Financial managers must prepare for big changes to accounting standards over the coming months, Mary Keegan, chairman of the Accounting Standards Board (ASB), warned delegates at the Association of Corporate Treasurers' annual conference last month.
"Never in the history of the ASB will so much consultative material be issued at one time," she said. "So, if I look a little tired, you'll probably understand why."
The ASB aims to create a smooth transition in financial reporting practices to when all EU members must use international accounting standards (IASs) in 2005. Following international consultation, nearly all IASs will change in the next few years, according to Keegan. This forces the ASB to aim at a "moving target".
This month the ASB will issue Financial Reporting Exposure Draft (FRED) 23 concerning hedge accounting, and it will update its...