ACCA (the Association of Chartered Certified Accountants) has begun a research project to ascertain companies’ readiness for the transition to international financial reporting standards (IFRS) by 2005.
The survey has been distributed to more than 1,000 chief financial officers and finance directors, with the purpose of finding out:
how prepared Australian companies are for the changes.
whether companies have quantified the changes.
which sources companies are relying on to help manage the change.
“It’s certainly not a fait accompli that Australian companies will be ready,” said Richard Francis, ACCA’s head of Australia and New Zealand. “Finding a permanent chairperson for the Australian Accounting Standards Board is an urgent concern. How can Australia adequately manage the transition when our national standard setter is rudderless?” Mr Francis commented.
