The transition to the euro will create pressure for accountancy bodies across the world to increase the pace at which international standards are agreed for accounting, the President of the Institute of Chartered Accountants, Mr Pierce Kent, said yesterday.

Irish investors will increasingly be looking at equities in other "euroland" countries. "They should be very aware, however, that two million euros on the bottom line in a German set of accounts may not be the same as two million on the bottom line of an Irish quoted company," Mr Kent said. "The simple reason is that different accounting standards are being used."

He warned that the days of having different sets of accounts to meet different stock exchange requirements are numbered. Mr Kent was speaking at the Chartered Accountants Public Accounts Awards, organised by the Leinster Society of Chartered Accountants and sponsored by Guardian Insurance. The aim of the awards is to encourage improvement in the standard and clarity of public accounts.

The main award went to CRH plc. Ulster Television plc won the award for companies with a turnover of up to £50 million. Concern and the Irish Horse Racing Authority won the not for profit organisation award, and the Irish Medicines Board won the design award. The award for best financial reporting was presented to Mr Colm Keena of The Irish Times "for his articles arising out of the various tribunals established by the Government".