ICAI calls on Government to clarify position

The Institute of Chartered Accountants in Ireland (ICAI) has called on the Government to clarify whether it will promote the new International accounting standards made compulsory by the European Commission.

New IAS/IFRS (International Accounting Standards/International Financial Reporting Standards) levels are being introduced to facilitate the global understanding of company accounts, which differ considerably depending on the country in which they are produced.

Institute Chief Executive, Brian Walsh, said today that the introduction of new standards was imminent but that the Government still has to make a determination on the issue.

"The European Commission has made them compulsory for the preparation of group accounts of listed companies and given national governments the power to extend their use further.

"This is a source of considerable concern to ICAI, given the lack of awareness of the issues involved, which has been shown by recent surveys of the business community," he added.

Walsh was speaking at the launch of the new ICAI website, which provides practitioners with an easy reference point to the relationship between the new international standards and existing Irish accountancy practices.