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Analysts have criticised the International Financial Reporting Standards (IFRS), claiming that the rules do not give them greater insights into companies financial affairs.

The findings are from a KPMG survey published today.

IFRS are meant to bridge the gap between the European and U.S. standards. Thus national regulators would find it easier to accept international accounts.

Accounting for mergers and acquisitions has come under particular fire.

47% of analysts thought financial statements would now be easier to understand, down from 64% a year ago.

34% said no difference and 16% said they would provide less insight.

A lack of definition over operating profit was seen as the main problem with IFRS.

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