFRS reporting in 2004 and to appreciate the changes to the figures arising under IFRS. A new guide – Manufacturing: The Future for UK Automotive and Aerospace Industries under IAS – from Deloitte & Touche's UK practice walks manufacturers through the impacts of IFRS on their accounts, preparing companies for the changes ahead. While focused on the transition from UK GAAP to IFRS, this guide will be of considerable benefit to companies in other EU countries as they make their plans for the transition. Click to (PDF 336k).