PracticeAuditASB airs views on future role

ASB airs views on future role

Accounting Standards Board meets to discuss its changing role

The UK Accounting Standards Board this week sets out its future path to the
public in a meeting aimed at discussing its changing role.

The body has seen its responsibility as a national standard setter diminished
by the increasing dominance of the International Accounting Standards Board, and
its commitment to converge UK standards with the IFRS. Two papers, setting out
the ASB’s communication and convergence strategies, will be discussed at the
meeting.

Proposals include the ASB becoming a national accounting research centre,
producing more forthright views on the practical implications of proposed
standards and working more directly with the US Financial Accounting Standards
Board as it moves towards convergence with IFRS.

The meeting will also see views aired on the ASB’s ‘big bang’ approach to
convergence with IFRS. Despite some converged standards already being in force,
the ASB has also proposed that no new UK accounting standards based on IFRS come
into force for non-listed companies until 1 January 2009.

ASB chairman Ian Mackintosh believes the board still has an important role to
play in ‘contributing to the development of IFRS and working effectively in the
international partnership of standard-setters’ and that communication with the
IASB and its UK constituents will be a key part in achieving this.

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