In the News Detail
news headline
Clock Ticking On Accounting Change For Public Companies
SOURCE
Law Times
AUTHOR
Ian Harvey
DATE
August 11, 2008
The time is now to prepare for the switch to the International Financial Reporting Standards. Andrew Fleming of the Business Law Group talks about what companies can do now and what they can expect when compliance starts in 2011.
Excerpt
A global economy calls for globally accepted standards, and publicly traded companies should be preparing now for a fundamental shift in accounting practices.
As of Jan. 1, 2011, public companies will be required to comply with accounting rules under International Financial Reporting Standards, and, while that date seems a comfortable future horizon, the reality is that preparing for that change should have already started.
''It's a huge change from the accountants' point of view,'' says Andrew Fleming, a senior partner in Ogilvy Renault LLP, adding there will be some legal ramifications but much of that is being worked out, since it varies from sector to sector.
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