IFRS means companies can no longer delay tough decisions: the IASB published its first International Financial Reporting Standard--IFRS 1, First-time Adoption of International Financial Reporting Standards--on 19 June 2003. John McDonnell, IFRS Services Partner, PricewaterhouseCoopers, summarises the Standard's scope

The publication of the IASB's first International Financial Reporting Standard (IFRS) heralds a new reporting era that will see much greater transparency and is a key step in creating an [...]