Bosses not ready for reporting changes

Most senior finance executives support proposals for changing international reporting standards but 45% believe that the Accounting Standards Board should take a step back and reassess the usefulness of current standards, before tackling any new projects.

A recent Ernst & Young poll found that 69% of respondents supported moves away from UK GAAP in subsidiary accounts to a framework based on International Financial Reporting Standards (IFRS) because of the benefits of globally consistent reporting.