There's no time like the present (TT Mar02 p25-26)

The shift towards International Accounting Standards (IAS) as the single body of internationally accepted accounting standards has been a clear trend in recent years. In June 2000, the European Commission proposed that all EU-listed companies, including banks and insurance companies, should be required to use IAS for their consolidated financial statements for periods beginning on or after 1 January 2005. The drive behind this initiative is harmonisation of accounting within the EU.