Unlisted companies warned on new accounting standards

The Institute of Chartered Accountants has warned unlisted firms that they are unprepared for a significant upcoming change in accounting standards. Listed companies will be required to comply with International Accounting Standards (IAS) by 2005 but their unlisted counterparts cannot afford to ignore them, says the Institute. The Accounting Standards Board plans to converge UK accounting standards with IAS over time. An Institute survey showed that only a quarter of unlisted companies were aware of the ASB's intentions while more than half admitted limited understanding.

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• UK / Ireland