LSCA chairman calls for 'bedding down' period

The incoming chairman of the Leinster Society of Chartered Accountants (LSCA), Gerard Perry, today called for a "bedding down period" in the development of accounting standards to allow for the implications of International Financial Reporting Standards (IFRS) implementation to be fully addressed.

Speaking at the Annual General Meeting of the LSCA, Mr Perry warned that the introduction of IFRS has proven costly and time consuming for companies with many of them underestimating the scale of the project.

"IFRS will prove to be good for business and the global markets allowing comparison of company performance across sector and international boundaries," said Mr Perry. "But understandably the adoption of a full suite of standards in a 'big bang' approach has obviously given rise to issues of interpretation.

"What the profession and business sector needs most now is a period of stability to allow the whirlwind changes of the last 18 months to settle down and to allow the profession and investment community the time to fully and properly understand, implement, and come to terms with the effect of the changes brought about by IFRS."