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The Future of UK GAAP
Updated 18/11/09
ACCA's survey on the future of UK GAAP, available here, will be open until 30 November 2009.
The Accounting Standards Board (ASB) released its policy proposal 'The Future of UK GAAP' (see related documents, left) on 11 August 2009.
Here is some key information to consider:
- it will apply for financial years beginning on or after 1 January 2012
- IASB proposals limit revisions of IFRS for SMEs to one every three years
- questions are raised on possible definitions of public accountability
- there is a discussion on reduced disclosure for wholly-owned subsidiaries
- there is a proposal that IFRS for SMEs should be adopted wholesale.
Below are listed options for the framework (entity followed by the accounting regime in italics):
- Listed consolidators to which IAS regulations apply (EU adopted IFRS)
- Large (EU adopted IFRS)
- Medium (IFRS for SMEs or EU adopted IFRS)
- Small (FRSSE).
Or
- Publicly accountable entities (EU adopted IFRS)
- Non-publically accountable (IFRS for SMEs [FRSSE option for small entities]).
ACCA will be surveying members in October and November (see the timetable below). You may wish to consider the questions raised and review IFRS for SMEs in advance.
Timetable of activity
August 2009
The policy proposal 'The Future of UK GAAP' issued by ASB
September 2009
Full analysis of ACCA's field testing of the exposure draft of IFRS for SMEs will be made available.
October and November 2009
ACCA 'The Future of UK GAAP' survey will be launched. Members will be alerted to its issue and asked to assist.
November/December 2009
The Future of UK GAAP roundtable event.
February 2010
ACCA will publish its formal response to ASB and a summary of the results of its survey. Members will receive details of both.
Autumn 2011 or when final standard nears completion
ACCA will issue support materials and provide guidance for members. It will include:
- model accounts
- CPD material
- guidance
- regional events.
Further reading
You can access the full IFRS for SMEs here.
Paragraph 2.26 of 'The Future of UK GAAP' refers to field testing undertaken by ACCA. A summary can be viewed here. A full analysis of the testing will be available in September 2009.
You can view ACCA’s response to ASB's previous consultation on IFRS for SME ED (2007) here and our response to IASB on IFRS for SME ED (2007) here.