IFRS for SMEs Blog
Friday, July 09, 2010 | Posted by: Grant Thornton
Categories:
IFRS for SMEs
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
SMEs,
financial reporting,
Companies Act,
FRSs,
SSAPs,
EFRAG
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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Tuesday, April 27, 2010 | Posted by: Grant Thornton
Categories:
IFRS for SMEs,
UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
ASB,
SMEs,
Future of UK GAAP project,
financial reporting,
subsidiary accounts
By Katherine Martin, our secondee to the ASB as a Project Director on the Future of UK GAAP project.
So, UK GAAP has been granted an extra year of life, as the ASB has decided to put back the proposed adoption date for the IFRS for SMEs. They’re now working to an effective date of accounting periods beginning on 1 January 2013, twelve months later than the original proposal.
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Wednesday, March 24, 2010 | Posted by: Grant Thornton
Categories:
IFRS for SMEs
| Tags: amortisation of goodwill,
IFRS for SMEs,,
IFRS,,
Media,
By Mark Henshaw, Partner at Grant Thornton, Media sector
The ASB is proposing the adoption of IFRS for SMEs by all Non-Publically Accountable Entities. The motivation is (amongst other things) that the IFRS for SMEs allows for improved comparability and it assists companies in accessing capital.
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Monday, March 01, 2010 | Posted by: Jenny Brown
Categories:
IFRS for SMEs,
UK GAAP
| Tags: IFRS,
IFRS for SMEs,
ASB,
SMEs,
Jenny Brown,
Not for proft
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:
IFRS for SMEs,
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 website. Not unexpectedly there are some strong views expressed, along with some interesting alternative proposals for the ASB to consider. Grant Thornton has also expressed its collective views and you can read these here.
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Tuesday, January 26, 2010 | Posted by: Jenny Brown
Categories:
IFRS for SMEs,
UK GAAP
| Tags: IFRS,
IFRS for SMEs,
SMEs,
charity,
not-for-profit
Who should the IFRS for SMEs apply to?
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Thursday, January 14, 2010 | Posted by: Jenny Brown
Categories:
IFRS for SMEs
| Tags: IFRS,
IFRS for SMEs,
ASB,
SMEs,
charity,
education,
not-for-profit,
SORP,
social housing
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, November 24, 2009 | Posted by: Jake Green
Categories:
IFRS for SMEs,
UK GAAP
| Tags: IFRS,
UK GAAP,
SMEs,
Jake Green,
ASB consultation deadline
Recently I attended an ICAEW organised event in Rugby where I was asked to talk about financial reporting. I asked the delegates, who were accountants from both industry and practice, how many of them had heard about the IFRS for SMEs and the proposals for replacing UK GAAP…..
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Tuesday, August 25, 2009 | Posted by: Jake Green
Categories:
IFRS for SMEs,
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:
IFRS for SMEs,
UK GAAP
| Tags: IFRS,
UK economy,
UK GAAP,
SMEs,
IASB,
Jake Green
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:
IFRS for SMEs,
UK GAAP
| Tags: Chris Smith,
FRSSE,
IFRS,
UK economy,
UK GAAP,
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:
IFRS for SMEs,
UK GAAP
| Tags: FRSSE,
IFRS,
UK economy,
UK GAAP,
ASB,
SMEs,
IASB,
Listed companies,
FDs,
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?
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