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Summary
July 28, 2004 - Preparing and presenting consolidated financial statements
according to International Accounting Standards (IAS) /International Financial
Reporting Standards (IFRS) becomes mandatory for companies listed on a regulated
exchange in the European Union (EU) and other countries as of January 1, 2005.
The results of converting to IAS/IFRS reporting by early-adopter organizations
has shown that the financial performance of an organization can present substantially
differently. Ventana Research recommends that businesses subject to IAS/IFRS
compliance consider how they communicate this new performance perspective to
organizational stakeholders.
From January 2005, all companies listed on a EU regulated Stock Exchange will have to prepare their consolidated financial statements based on IAS/IFRS. This is expected to impact some 7,000 companies, including over 1,500 UK companies listed on The London Stock Exchange. At the same time IAS/IFRS will also become mandatory for all entities in Australia and many other countries are moving towards adoption of or harmonization with IAS/IFRS.
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