During the recent trip to Lisbon by the International Accounting Standards Board, part of their tour of some European capitals to explain the latest accountancy standards, the Portugues authorities and standards setters, as well as leading companies, were quite critical of the continuous changes and of the fact that IASB standards are still in flux.
This situation is particularly difficult for those companies in jurisdictions that are trying to comply with the needs to conform their rules and standards towards the European standards.
In this situation of uncertainty, it will not be surprising if some organizations decide to put on hold the work required to unify their standards until the IASB completes its work-in-progress.
OAM
See article:
The introduction of international financial reporting standards in Portugal, one of the smaller European Union economies using the new rules, represents a sea change in accounting that is threatening to leave some experts behind.
Portuguese regulators and companies say the standards have given accountants unprecedented scope to interpret reporting guidelines, but they complain at being overwhelmed by the standard-setters' non-stop production of new documents.
See full Financial Times Article (paid subscription required).
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