FSA proposes accounting standards changes

The regulator has also sent "Dear CEO" letters to all heads of UK listed firms, reminding them of their responsibility to start implementing so-called International Financial Reporting Standards as of 1 January 2005. The changes are the result of decades of work involving intense negotiations between the overseers of existing methods such as US GAAP, UK GAAP, and sometimes intense discussions primarily between the US and EU. Despite agreeing both IAS and an International Accounting Standards Board, the FSA admits there are still questions over the practicalities of enforcing the new r...