Accounting standards to change

November 2002
Management Services;Nov2002, Vol. 46 Issue 11, p18
Academic Journal
In previous editions of the periodical "Management Services," reports on the European Union directive requiring listed companies to use international accounting standards by 2005 to harmonize the presentation of accounts were published. Readers in private companies should be ready to find that they will be involved in whatever changes the new rules make necessary. The international standards may well mean companies, especially private ones, adopting new accounts classifications and introducing procedures to ensure that they make the many new declarations of accounting bases used and/or financial attributes including shares, corporate investments and loans. Requirements like these were meant for large corporations-it could mean a lot of useless paperwork for smaller and medium sized businesses.


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