The Institute of Chartered Accountants of Scotland has urged the Accounting
Standards Board to adopt IFRS as swiftly as possible.
The Scottish institute said IFRS needed to be implemented on a clearly stated
timescale, emphasising that piecemeal adoption of international standards was
confusing users and companies.
ICAS said there needed to be a ‘Big Bang’ move at a specific time in two or
‘There should not be two sets of accounting standards running parallel in the
UK, other than on a short-term transitional basis,’ ICAS said in a statement.
‘Further urgent work needs to be undertaken by the IASB on the developments of
standards for smaller and unlisted entities, but once an agreed framework for
these entities is agreed, the UK will be in a position to fully converge with
the IFRS framework.’
The approach adopted by ICAS is contrary to that of the Institute of
Chartered Accountants of England and Wales, which called for a ‘significant
pause’ in the ASB’s convergence programme last month.
Tensions have been simmering between the two Institutes over the proposed
merger between the ICAEW and CIPFA. ICAS chief executive Des Hudson said the
merger was based on ‘unproven beliefs’, but this has not stopped the ICAEW from
forging ahead in its pursuit of a merger with CIPFA.
The AAT has become the first accountancy body to sign the Women in Finance Charter, which is designed to help achieve gender balance in the financial services industry
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
New government measures to target abuse of a VAT simplification scheme may have 'unwelcome consequences' for small businesses, says the institute
Fiona Wilkinson to take up the position in June 2017