There are signs of a significant change in attitudes towards International Financial Reporting Standards, as countries around Europe and the world approach the end of the first year of implementation. Particularly remarkable is that the change in attitude is probably most marked in the UK, once the leading supporter of the new system. Originally it was felt that the greatest opposition and the biggest problems would come from other regions where the fundamentals behind the IFRS programme were relatively new concepts and where the complex accounting behind them would represent a new culture.
The global movement towards IFRS is unabated. Sir David Tweedie, Chairman of the International Accounting Standards Board, which promulgates the standards, announced last week that by next year 100 countries would expect or permit IFRS to be used.
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