Finance directors of UK-listed companies have found the switch to International Financial Reporting Standards expensive and more complicated than expected, and are struggling to see the benefits of the new accountancy rules.
Most finance directors have now completed their first set of full-year accounts under the new IFRS rules. But few have found it a valuable exercise, according to a survey of FTSE 350 companies by Price Waterhouse Coopers.
Eighty-five per cent reported it was more difficult to explain their results under IFRS than the UK GAAP standard. Two thirds said the conversion threw up surprises in their accounts.
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