ICAI welcomes IASB announcement on no new standards

The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the announcement by the International Accounting Standards Board (IASB) that it will suspend the introduction of new accounting standards until 2009.

The IASB announcement comes as part of a package of measures including greater consultation on standards designed to ensure effective transition to the new standards.

“This decision by the IASB will be welcomed by the vast majority of practising and business accountants,” ICAI Technical Director, Aidan Lambe.

“As a profession we have wholeheartedly supported the adoption of IFRS (International Financial Reporting Accounting Standards), but understandably it has given rise to a series of transition issues not least of which has been the manner of IFRS adoption in the EU.

“This fact, in addition to new rules on corporate governance and the adoption of the new International Standards on Auditing (ISAs), have made the last few years particularly busy for accountants.

“The IASB decision is a sensible and practical decision and reflects well on that body’s capacity to react to events on the ground and the concerns of those who use its standards.”