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GAAP.RUNewsWhere now for UK GAAP?

Where now for UK GAAP?

Nigel Sleigh-Johnson offers a sensible route

Author: Nigel Sleigh-Johnson

Publication date: 5 May 2010

In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Broadly, publicly accountable entities would follow International Financial Reporting Standards (tier 1); non-publicly accountable entities would be eligible to apply the IFRS for SMEs (tier 2); and the Financial Reporting Standard for Smaller Entities would remain available to small entities (tier 3).

In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Broadly, publicly accountable entities would follow International Financial Reporting Standards (tier 1); non-publicly accountable entities would be eligible to apply the IFRS for SMEs (tier 2); and the Financial Reporting Standard for Smaller Entities would remain available to small entities.