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Technology Stocks : Discuss Year 2000 Issues

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To: John Mansfield who wrote (2194)	7/19/1998 7:39:00 AM
From: John Mansfield	of 9818

'Top firms fail to report Y2K status A third of the UK's leading firms are failing to state their plans for handling the millennium bug in their annual reports. Two of the Times Top 100 - BTR and P&O - have published reports since April without mentioning the issue, said a study by Edinburgh-based Company Reporting. A spokesman for P&O said, "We do take it seriously, but we did not believe there was any material financial implication." BTR said it had described its year 2000 programme and plans last year in an article in its company magazine. Many other listed companies are still making only passing references to the subject in their annual reports. Reckitt and Colman's report stated only that the company was addressing the matter. Company Reporting said 34% of the annual reports it had studied in the past two months did not cover the subject. Only 25% of those that did put an estimated cost on achieving compliance. This flouts the instruction of the Accounting Standards Board's Urgent Issues Task Force, which requires firms to make a full statement on the question as soon as possible. The Stock Exchange has told its members to make a statement by the end of the year. .. computerweekly.co.uk

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