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Smaller listed firms plead for grace period on IASs.

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PositionInvestments - International accounting standards, Quoted Companies Alliance - Brief Article

The Quoted Companies Alliance, which represents businesses outside die FTSE 350, has called for a delay in the introduction of international accounting standards (IASs).

In a letter to the European commissioner driving the changes, Frits Bolkestein, the group argued that smaller listed companies were unprepared and would face "wholesale chaos" unless the 2005 launch was postponed. They had not been given enough time to absorb the changes or to educate their directors about them, it said.

Although the deadline is set for 2005, companies will be forced to comply with the new rules by next year to ensure that they have comparative data when they report on the year to 31 December 2005. But speakers at a recent debate organised by financial software provider Coda argued that finance directors were burying their heads in the sand over IASs.

"Many FDs have decided that these are too boring and have passed them to their financial controller, who doesn't necessarily have the clout or experience to implement all the necessary changes," said Stuart Poyner a partner at KPMG.

Patricia Peter, corporate...

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