E&Y warns of regulation big bang

A wave of new reporting standards is set to catch finance executives unawares, a survey from Ernst & Young revealed this morning. Over six in 10 finance executives have not begun to assess the tax implications of the UK’s impending convergence with American generally accepted accounting practice (GAAP), the report showed. And over half have not begun any kind of assessment of the impact the changes will bring. “We are experiencing a big bang of regulation that will transform how companies analyse and report their financial information and make decisions,” said Ernst & Young’s Andrew Davies. “The large number of companies yet to embark on any assessment of their future accounting is a concern.”