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.