Lessons learned from the European experience
Deloitte’s Veronica Poole, Global IFRS Leader and UK National Head of Accounting and Corporate Reporting, speaks to the ICAEW about their recent report, “Moving to IFRS Reporting: Seven lessons learned from the European experience”.
In this short film, Veronica provides her thoughts on a number of issues including:
- the benefits that IFRS has brought to financial reporting in the EU
- IFRS reporting adoption in the context of wider EU regulatory developments
- whether absolute uniformity in applying IFRS is ever possible.
In addition, Veronica highlights that having a common financial reporting language that is global, and not just for the EU, can reduce unnecessary the cost of compliance and improve comparability and transparency. Whilst some CFOs still believe that the IASB’s Disclosure Initiative is somewhat complex, this initiative is heading in the right direction to establish clear principles that can improve company flexibility to report clearly and in a concise fashion with their stakeholders.
“Moving in the right direction”