Financial Accounting Blog

Sunday, February 29, 2004

Business Finance Get Ready For New Global Accounting Standards
We are becoming one world with one standard. 7000 companies in the European Union must convert to the (IAS) standard by Jan. 2005. Convergance of U.S. GAAP and IFRS is the primary objective. This will allow cross boarder comparisons of financial statements. Improves access to capital and the cost of raising capital.Nestle SA completed the conversion in 1984 to be listed in London and on the NYSE in 1994. Us companies will be affected minimally.

Robert Bicknell