Getting ready for IAS

With International Accounting Standard 39 set to be implemented in Australia in January 2005, John Kidd and Jim Godsil of Deloitte Touche Tohmatsu warn that early preparation is critical

More than one treasurer, finance director or chief financial officer (CFO) haslost his/her job due to last-minute surprises that have been brought to the board’sattention. International Accounting Standards (in particular IAS 39) have thepotential to cause many such surprises, including significant profit volatility,breach of debt covenants, massive system changes, inability to pay dividends,drastic reductions in assets and potential to have billion-dollar swings in netassets. In other words

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