Energy firms face “crunch time” for accounting compliance

In its report, Crunch time – embedding International Financial ReportingStandards in energy and utilities, PwC said the sector is facing its biggestaccounting shake-up in 25 years. The company called for chief financial officersto plan to embed IFRS across their organisations.

The new rules will affect all European Union-listed firms, which will need toproduce comparative figures in 2004. Under IFRS, financial information will bedirectly comparable between companies in all EU countries, a move

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