Friday, June 24, 2011 | Posted by: Grant Thornton
Categories:
Future of UK GAAP
| Tags: IFRS,
IFRS for SMEs,
UK GAAP,
SMEs,
ASB
It seems that the ASB has had a dramatic change of heart on the issue of public accountability and the adoption of ‘full’ IFRS.
Tuesday, May 17, 2011 | Posted by: Grant Thornton
Categories:
UK GAAP
| Tags: IFRS,
UK GAAP,
ASB
Wednesday, October 20, 2010 | Posted by: Grant Thornton
| Tags: UK GAAP,
financial reporting,
webcast,
FRED,
IFRS,
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.
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
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
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).
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
By Katherine Martin, our secondee to the ASB as a Project Director on the
Tuesday, February 02, 2010 | Posted by: Jake Green
Categories:
Future of UK GAAP,
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
Tuesday, November 24, 2009 | Posted by: Jake Green
Categories:
Future of UK GAAP,
UK GAAP
| Tags: IFRS,
UK GAAP,
SMEs,
Jake Green,
ASB consultation deadline
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
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.
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
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?
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
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.
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
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?