Future of UK GAAP
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 | Total Views: 7750
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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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 | Total Views: 6984
By Katherine Martin, our secondee to the ASB as a Project Director on the
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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 | Total Views: 6768
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: Chris Smith
Categories:
Future of UK GAAP,
UK GAAP
| Tags: Chris Smith,
IFRS,
UK GAAP,
FRSSE,
UK economy,
ASB,
IASB | Total Views: 6300
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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Wednesday, October 20, 2010 | Posted by: Grant Thornton
| Tags: UK GAAP,
financial reporting,
webcast,
FRED,
IFRS, | Total Views: 5499
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.
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Friday, September 10, 2010 | Posted by: Grant Thornton
Categories:
Future of UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
financial reporting,
SMEs,
ASB,
Future of UK GAAP project | Total Views: 5038
This issue should provide the proof, for anyone who suspected otherwise, that the ASB does read and consider the comment letters it receives.
By Katherine Martin, our secondee to the ASB as a Project Director on the Future of UK GAAP project
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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 | Total Views: 4262
Who should the IFRS for SMEs apply to?
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Thursday, January 14, 2010 | Posted by: Jenny Brown
Categories:
Future of UK GAAP
| Tags: education,
IFRS,
charity,
IFRS for SMEs,
SMEs,
ASB,
not-for-profit,
social housing,
SORP | Total Views: 4221
IFRS for SMEs and the not-for-profit sector: the temptation is to dive in and start identifying individual standards or sections, differences and their impact for the sector. However the ASB’s consultation document forces us to start with the real basics. What should the guidance even look like? Who should be responsible for it? How much should there be?
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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 | Total Views: 3880
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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Friday, July 09, 2010 | Posted by: Grant Thornton
Categories:
Future of UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
financial reporting,
Companies Act,
SMEs,
FRSs,
EFRAG,
SSAPs | Total Views: 3804
By Katherine Martin, our secondee to the ASB as a Project Director on the Future of UK GAAP project
Most of us know that the requirements for UK financial statements are set out in FRSs, SSAPs and parts of the Companies Act which together make up UK GAAP. But many people may not be aware that there is an underlying legal requirement to comply with the EU Accounting Directives (often known at the Fourth and Seventh Directives).
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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,
Listed companies,
Christine Corner | Total Views: 3701
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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Monday, January 24, 2011 | Posted by: Grant Thornton
Categories:
Future of UK GAAP,
UK GAAP | Total Views: 3185
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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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 | Total Views: 2960
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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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 | Total Views: 2479
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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Friday, June 24, 2011 | Posted by: Grant Thornton
Categories:
Future of UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
SMEs,
ASB | Total Views: 2189
It seems that the ASB has had a dramatic change of heart on the issue of public accountability and the adoption of ‘full’ IFRS.
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