RegulationAccounting StandardsASB wades through 150 submissions on UK GAAP future

ASB wades through 150 submissions on UK GAAP future

Board says there are divergent views on future of GAAP

The UK’s accounting rule maker says it will have a tough time sorting through
the more than 150 responses on its plans to replace UK GAAP.

UK GAAP, the dominant financial language in the UK, is being phased out and
replaced by international accounting rules for small and medium sized
businesses.

The Accounting Standards
Board
has proposed a three-tiered system with different accounting
systems for micro, medium and listed companies.

Among the submissions, concerns have already been raised about the timing of
the new standards and the impact on subsidiaries of major companies.

ASB Chairman Ian Mackintosh described the responses as thoughtful.

“The ASB will now be busy carefully considering all the points of view and
coming up with the best way forward for UK GAAP,” he said.

Isobel Sharp, audit partner at Deloitte, said there has been at least five
consultations on this project so far.

“This continuing uncertainty over UK GAAP is not helping businesses plan for
the future.”

Further reading:

Taxman
urges delay of UK GAAP replacement

Vodafone
attacks ‘costly and burdensome’ code change

ASB
sounds death knell for UK GAAP

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