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September 2006

Delaying IFRS will mean higher costs 

 

Seminar only £159 per person The Essential Guide to International Financial Reporting Standards


International Financial Reporting Standards (IFRS) have brought the biggest change in accounting for a generation. Since January 2005 many UK companies have been implementing IFRS and judging by many reports it has not been easy. It is widely recognised that UK GAAP is converging with IFRS. All the Standards that have been issued by the UK's Accounting Standards Board since 2004 have been drawn up with this principal intention. It is important that all companies keep on top of the changes and are well prepared for full convergence of UK GAAP and IFRS.

UK Training's seminar, The Essential Guide to International Financial Reporting Standards, is an excellent and cost-effective way to master this subject.

The first step to implementing IFRS is to understand fully the requirements and recognise that system changes will be necessary if your financial reporting is based upon UK GAAP or the generally accepted accounting practice of another country. It will be necessary to invest a significant amount of time and effort if the transition to IFRS is going to be free of incident. If the introduction of IFRS is not planned carefully, then time will run out, resulting in a hasty implementation and unnecessary higher costs.

Peter Hughes, a Chartered Accountant, presents The Essential Guide to International Financial Reporting Standards. Peter has been tracking the progress of IFRS over the years and in particular has monitored the differences between IFRS and UK GAAP. He is able to guide the preparers of financial statements on what they need to do to implement IFRS.

If you want to avoid a hasty implementation of IFRS we suggest you book yourself on to the seminar now.

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Kathryn Cearns

        Kathryn Cearns of Herbert Smith LLP has written two interesting articles which you can read by clicking the respective title.

        The articles discuss the implications of IFRS which highlight some of the differences between UK GAAP and IFRS.