CODA Group, a financial and corporate performance management (CPM) software specialist, urged companies not to be intimidated by the recent round of changes announced by accounting standards bodies and in planned government legislation. However, CODA also highlighted that the first IFRS-based financial statements for most companies will be for the period closing December 31, 2003, implying that changes in accounting procedures need to be made now waiting until 2005 is not an option.
Jeremy Roche, chief executive officer of CODA Group, announced that CODA's applications will support organizations as they change their accounting practices to comply with new reporting standards recently outlined by the International Accounting Standards Board (IASB) and by the U.S. Financial Accounting Standards Board (FASB). These standards are part of a range of new regulations designed to bring formalized control to corporate accounting procedures on a global basis. They are particularly relevant in light of the proposed U.K. legislation that will improve regulation of auditors and give the Inland Revenue powers to “police” U.K. companies involved in accounting abuses.
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