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back to index backGLOBALtalk December,  2004


Survey reveals barriers to implementing European pension accounting standard

A survey by Mercer Human Resource Consulting has found that almost half of companies (47%) lack the experience to deal with the new pension expense accounting standard, IAS 19.

IAS 19 is one of the international financial reporting standards that European companies will be required to use for accounting periods beginning on or after 1 January 2005.

According to the survey, involving 70 respondents, a fifth (20%) reported that data collation was the biggest barrier to implementing IAS 19 while 17% said they had insufficient resources. The remaining respondents (16%) said IAS 19 was a low priority for the business.

Phil Turner, European Partner at Mercer, commented: "IAS 19 should be high on the agenda for all European listed companies as the deadline for implementation is looming. A handful of organisations have already disclosed the likely effect of the changes, but shareholders in other companies could be in for a surprise.”

He continued: "In many cases, balance sheets and profit and loss accounts will look radically different, so companies should prepare for the changes now.

For more information on the new international financial reporting standards, visit www.mercerHR.com/ifrs

Source: The survey was conducted at a Mercer UK web briefing - London December 7, 2004. - GAI

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