Discussion into the Impact of Adoption of International Accounting Standards to the UK

In conclusion it can be seen that there are a number of impacts follow increased harmonisation of standards. Many believe it brings about large macro-economic benefits in terms of a more efficient investment market. However some believe the involvement of the IASB are negligible. Nair & Frank 1981 (taken from Comparative International Accounting 6th Addition) looked at the degree of harmonisation over the period 1973 to 1979 and concluded 'the period of IASC's existence has coincided with a growing harmonisation of accounting standards', admittedly this was an earlier research.
However preparation to adopt IAS is now underway in the EU at least. Sir David Tweedie, chairman of the IASB, recommends preparing for the adoption of IAS now, several companies have to change their systems, as well as prepare figures to show relationships between previous financial reports.
…