Accounting Standards Board moves decisively to end U.K. GAAP

The U.K.'s Accounting Standards Board has released the draft version of a policy that would lead to a future where "UK GAAP will cease to exist," Mario Christodoulou writes. The ASB is an operating body of the Financial Reporting Council, an independent regulator in the U.K. The paper is the first step toward achieving that objective. "The recent publication by the IASB of its IFRS for SMEs provides the board with the opportunity to consult on what we see as the future framework for financial reporting by U.K. and Irish entities," said Ian Mackintosh, chairman of the ASB.

View Full Article in:

Accountancy Age (London) (tiered subscription model)