Key considerations in preparing 2005 IFRS reports
20 Dec 2005
Deloitte has published a new IAS Plus guide: IFRS Financial Statements 2005: Key Considerations for Preparers.
The guide is relevant not only to entities adopting IFRSs for the first time in 2005 but also to entities already applying IFRSs. For continuing IFRS users, 2005 will be the first accounting period for which they will need to comply with the requirements of the Standards revised in the IASB's Improvements Project, as well as major revisions to the Standards on financial instruments, intangibles, and impairment. Also IFRSs 1 to 7 are new for 2005 (1 to 5 required for 2005 year ends, the other two elective). The cumulative effect of these revisions and new Standards is that entities are being required to rewrite substantially their financial statements in 2005. We prepared this guide to help companies in that endeavour. |