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IFRS - International Financial Reporting Standards

What is it?

Also known as the International Accounting Standards, this legislation comes from the European Union.

Who does it affect?

Everyone.

When is the compliance deadline?

2005.

What is required for compliance?

This will differ from sector to sector, but it is particularly onerous for financial services, which will have to reclassify financial instruments, reassess the measurement of liabilities and assets and ramp up disclosure. The legislation can necessitate dual-reporting, according to the old standards and the new. Companies will, in effect, be running two accounting systems.

Further Information

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