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. Please see our Subscription Terms and Conditions.


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

IFAC study sets out IFRS challenges for 2005

 

A study by Peter Wong, the head of Hong Kong's association of corporate treasurers (HKACT), has identified six primary challenges for the convergence of international financial reporting standards (IFRSs). The study, commissioned by the International Federation of Accountants, concludes the main challenges are:

  1. The need to develop standards that are capable of translation and to establish processes that facilitate high quality translations of the standard in order to more effectively accommodate the needs of non-native English speakers;

  2. Complexity and structure of the standards;

  3. Frequency, volume and complexity of changes to the standards;

  4. Challenges for small and medium sized entities and accounting firms;

  5. The potential knowledge shortfall among those responsible for implementing the standards, and;

  6. Lack of understanding of the meaning of ?international convergence?.


Wong, who is also a former member of the IFAC board and former president of the Hong Kong Institute of Certified Public Accountants, comments: ?There is no question that globally consistent and uniform financial systems provide cost-efficiencies to business and greater safeguards to the public. ?It is for this reason that we need to focus on creating globally consistent standards.


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