Accounting board set for summit

THE Institute of Chartered Accountants in Ireland (ICAI) will host a meeting with the International Accounting Standards Board (IASB) next month.

The IASB is the body responsible for the development of International Financial Reporting Standards (IFRS) which Irish-listed companies have been obliged under EU law to use since the start of this year when preparing their accounts.

ICAI chief executive Pat Costello said the institute was delighted to be hosting this gathering.

“The introduction of IFRS and international auditing standards this year (ISAs) have led to significant challenges for the companies affected and their external advisors. This meeting will allow those using the new standards to deal directly with those who develop them,” he said.