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Fund managers regard the change to IFRS as significant. The new reporting standards have already changed some perceptions of companies’ value even before the year-end financial statements have been distributed. Fund managers are also positive about the greater transparency and comparability that IFRS brings.
The biggest challenge for investors is the time required to assess and understand the changes introduced by the new standards, the report states. Moves towards greater consistency of application, convergence, standardisation of requirements, and improved transparency, are high on the list of investors’ hopes for the future development of IFRS.
A small majority of fund managers believe it is possible to simplify accounting standards further. It certainly helps investors worldwide that so many countries are moving to the same set of international standards.