Principally, however, preparations have not centered around aligning UK GAAP to IASs.
Allan Cook, technical adviser at the ASB, said: ‘UK standards are developed with closer attention to the UK environment. We would hope this wasn’t lost as countries move closer to IASs.’
Following a meeting in the US last month, the G4+1 group of national accounting standard-setting bodies agreed to develop a list of potential accounting topics so that members can begin to reduce differences between each others’ standards.
G4+1 – which comprises bodies from Australia, Canada, New Zealand, the UK and the USA along with the International Accounting Standards Committee – also hopes the list may prove useful for the International Accounting Standards Committee in its standard-setting process.
The ASB has been working closely with IASC in the development of UK and international standards for a number of years. Outgoing ASB chairman Sir David Tweedie was recently elected to the board of the revamped IASC. His election is hoped to ensure the UK retains a global voice in the development of globally accepted accounting standards.
The publication of the ASB research is not expected until the end of the year.
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