IFRS for SMEs Blog

All’s quiet on the IFRS front……

Monday, March 01, 2010 | Posted by: Jenny Brown
Categories: IFRS for SMEs, UK GAAP | Tags: IFRS, ASB, SMEs, IFRS for 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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The polls are closed, the votes are in, we await the decision of the ASB…

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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Will public accountability destroy comparability in the not-for-profit sector?

Tuesday, January 26, 2010 | Posted by: Jenny Brown
Categories: IFRS for SMEs, UK GAAP | Tags: IFRS, SMEs, IFRS for SMEs, charity, not-for-profit

Who should the IFRS for SMEs apply to?

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What does the IFRS for SMEs mean for the not-for-profit sector?

Thursday, January 14, 2010 | Posted by: Jenny Brown
Categories: IFRS for SMEs | Tags: IFRS, ASB, SMEs, IFRS for SMEs, charity, SORP, education, social housing, not-for-profit

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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IFRS for SMEs is not just another name for UK GAAP - it will be different

Tuesday, November 24, 2009 | Posted by: Jake Green
Categories: IFRS for SMEs, UK GAAP | Tags: UK GAAP, IFRS, 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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UK authorities predict the end of UK GAAP?

Tuesday, August 25, 2009 | Posted by: Jake Green
Categories: IFRS for SMEs, UK GAAP | Tags: UK GAAP, Jake Green, IFRS for SMEs, 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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Does the IFRS for SMEs spell the end of UK GAAP?

Friday, July 17, 2009 | Posted by: Jake Green
Categories: IFRS for SMEs, UK GAAP | Tags: UK GAAP, IFRS, UK economy, IASB, SMEs, 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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The future of UK GAAP

Friday, July 17, 2009 | Posted by: Chris Smith
Categories: IFRS for SMEs, UK GAAP | Tags: Chris Smith, FRSSE, UK GAAP, IFRS, UK economy, IASB, ASB

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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Is this IFRS all over again?

Friday, July 17, 2009 | Posted by: Christine Corner
Categories: IFRS for SMEs, UK GAAP | Tags: FRSSE, UK GAAP, IFRS, UK economy, Christine Corner, IASB, ASB, FDs, SMEs, 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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