AIM companies not considering impact of IFRS
News Article - 13 November 2006
Category:
Business
Companies within the alternative investment market (AIM) are not
adequately considering what impact international financial
reporting standards (IFRS) will have on them commercially, a report
has claimed.
The paper, issued by PricewaterhouseCoopers, looked at how IFRS
would affect UK AIM companies, comparing results with earlier
findings from research into the experiences of FTSE-350 executives,
Accountancy magazine states.
Some 70 per cent of those questioned were found to have not carried
out an impact assessment so far. Others had only begun a
preliminary assessment and 41 per cent had not yet considered how
IFRS would affect mergers and acquisitions.
Among the findings was that 18 per cent of businesses had already
put IFRS into place, with the majority experiencing larger market
capitalisation. Almost half of the remainder said they would adopt
IFRS in 2007 with a further 36 per cent saying they would wait
until 2008 before implementing the new rules.
Earlier this month a survey by accountancy firm PKF found that
fewer than one in five AIM businesses are ready to comply with
IFRS.
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