As the release of the exposure draft on the future of UK GAAP approaches, the excitement builds…
Wednesday, October 20, 2010 | Posted by: Grant Thornton
| Tags: UK GAAP,
financial reporting,
webcast,
FRED,
IFRS,
Well, maybe the excitement builds for us financial reporting enthusiasts. Ok, maybe it’s just me that thinks it’s exciting, but the imminent release of the ASB’s Financial Reporting Exposure Draft (or FRED) marks the next major step towards the overhaul of UK GAAP.
Since publishing its consultation paper last summer, the ASB has been refining its proposals and working out how they can be made to work in practice. Now they have draft standards ready for public comment.
The publication of the FRED, planned for early November, will be the first opportunity for most to see these detailed plans, as well as the FRSME - the Financial Reporting Standard for Medium-sized Entities. The FRSME is the UK’s version of the IFRS for SMEs, which would need to be applied by many UK companies. High level principles are one thing, but until you can read the actual requirements it’s hard to really assess how they might work in practice.
But why should you be interested? Isn’t this just an ivory tower exercise for a bunch of technically-minded accountants? Well, in fact, everyone with any involvement in preparing, auditing or using financial statements will be affected in some way when the proposals come into effect in 2013. This FRED will be your opportunity to make your views heard and influence the final standards.
If you want to find out more, on Wednesday 17th November we will be broadcasting a webcast discussing the proposals and the implications for businesses, as well as answering that most important question, what should I be doing now? To register, please click here.
So, are you convinced yet that the release of the FRED is interesting, if not exactly exciting? Let me know…
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