Future Of UK GAAP.
Following the publication of the International Financial Reporting
Standard for Small and Medium-sized entities ("IFRS for
SMEs"), the Accounting Standards Board ("ASB") is
proposing to replace UK GAAP with this standard. The FRSSE will be
retained for small entities. This change is expected to first apply to
31 December 2012 year-ends.
ASB envisages that UK GAAP under the proposals would be:
> Under the proposals all entities will have the option (similar
to the current arrangements, with the exception of charitable companies)
to voluntarily adopt a high tier.
The content of this article is intended to provide a general guide
to the subject matter. Specialist advice should be sought about your
specific circumstances.
Mr Mike Marcus
Bond Partners LLP
The Grange
100 High Street
London
N14 6TB
UNITED KINGDOM
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