'IFRS delaying interim announcements'

News Article - 11 April 2009
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The introduction of International Financial Reporting Standards (IFRS) has been blamed for delays to AIM-listed companies' interim annoucements.

According to KPMG, 50 per cent of AIM companies with market capitalisation of £10 million or over and December year-ends had published their interims by this time last year.

However, this year the firm noted that this figure has fallen to 40 per cent, with a number of firms announcing their interims up to three weeks later than last year.

Ginny Stevens, head of AIM Audit at KPMG, said: "There is no doubt that the implementation of IFRS is proving a challenge for many AIM companies, and that is resulting in delays."

Although this is not a problem in itself if these companies are communicating with their investors and analysts, Mr Stevens suggested that they will "certainly" wish to reduce delays for their full-year results.

Listed companies are now publishing their first-year consolidated accounts using IFRS, rather than UK Generally Accepted Accounting Principles, according to PricewaterhouseCoopers.

Article keywords: The nation’s financial firms are indicating that UK business is ‘almost back to normal’ for the first time since the global recession.

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