RegulationAccounting StandardsICAS supports ‘Big Bang’ approach to IFRS

ICAS supports 'Big Bang' approach to IFRS

Scottish institute calls on ASB to implement IFRS as soon as reasonably possible

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
three years.

‘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.

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