PracticeConsultingASB prepares for global standard

ASB prepares for global standard

The Accounting Standards Board is analysing the differences between UK and international accounting standards in preparation for convergence of global accounting rules.

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.

Links

Tweedie wins vote at IASC

IASC website

IASC to set up selection committee

On the restructuring of the IASC – IASC sets the standards.

EU endorses international standards

UK Accounting Standards Board urges caution

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