The great project to introduce international financial reporting standards (IFRS), in Europe and the world has achieved its initial goal. Most companies seem to have survived the implementation. But now they are faced with another issue.
IFRS reporting is both new and more complex. “A lot of the accounting still does give you valuable information,” says Mark Vaessen, head of the international reporting group at Big Four accounting firm, KPMG, “but it is valuable information for the analysts who will spend a lot of time with it”. Many companies are grappling with how to get a story across to a less technically savvy audience.
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