Claire Evans reviews the tax implications of the proposed abolition of UK GAAP and what companies should be doing about it now
UK listed groups are currently required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). In addition to being able to report under IFRS non-listed entities have an option to report under UK accounting standards UK Generally Accepted Accounting Practice (GAAP) with a simplified version available for small entities namely Financial Reporting Standards for Smaller Entities (FRSSE).
The UK Accounting Standards Board (ASB) issued its policy proposal on ‘The Future of UK GAAP’ in August 2009 which outlined its strategy for the future of UK GAAP and its convergence with IFRS. The ASB’s ‘intention is to work under the IASB framework and to converge to the fullest extent possible consistent with the needs of UK entities’.
The clearly...
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Claire Evans reviews the tax implications of the proposed abolition of UK GAAP and what companies should be doing about it now
UK listed groups are currently required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). In addition to being able to report under IFRS non-listed entities have an option to report under UK accounting standards UK Generally Accepted Accounting Practice (GAAP) with a simplified version available for small entities namely Financial Reporting Standards for Smaller Entities (FRSSE).
The UK Accounting Standards Board (ASB) issued its policy proposal on ‘The Future of UK GAAP’ in August 2009 which outlined its strategy for the future of UK GAAP and its convergence with IFRS. The ASB’s ‘intention is to work under the IASB framework and to converge to the fullest extent possible consistent with the needs of UK entities’.
The clearly...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
