ASB to issue package of draft proposals

Due out on 15 May the draft standards have been developed in parallel with the International Accounting Standard Board’s agenda to ensure a smooth transition for UK plc to international accounting standards in 2005.

If accepted, the proposals will introduce international accounting standards into UK GAAP, three years ahead of the transitional deadline.

The ASB, headed by Mary Keegan, has been working closely with the IASB, since its was revamped in January 2000, in order to minimise any differences between the two sets of accounting rules.

At the request of the IASB, the ASB will also publish a consultation paper in May to gauge the views of UK business leaders, regulators, users and investors of proposed changes to six IASB standards. None of these standards will be implemented in the UK before 2005.

The publication of the six drafts will be swiftly followed up by two more in June on financial instruments and the operating and financial review, or OFR.

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