September 05, 2004
What your company needs to do
IMMEDIATELY
- conduct detailed comparison between IFRS and UK GAAP
- set up working groups to detail all impacts of IFRS
- review options and strategic choices
- assess impact of new IFRS standards
- discuss proposed policies with auditors
- conduct training across the organisation
- gather all IFRS 'as at 1/1/04' information
BY 31/12/04
- finalise gathering of IFRS information on opening balance sheet, and on 2004 interim period from business units
- develop draft IFRS financial statements
- agree final IFRS accounting policies
- issue IFRS group accounting manual
- develop IFRS management accounting framework, and prepare initial IFRS budget
BY 30/6/05
- consider use of non-mandatory IFRS
- release opening balance sheet and 2004 comparative information
- approve IFRS adjustments to information published in first interim reports
- implement required systems changes to embed IFRS in the business
Posts
