IFRS in the New Europe
Association of Chartered Certified Accountants (ACCA) and the Italian professional body Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Commercialisti (CNDCEC) held a keynote event on 29 May in Prague at the time that the Czech Republic holds the Presidency of EU.
The conference addressed the numerous challenges currently faced by accountants and businesses as a result of adopting IFRS. The move towards IFRS is designed to reflect the developing globalised economy and to ensure that investors in publicly traded companies have access to financial information which is specifically designed to meet their information needs. It was agreed that there were many issues surrounding the level of acceptance by EU member states for IFRS financial statements to form the basis for tax calculations. The conference also discussed the response of national governments to the global financial crisis.