More Time Needed On Accounting Changes For British Firms

Tue, 18 Aug 2009

Big 4 accountancy and professional services firm Deloitte has warned that UK businesses will need more time to adapt to changes outlined by the Accounting Standards Board (ASB).

Last week, the ASB announced a new framework which is based on International Financial Reporting Standards (IFRS).

But according to Isobel Sharp, audit partner at Deloitte, the board has set an "ambitious" target start date of January 1st 2012.

She claimed that British firms may not have enough time to get to grips with the changes as the final rules on accounting standards are not set to be published until late 2010.

"Three full years' notice of the rules that will be adopted at that future date is needed," she said.

"The tens of thousands of companies that will be impacted can then consider in detail the potential consequences of the change, make any amendments across their businesses, test their processes and carry out the education and awareness activities."

Ms Sharp added that the ASB must also ensure the new rules are based on a stable platform.

The ASB's proposals are currently in a consultation period which closes on February 1st 2010.
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