IFRS - The next steps

What many people may have failed to realise is that the 1 January 2005 watershed is not the end of the waiting, but rather the beginning of a comprehensive shake-up in global financial reporting.

The 1 January deadline for publicly listed companies in the European Union to switch to international financial reporting standards began a process that will eventually see all public, private and governmental bodies in the UK using the single set of globally recognised accounting rules.

It's a tall order, but then the UK accounting standard setters have always been global leaders in this field.

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