IFRS Ready for take-off?

This survey of 323 companies in 20 countries worldwide, conducted during the third quarter of 2004, assesses companies’ readiness to start reporting under International Financial Reporting Standards (IFRS) from 2005. It is an update of our previous survey, IFRS – Ready to take the plunge?, carried out during the first quarter of 2004, which measured readiness using the same metrics.

Our research has identified that many of the key IFRS transition issues that were apparent earlier this year are still causing difficulties for companies, only now they are more urgent. There is still concern about the acute shortage of skilled resources, for example. And just as existing IFRS reporters predicted last time, many companies are identifying more detailed issues than expected, and their transition projects are proving more time-consuming. This summary looks at the key results of all the 266 participants headquartered in Europe comparing them to the first quarter survey. We recognise that the mix of participants for each survey is different, so the subsequent section focuses on companies that have taken part in both, comparing them to overall quarter one results.

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