Chief executives and other board directors are failing to fully grasp the new International Financial Reporting Standards (IFRS), more than a year after they were imposed, according to a survey of senior finance executives.
The report, published today by accountants PricewaterhouseCoopers, says that companies need to spend more time to improve the knowledge of the accounting standards among senior employees. Although audit committees are seen as generally knowledgeable, chief executives and the board as a whole are not, with one in six financial directors believing the board has a "poor" or "very poor" technical understanding of the rules.
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