Future of UK GAAP
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 (
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Monday, January 24, 2011 | Posted by: Grant Thornton
Categories:
Future of UK GAAP,
UK GAAP
By Katherine Martin, our secondee to the ASB as a Project Director on the Future of UK GAAP project
After the flurry of activity over the release of the exposure draft, things have gone temporarily quiet on the FRSME front,
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Tuesday, April 27, 2010 | Posted by: Grant Thornton
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
financial reporting,
SMEs,
ASB,
Future of UK GAAP project,
subsidiary accounts
By Katherine Martin, our secondee to the ASB as a Project Director on the
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Monday, March 01, 2010 | Posted by: Jenny Brown
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS,
IFRS for SMEs,
SMEs,
ASB,
Not for proft,
Jenny Brown
After weeks of frantic drafting and redrafting of responses to the ASB’s consultation it now feels like the calm before the storm - waiting for the real decisions to start being made….
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Tuesday, February 02, 2010 | Posted by: Jake Green
Categories:
Future of UK GAAP,
UK GAAP
| Tags: UK GAAP,
not-for-profit,
ASB's consultation
1 February was the closing date for responding to the ASB’s consultation on the future of UK GAAP. As of close of play on the 1 February there was already 55 responses to the ASB’s consultation posted on their
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Tuesday, January 26, 2010 | Posted by: Jenny Brown
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS,
charity,
IFRS for SMEs,
SMEs,
not-for-profit
Who should the IFRS for SMEs apply to?
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Tuesday, August 25, 2009 | Posted by: Jake Green
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS for SMEs,
UK GAAP,
Jake Green,
UK practitioners,
ASB consultation
On Tuesday 11th August the ASB pinned their colours to the mast and issued a consultation paper on their proposals for the future of UK GAAP. In the paper the ASB announced that they propose replacing UK GAAP with the IFRS for SMEs for accounting periods beginning on or after 1 January 2012.
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Friday, July 17, 2009 | Posted by: Jake Green
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS,
UK GAAP,
UK economy,
SMEs,
Jake Green,
IASB
On Thursday the IASB issued the IFRS for SMEs and in my view, they have done really well to develop a new standard which is designed specifically for non-listed companies.
The question we in the UK now need to ask ourselves is can it and should it replace UK GAAP?
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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.
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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,
Christine Corner,
Listed companies
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?
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