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UK survey shows need for more preparation for transition to IFRS

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13 Jun 2003

The Institute of Chartered Accountants in England and Wales has released results of a survey of its members (in both public practice and industry) to assess the level of awareness and preparation for the introduction of IFRS in 2005. Although the majority of members surveyed were aware of the move to IFRS, the survey showed that members generally were not aware of the extent of the impact that IFRS would have in the UK: A third of respondents had little or no awareness of the publication of the EU Regulation mandating the adoption of IAS in 2005. Less than half of respondents felt they were aware of the effect IFRS would have on their company or financial statements. Two-thirds of survey participants were either "not very aware" or "not aware at all" of the IASB's timetable for issuing both new and improved standards. Only 70% of respondents who had stated that IFRS was applicable to them felt that they would definitely be prepared in time for 2005. Only one in seven respondents were aware that the British government has issued a consultation paper on whether IFRS should apply to unlisted companies in the United Kingdom. Click for ICAEW Press Release.

The full survey is available on the ICAEW's website.

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