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Y2K costs & compliance: A perspective from the United Kingdom
Author(s) -
Bean LuAnn
Publication year - 2000
Publication title -
thunderbird international business review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.553
H-Index - 37
eISSN - 1520-6874
pISSN - 1096-4762
DOI - 10.1002/1520-6874(200001)42:1<9::aid-tie2>3.0.co;2-y
Subject(s) - accounting , task force , compliance (psychology) , stock exchange , business , sample (material) , stock (firearms) , perspective (graphical) , actuarial science , finance , political science , public administration , engineering , psychology , mechanical engineering , social psychology , chemistry , artificial intelligence , computer science , chromatography
This paper examines the costs and risks associated with Year 2000 issues and compliance in a sample of footnote disclosures for companies listed on the UK Stock Exchange. Given news releases of significant underreporting for these issues and the reports that the United States is six to twelve months ahead of British firms, the UK Accounting Standards Board issued new guidance for these disclosures in the form of Urgent Issues Task Force Abstract 20. The paper discusses the new standard and examines disclosures before and after the effective date of the standard (March 23, 1998) to gain further insight into costs, risks, and other compliance issues unfolding in UK stock exchange companies. © 2000 John Wiley & Sons, Inc.