The adoption of IFRS could lead to an increase in non-GAAP reporting and a mechanistic approach to the rules
Public companies in the United Kingdom have now reported their results and financial position under International Financial Reporting Standards (IFRS) for a number of years. The IFRS framework and individual standards are intellectually rigorous and they provide detailed rules with the aim of promoting transparency and comparability.
However, experience is beginning to suggest that there are some potentially damaging consequences emerging from the implementation of IFRS in the UK, which companies and investors should consider (along with the accounting profession) before IFRS becomes universal in one form or another.
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