ICAI expresses approval at McCreevy comments

The Institute of Chartered Accountants in Ireland has welcomed comments by Finance Minister Charlie McCreevy regarding the implementation of common accounting and financial reporting standards throughout the European Union.

The minister yesterday stated the importance of enforcing these standards throughout the whole of the expanded 25-nation EU.

A decision has already been taken at EU level that, from January 2005, the International Financial Reporting Standards (IFRS) must be adopted by all listed companies for their consolidated accounts.

But a spokesman for the ICAI said that they were "still awaiting a decision by the Government on whether other companies can use these standards".

He said that this decision was "long overdue'' and that the delay had "caused considerable uncertainty for Irish companies".