Implications for lending decisions and debt contracting of the adoption of international financial reporting standards

Day, J.; Ormrod, P. and Taylor, P. (2004). Implications for lending decisions and debt contracting of the adoption of international financial reporting standards. Journal of International Banking Law and Regulation, 19(12) pp. 475–486.

URL: http://direct.bl.uk/bld/PlaceOrder.do?UIN=15939225...

Abstract

Considers the potential implications for banks and financial institutions of EC requirements that all companies with listed debt or equity securities adopt international financial reporting standards (IFRS) from January 1, 2005. Examines the likely effects of modified accounting measurement bases on balance sheet based debt covenants and financial statements, including their treatment of preference shares, dividends, employee remuneration and financial instruments. Presents a two page table detailing: (1) key differences between the UK's Generally Accepted Accounting Principles and the IFRS; and (2) the consequences for covenants.

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