|
News Index
Next
Previous
The amount of data that companies have to produce to report under IFRS risks
obscuring key information, claims a recent report.
The study, by Ernst & Young, found that while 8,000 EU-listed companies had
successfully implemented the standards, there was still a long way to go to
achieve consistency and comparability in all aspects of financial reporting.
David Lindsell, head of E&Y’s global IFRS practice, explained: "We believe bold
measures are needed to improve transparency and ease of understanding and to
reduce the number of required disclosures.
"Greater emphasis needs to be placed by preparers of financial statements on
explaining key judgments applied in determining amounts reported, including the
sensitivities around those judgments."
Lindsell added that the onus is on regulators, advisers and corporate
managements to quickly come to common understandings, to drive best practice and
to remove anomalies in the existing standards.
Source:
Credit
Control Journal
|
