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S&P proposes IFRS transition disclosures

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21 Dec 2004

The rating agency Standard & Poor's has published Transition without Tears: A Five Point Plan for IFRS Disclosure (copyright 2005 Standard & Poor's, posted on IASPlus with permission).

The report sets out five specific disclosure practices for industrial and financial services groups that would provide a high level of transparency to the market regarding transition to IFRSs:

  • Providing comprehensive reconciliations of restated balance sheets and income statements in a tabular format;
  • Providing a transition date balance sheet;
  • Reconciling restated cash flow statements;
  • Detailing accounting policies and their effect on reported amounts and future trends; and
  • Maintaining relevant disclosures, even if not required by IFRS.
The report includes practical examples of how these disclosure practices address related analytical concerns. It also provides an update on S&P;'s process for evaluating any potential effect of the transition to IFRS on credit ratings. Click to Download the S&P; Report (PDF 862k).

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