Designed for making company accounts easier to compare, IFRS may not provide instant success when weighing up the differences
Amid all the controversy over the switch to international financial reporting standards, the ongoing problems with IAS 39 and increasing fears over undue US influence on the new principles, it is sometimes easy to forget exactly why the financial markets of the European Union have undergone such a difficult, time-consuming and costly exercise.
While multinational companies will no doubt see some benefit from now being able to work with far fewer sets of accounting standards, the true beneficiaries of the IFRS conversion are meant to be Europe’s investors and other market watchers.
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