The switch to international financial reporting standards throughout the European Union was a considerable breakthrough towards the use of such standards on a worldwide basis. As this article indicates, major changes can be costly in terms of time, money and pride – and not least in the UK which previously already had its own well-developed accounting standards programme.
1 What objections to the introduction of IFRSs can you identify in the article?
2 What benefits do there appear to have been?
3 Why might opinion be divided between finance directors and fund managers?
4 Do you think that the switch to IFRSs has been beneficial?
5 What are your reasons for your view?