Future of UK GAAP

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, FRSSE, financial reporting, Companies Act, SMEs, ASB, FRSs, Accounting Standards Board

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 (

Continue Reading

The future of UK GAAP

Friday, July 17, 2009 | Posted by: Chris Smith
Categories: Future of UK GAAP, UK GAAP | Tags: Chris Smith, IFRS, UK GAAP, FRSSE, UK economy, ASB, IASB

It’s here!  On 9 July the IASB finally published its IFRS for SMEs distilling more than 2,000 pages of full IFRS into a mere 250, a notable achievement indeed.

Continue Reading

Is this IFRS all over again?

Friday, July 17, 2009 | Posted by: Christine Corner
Categories: Future of UK GAAP, UK GAAP | Tags: IFRS, FDs, UK GAAP, FRSSE, UK economy, SMEs, ASB, IASB, Listed companies, Christine Corner

The transition to IFRS for listed companies was a difficult, time-consuming and expensive period for many companies and their FDs.  So the concern will be is this also going to be the case for private companies? Should entrepreneurs and their FDs be worried? 

Continue Reading