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Extending the use of IFRS in Ireland

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29 Jul 2003

The Institute of Chartered Accountants in Ireland (ICAI) has called for the government to decide quickly whether the IFRS requirement for all listed companies from 2005 onwards will be extended to non-listed companies and to individual company accounts.

An ICAI Announcement noted: "A recent survey conducted by Deloitte and Touche in March indicated that only half of business managers are prepared for IAS. The survey also found that businesses had a negative attitude to the new standards believing that they would increase costs and reporting requirements. It is now up to the Government to address this situation by running an information campaign about these pending changes. The sooner they start the better." The UK government has announced that IFRS will be permitted, but not required, for non-listed companies and individual company accounts.

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