Further changes in UK accounting standards, in order to bring them in line
with their international counterparts, should be halted immediately, according
to the ICAEW.
Responding to a consultation by the Accounting Standards Board on its future
role, the institute called for a ‘significant pause’ in its international
financial reporting standards convergence programme to help unlisted companies
avoid burdensome costs and significant uncertainties.
Instead, the board should wait for the outcome of the international project
on accounting standards for SMEs before progressing.
The institute added that the International Accounting Standards Board should
produce significantly less complex standards for companies without external
investors, using historical cost instead of fair value as their basis.
‘If the ASB was to proceed with the current IFRS convergence programme,
private companies could face the grim prospect of switching from UK GAAP to full
IFRS to simplified IFRS in short succession,’ said ICAEW chief executive Eric
‘This would be an unacceptable outcome, involving substantial costs and
uncertainties, without delivering any corresponding benefit to the users of the
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner