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IAS: think global, act international.

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Vincent
PositionGBMW Round-up

International accounting standards (IASs) are not optional, huge changes are inevitable and international does not just mean European, Mary Keegan (right), chairman of the Accounting Standards Board, reminded delegates. There is an urgent need to get rid of regulatory barriers that are useful only to individual countries and based on national interests, she said.

Keegan pointed out that firms will face particular problems sorting out pension and equity issues to cope with increasing cross-border investments and investments outside traditional markets over the next few years. In particular, UK accountants should not be complacent because UK standards are currently close to converging with IASs--the impact of US Gaap is likely to change things, she said.

"The UK can be justifiably proud of...

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