In July 2002, regulations were adopted requiring all European Union (EU) companies with securities traded on a regulated market to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). A decade since the switch to IFRS in 2005 by approximately 7,000 listed companies, debate continues over whether or not the introduction of international accounting standards has been beneficial. What is certain, though, is that important lessons can be learned from the EU experience of IFRS reporting. With this in mind, the Financial Reporting Faculty of the Institute of Chartered Accountants of England and Wales (ICAEW) has produced a new thought leadership report, Moving to IFRS Reporting: Seven Lessons Learned from the European Experience.
While generalizations regarding small- and medium-sized entities (SMEs)—across countries, regions, industry, size, and so on—are hard to make, research, including IFAC’s, suggests that SMEs find accessing finance a significant challenge today, just as it was a decade ago. Yet what has changed considerably over the last 10 years is the variety of financing options, which presents a smorgasbord of alternatives to what was once limited largely to bank financing.
by Dr. James Canton, CEO and Chairman, Institute for Global Futures | May 19, 2015 |
Dr. James Canton, an expert who advises businesses and governments on future trends, discusses “predictive awareness.” Accountants, and the profession, can use predictive awareness to identify opportunities for new
by Dr. James Canton, CEO and Chairman, Institute for Global Futures | May 5, 2015 |
The IFAC Global Knowledge Gateway recently sat down with Dr. James Canton, an expert who advises businesses and governments on future trends. In Part I of this three-part series of video Viewpoints, he provides
Financial reporting fraud is relatively rare, but it remains a serious challenge. Research from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has indicated that the median
by Prof. Tony Allan, Professor Emeritus, King’s College London and School of Oriental and African Studies, University of London, Dr. Tony Colman, Honorary Visiting Research Fellow, Dept. of Environmental and Geographical Science, University of Cape Town and Dr. Martin Keulertz, Researcher, Humboldt University of Berlin and Texas A&M University | April 7, 2015 |
In the run-up to its 2015 annual meeting in Davos, Switzerland, the World Economic Forum published a report on key economic risks that captured and highlighted the opinion of experts and global decision
by Robert G. Eccles, Professor of Management Practice, Harvard Business School | March 10, 2015 | 2
I have spoken and written extensively on the role of the modern corporation in society, reflecting on the reality that expectations from society on the role and responsibilities of corporations are rapidly
by Klaus Backhaus, University of Münster, Institute of Business-to-Business Marketing; Hans-Jürgen Kirsch, University of Münster, Institute of Accounting and Auditing; and Christina Rossinelli, University of Münster, Institute of Business-to-Business Marketing | February 24, 2015 |
Accountants are faced with many challenges that will affect the profession, such as changes in national regulatory frameworks or the influence of IT on auditing. It is crucial that accountants prepare for...