Keegan WarnsTo UK Treasurers On International Accounting Standards
Mary Keegan, Chairman of the Accounting Standards Board (ASB), has warned the Finance Directors and Treasurers of UK companies that they must be prepared to face an unprecedented rate of change in accounting standards over the next three years. Announcing that seven Financial Reporting Exposure Drafts will be issued next month, she stated ‘Never in the history of the ASB has so much been issued at one time’. Speaking at the Association of Corporate Treasurers’ annual conference in Birmingham, Keegan highlighted the tight timetable and dramatic change to UK accounting rules leading up to 2005. This is the date by which it is almost certain that UK listed companies will be obliged to adopt International Accounting Standards. Ms Keegan expressed the ASB’s intention to respond to UK demands to make the transition as smooth as possible for listed companies and to bring UK GAAP (which will still apply to non-listed companies) as far as possible in line with the IAS framework for listed companies.