Does UK GAAP now have a brighter future?
Wednesday, July 20, 2011 | Posted by: Grant Thornton
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS,
Accounting Standards Board,
financial reporting,
Companies Act,
FRSSE,
SMEs,
ASB,
FRSs
by Dr Matthew Stroh, Associate Director, Assurance
The ASB (the UK’s Accounting Standards Board) has taken an unexpected decision at its latest Board meeting, which marks a significant shift in its proposals for the future direction of UK GAAP, and means that the UK version of the IFRS for small and medium sized entities might well have a much wider application than originally expected. Until now, their proposals had been based on a three tier structure for UK financial reporting (
