An extensive consultation process on future policy in relation to accounting standards in Ireland must be a high priority for the T?naiste and Minister for Enterprise, Trade and Employment, Mary Harney says Brian Walsh, chief executive of the Institute of Chartered Accountants in Ireland (ICAI) who is urging the Tanaiste to start the debate on regulation of the accounting industry in Ireland. The move towards the adoption of International Accounting Standards (IAS) has been gaining pace and a recent regulation adopted by the EU means that there is a need for extensive debate in Ireland before the Government decides how to implement the regulation says Walsh.
The regulation, which was adopted by the EU Industry Council, requires all listed companies in the EU to prepare their consolidated financial statements in accordance with IAS from 2005. Under the regulation, member states will have an option to extend this requirement and either permit or require other companies, to also adopt IAS in the preparation of their financial statements.
While Walsh recognises that the debate has begun within the accountancy profession as to which option the Government should choose when implementing the regulation, ‘there is no evidence that… fundamental and potentially far-reaching decisions on the issue will have to be taken in the coming months.’ |
