Long way to go for IFRS implementation, says E&Y

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Although more than 8,000 EU companies have successfully implemented international financial reporting standards (IFRS), there is a risk that key information will be obscured by the sheer volume of data now required, new research claims. The conclusion was reached by Ernst & Young (E&Y) during a review of the 2005 financial statements of 65 of the largest companies reporting under IFRS for the financial year ended 31 December 2005. David Lindsell, from E&Y's global IFRS practice, said: "At one level, the fact that everyone has implemented IFRS in a timely manner can be considered a major success, particularly as, for everyone, the transition to IFRS involved significant changes from previous reporting requirements. However, there is a very long way to go in order to improve consistency and...

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