IASB announces IFRS moratorium until 2009

News Article - 25 July 2006
Category: Business

All changes to international accounting standards regulations are to be suspended until 2009, the International Accounting Standards Board (IASB) has promised.

The moratorium on new International Financial Reporting Standards (IFRS) and amendments to existing standards comes in response to user pressure.

Many companies said that they are still adjusting their accounting systems since the 2005 introduction of IFRS, which has proved more complex than many had anticipated.

A memorandum of understanding between the IASB and the US Financial Accounting Standards Board on convergence commitments has also sown corporate discontent.

"For those involved with IFRS, the past few years have been a time of great activity," said IASB chair Sir David Tweedie.

"The steps announced today are designed to assist those involved with implementation of IFRS throughout the world, while enabling us to make progress on our contribution toward the elimination of the need for reconciliation requirements by 2009."

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