The ASB has produced a paper on IFRS convergence. It believes that two separate sets of accounting standards in the UK are a waste of time. An ICAEW survey revealed that companies are aware of the new standards but many are still at the early stages of preparation for transition. One of the keys to achieving a smooth transition to IFRS is training, but this has been fairly low down on the list of most entities’ priorities. More than 29% of those surveyed said they are not aware of the impact IFRS would have on their key performance ratios. The ability to communicate IFRS information to stakeholders, ie how IFRS will impact their financial statements, will be key to ensuring no shocks or surprises when financial information is published in 2005.