The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

CFOs slow to react to Sarabanes-Oxley/IAS regulations

? Forty per cent of listed companies in the UK have not considered the impact of IAS regulations on their business, and over half of corporates affected by Sarbanes-Oxley have not even started their Section 404 compliance.

 

These conclusions from a survey by Resources Connection, a professional services firm, will raise more than a few eyebrows in the corporate world.

 

Fresh IAS regulations, to be enacted on January 1 2005, will affect the transparency of every corporate balance sheet, and while the deadline is over 13 months away, CFOs must prepare comparative figures for 2004.

 

As for Sarbanes-Oxley regulations, CFOs are signing their names on accounts every day.

 

But many corporates, according to the survey, are ignoring the advice about Sarbanes-Oxley compliance to their detriment. “Companies cannot continue to stick their heads in the sand. Ignoring what needs to be done won’t make the regulations go away,“ explains Ruth Hughes, a client services director at Resources Connection.

 

Section 404 of the Act, dealing with documentation for an organisation’s processes and systems, is causing the most difficulties; 30% of respondents said this was the most difficult aspect.

 

“While the Act is still quite new, there is currently significant guidance available to assist companies in applying and assessing the potential implications of these regulations,” adds Hughes.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree