The Future of UK GAAP: ACCA Costs the Change
Summary
The report can be found at this link: http://www.accaglobal.com/pubs/general/activities/library/financial_reporting/other/tech-afb-nug.pdf These proposals will result in UK GAAP evolving to reflect the IFRS for SMEs as published by the International Accounting Standards Board (IASB).“The intention is that the IFRS for SMEs should replace the current UK accounting standards perhaps from 2012,” says Richard Martin, ACCA head of financial reporting and the report’s author.“This report identifies over 50 potential differences between current UK accounting and the international standard.“Any individual company will not be affected by all of the differences, but we recommend that accountants check to see whether they or their clients might be impacted.” ### For further information, please contact: Hannah Smith, ACCA Newsroom +44 (0)20 74628900 hsmith@ruderfinn.co.uk London, United Kingdom, May 27, 2010 --( PR.com )-- ACCA (the Association of Chartered Certified Accountants) today publishes the first detailed comparison to date of the differences between UK Generally Accepted Accounting Standards (UK GAAP) and the International Financial Reporting Standard for Small and Medium-sized Enterprises (IFRS for SMEs).ACCA’s new report, entitled The new UK GAAP: how would the numbers look?The report can be found at this link: http://www.accaglobal.com/pubs/general/activities/library/financial_reporting/other/tech-afb-nug.pdfThese proposals will result in UK GAAP evolving to reflect the IFRS for SMEs as published by the International Accounting Standards Board (IASB).