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Is the European retail industry ready for IFRSs?

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22 Dec 2004

A Deloitte European workgroup carried out a benchmarking study whose aim was to discover: How ready large European retailers are for IFRSs? The preferred accounting options retailers are contemplating to meet the challenges raised by the new standards? Whether those solutions are appropriate and workable? Whether there is consistent understanding of the application of IFRSs across the industry? The conclusions of the benchmarking are startling: The European retail industry may not yet be fully ready for IFRSs. Some retailers have underestimated the scale of the work needed to prepare for certain aspects of IFRSs. If current practices are maintained, companies may find themselves applying the standards in very different ways. IFRSs don't just pose technical challenges for the industry – they also create stakeholder communication issues. Click to download: (PDF 260k) (PDF 214k) (PDF 34k) .

A Deloitte European workgroup carried out a benchmarking study whose aim was to discover:

  • How ready large European retailers are for IFRSs?
  • The preferred accounting options retailers are contemplating to meet the challenges raised by the new standards?
  • Whether those solutions are appropriate and workable?
  • Whether there is consistent understanding of the application of IFRSs across the industry?
The conclusions of the benchmarking are startling:
  • The European retail industry may not yet be fully ready for IFRSs.
  • Some retailers have underestimated the scale of the work needed to prepare for certain aspects of IFRSs.
  • If current practices are maintained, companies may find themselves applying the standards in very different ways.
  • IFRSs don't just pose technical challenges for the industry – they also create stakeholder communication issues.
Click to download:

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