IFRS seen on the way for non-listed firms

Developments in business will lead non-listed companies to also adopt International Financial Reporting Standards (IFRS), Deputy Economy Minister Adam Regouzas said yesterday. Speaking at the general council of the Association of Societes Anonymes and Limited Companies (SAE & EPE), he said this will happen de facto and firms must begin preparing for it now. «There will surely be costs, but the benefits will be multiple,» he said. Regouzas also announced the setting up of a ministry committee which will meet once a month and exchange views with representatives of business with a view to ironing out problems. Furthermore, he said the government is pressing for a speedy completion of changes being prepared in the Bookkeeping Code which will simplify all relevant procedures. Yesterday’s meeting of the association also dealt with the serious problems that several stockbrokerages are facing, with clients’ accounts deeply in the red and from whom they have little hope of recovering debts. Regouzas said he was well aware of the problem and is considering a plan whereby stockbrokerages will be allowed to book provisions for such bad debts, up to 100,000 euros annually.

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