Copenhagen Stock Exchange: Focus: International Financial Reporting Standards - Standards Applicable For 2005

As of financial years covering periods beginning on or after 1 January 2005 publicly listed enterprises within the EU will be required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS, previously IAS).

In Focus no. 54 state authorised public accountant Per Gunslev, Head of KPMG Regnskab & Revision, outlines the international financial reporting standards that the International Accounting Standards Board - IASB expects will apply to financial reporting for 2005.

For many enterprises the transition to IFRS will require extensive work, which is made more complicated because new standards will be issued and several present standards are subject to revision.

At the end of the article is an IASB project timetable showing the expected development in the rule changes.

Read the article "International financial reporting standards - standards applicable for 2005" in Focus no. 54and see the webcast presentation by Per Gunslev (in Danish) at the Copenhagen Stock Exchange's website www.cse.dk.