Quoted Companies must work to get their accounts in order for new international rules

QUOTED COMPANIES MUST WORK TO GET THEIR ACCOUNTS IN ORDER FOR NEW INTERNATIONAL RULES 13 August 2002: Many quoted companies are failing to make the necessary preparations for the introduction of new financial reporting rules because they don't realise the amount of work involved in the transition, according to accountants and business advisors, PKF. All companies whose securities are admitted to trading on a regulated market (including fully listed, AIM, Tradepoint, etc.) must comply with International Accounting Standards in their consolidated accounts by the 2005 deadline, but changes need to be introduced much sooner. For instance, companies with a 31 December year end will have to restate their 2003 year end balance sheet and for some companies compliance issues will affect even earlier periods. Research from accounting software provider, CODA Group*, says 87% of companies will not be ready to meet the 2005 deadline for publishing their accounts in accordance with IASs. It also found that while 70% of organisations know about IASs, they are still failing to act to be ready in time. Even those that have started may not hit the deadline because of the long-term planning involved. Tony Upson, director of assurance and advisory services at PKF, said, "Quoted companies should start transition planning as soon as possible, beginning with a good awareness of the proposals. The 2005 deadline is somewhat misleading if you aren't fully aware of how far back your company will have to go to restate its accounts. Sometimes even finding the information needed to do this is tricky and that's just the start of the process. PKF will help clients get started and keep up to date with changes." -ends- PKF HAS LAUNCHED AN ONLINE UPDATE SERVICE, COUNTDOWN TO 2005, TO HELP GUIDE CLIENTS THROUGH THE TRANSITION. For more information visit www.pkf.co.uk For further information on CODA Group visit www.coda.com Further information: Melissa Byrne PR Manager Tel: 020 7782 9335 Imelda PR Officer Tel: 020 7782 9380 Michalczyk Notes to editors: 1. PKF is the eighth largest firm of accountants and business advisors in the UK with more than 1,600 partners and staff operating in over 25 offices around the country. Principal services include assurance and advisory; consultancy; corporate finance; corporate recovery and insolvency; forensic; and taxation. The firm has particular expertise in sectors such as charities; technology and e-commerce; hotel and leisure; inward investment; medical; professional partnerships; and public sector. PKF's web site address is www.pkf.co.uk. PKF also offers financial services through its FSA authorised company, PKF Financial Planning Limited. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/08/13/20020813BIT00940/wkr0001.doc http://www.waymaker.net/bitonline/2002/08/13/20020813BIT00940/wkr0002.pdf