Communication: the next phase

摘要

Perhaps unsurprisingly, the introduction of International Financial Reporting Standards on 1 January 2005 passed without apparent catastrophe. Of course, their impact and effect was unlikely to be revealed as the clocks ticked over. But the turn of the year marked the beginning of a new period that will be key to the relative success (or failure) of every listed company's transition to IFRS. Looking back over the past year, we have seen many companies expend significant efforts in the UK and elsewhere in the preparation for IFRS. Much progress has been made, though many commentators have acknowledged that some companies are more prepared than others.This also reflects our experience. For many, this preparation phase will continue for some time and those that are less well advanced will need to redouble their efforts if they are not to be left behind by their peers.