In Focus no. 75 state authorised public accountant Per Gunslev, head of KPMG Regnskab & Revision, writes about how the IAS Regulation has been implemented in Denmark and describes the considerations in connection with the choice between the transitional provisions of the Act.
For many enterprises a conversion to IFRS will require extensive work, which should be started as soon as possible following the preparation of the annual report for 2003 by the preparation of an IFRS opening balance sheet, in which the company's assets and liabilities are recognised and measured in accordance with IFRS. However, adjustments will have to be made to the opening balance sheet as a result of the new standards, which are expected to be adopted in the first quarter of 2004 and will be effective for the financial year 2005.
The article also describes the Committee of European Securities Regulators' (CESR) recommendations for disclosures relation to IFRS conversion in the annual reports for 2003 and 2004.
Finally, Per Gunslev gives an outline of the new International Financial Reporting Standards which are presently expected to become applicable for the IFRS reporting of listed companies in 2005.
Read the article 'Implementation of IAS Regulation in Denmark' in Focus no. 75.