Challenges = IFRS + Increasing regulation?

FSA
#1

Have 2 questions if someone is able to help:

  1. Is IFRS adoption still an issue/challenge for accountancy firms? How far have UK companies gone to adopt it, have they all practically done it?

  2. Someone said on here that one of the challenges facing accountancy firms was the possibility of increasing FSA /government regulation.
    Can someone tell me what they mean by this i.e. what type of regulation + for what area+ why?

thank you for your help.

#2

One area of possible greater regulation is for auditors. At the moment auditors are being asked why they did not issue warnings for the banks that went under. Some people are saying that maybe auditors should be better educated about the securities/financial instruments/derivatives that these banks were using, so that they can carry out more accurate audits and be more able to predict when a bank is going to go bust.

IFRS is adopted by nearly all firms in the EU for the past several years, it still hasn’t been fully adopted in the US though.

#3

thanks!