Piecemeal adoption of international financial reporting standards (IFRS) is confusing for users and time consuming for companies, says the Insititute of Chartered Accountants of Scotland (ICAS). Instead ICAS recommends a 'Big Bang' move to IFRS in two to three years. "There should not be two sets of accounting standards running parallel in the UK, other than on a short term transitional basis," says the Institute in its submission to the Accounting Standards Board. “Differences in accounting standards on the same subject are likely to cause confusion amongst preparers and users of accounts. That is not a tenable position going forward." ICAS also says that urgent work is needed on developing standards for small and unlisted companies.
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