Delays expected to interim reports as IFRS kicks in
Tuesday, September 25, 2007
Interim announcements by AIM-listed companies are expected to be delayed in the coming weeks because of disruption caused by the final switchover to International Financial Reporting Standards (IFRS).
According to new research from business advisory firm KPMG, the hiccup is likely to create a glut of announcements in the last week of September before the 30 September deadline for companies with December year ends.
Whereas in 2006 some 50% of AIM companies with December year ends and a market capitalisation of £10 million or more had released their interims by this time in September, this year only around 40% have done so. Some companies have announced their interims up to three weeks later than before and others who announced in August in 2006 have yet to release their interim results.
Ginny Stevens, Head of AIM Audit at KPMG, says that there is no doubt that the implementation of IFRS is proving a challenge for many AIM companies, and that is resulting in delays. “As long as they are communicating this clearly with investors and analysts a short delay is not necessarily a problem in itself, but they will certainly want to minimise any delays to the release of their full year end results at the beginning of next year,” she said.
“There are signs that some AIM companies are still not investing the necessary time and resources in IFRS implementation, and this is something that those companies will need to address quite urgently. Accounting for acquisitions and for deferred tax are the areas presenting the greatest IFRS challenge to AIM-listed firms.”
KPMG’s survey covered AIM-listed companies with a market capitalisation of £10 million or more who had not converted to IFRS at 31 December 2006.
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