Incompatibilities with the EU Directives: Mountain or molehill?
Friday, July 09, 2010 | Posted by: Grant Thornton
Categories:
Future of UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
Companies Act,
financial reporting,
SMEs,
FRSs,
EFRAG,
SSAPs
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).