We are on the verge of the period in which listed companies will be reporting their first full figures under international financial reporting standards, in Europe and around the world. For the hard-and-fast figures we have to wait. But it is clear from a survey published by KPMG, the accountancy firm*, this week that attitudes towards IFRS are changing. It found that much of the hostility that was so apparent during the implementation last year has abated. What are left are specific gripes over particular treatments.
But overall, participants in the survey are happy. In particular, the regulatory community around the world was cheered. Jeffrey Lucy, chairman of the Australian Securities and Investments Commission, describes the soft landing as "almost in the category of 'beyond our wildest dreams'". And Bob Herz, chairman of the US Financial Accounting Standards Board, describes it as "an incredible event in the history of accounting". Veteran analyst Tony Good, of the UK Society of Investment Professionals, says "it is quite remarkable that we haven't had any disasters".
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