Accountants want action on standards

The president of the Institute of Chartered Accountants has criticised the Government for dragging its feet on number of areas, mainly on the introduction of the International Financial Reporting Standards (IFRS).

Speaking today at the annual ICAI conference in Killarney, James Hunt said that Irish accountants are still waiting for clarification on what companies in the Republic will be allowed to use the new standards, which are technically for listed companies but in reality affect all companies.

Hunt pointed out that the British government made its decision in 2003, choosing an option that will allow all companies to use the new standards, enabling group companies to use the same standards for their subsidiary and group accounts.

Although Hunt said that there is speculation the Irish Government will take the same line, nothing has been said for definite.

Hunt said: "The confusion being caused and the expense involved are entirely of the Government's making."

"There is little point in issuing a White paper about reducing regulatory costs, as the Government has recently done, when their actions in effect impose additional costs for no purpose," he added.