http://thinking.grant-thornton.co.uk/talkingtechnical/index.php Future of UK GAAP Blog en jonathan.pickles@fusedigital.com Copyright 2011 2011-07-20T08:43:24+00:00 http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/article/does_uk_gaap_now_have_a_brighter_future/ Grant Thornton http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/member/profile/7/ http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/gt_weblog/does_uk_gaap_now_have_a_brighter_future/#When:08:43:24Z 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 (discussed further here): • Companies Act small companies applying the current FRSSE (the Financial Reporting Standard for Small Entities); • ‘publicly accountable’ entities applying full IFRS; and • the middle tier applying the ASB’s interpretation of the IFRS for SMEs, entitled the FRSME. Future of UK GAAP, UK GAAP 2011-07-20T08:43:24+00:00 http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/article/public_accountability_bites_the_dust/ Grant Thornton http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/member/profile/7/ http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/gt_weblog/public_accountability_bites_the_dust/#When:08:32:13Z It seems that the ASB has had a dramatic change of heart on the issue of public accountability and the adoption of ‘full’ IFRS. Future of UK GAAP 2011-06-24T08:32:13+00:00 http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/article/public_accountability_-_whos_in_and_whos_out/ Grant Thornton http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/member/profile/7/ http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/gt_weblog/public_accountability_-_whos_in_and_whos_out/#When:06:49:19Z Our comment letter on the future of UK GAAP has now been submitted, two days before the 30 April deadline.  Why is it that no matter how organised you try to be, these things always go down to the wire?  I suppose that when the subject is this big and this important, then discussion of the issues will always expand to fill the time available. UK GAAP 2011-05-17T06:49:19+00:00 http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/article/time_to_form_a_view/ Grant Thornton http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/member/profile/7/ http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/gt_weblog/time_to_form_a_view/#When:07:19:23Z 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, apart from a steady stream of webcasts (and ours is still available to view here!). I suspect many interested parties have been busy reading and attempting to digest the full 688 pages, before settling down to the task of drafting their comment letters, and here in the Grant Thornton technical department it’s time to make a start on ours. With 27 questions in the ‘invitation to comment’, it’s going to take a lot of thinking about. And tempting as it is to answer them with ‘yes’, ‘no’ and ‘possibly’, somehow I don’t think that will pass muster as a constructive response. Some sort of reasoning is going to be needed. And that means I need to decide where I stand. Future of UK GAAP, UK GAAP 2011-01-24T07:19:23+00:00 http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/article/as_the_release_of_the_exposure_draft_on_the_future_of_uk_gaap_approaches_th/ Grant Thornton http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/member/profile/7/ http://thinking.grant-thornton.co.uk/talkingtechnical/index.php/gt_weblog/as_the_release_of_the_exposure_draft_on_the_future_of_uk_gaap_approaches_th/#When:04:18:29Z 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. 2010-10-20T04:18:29+00:00