PracticeAuditUK GAAP replacement timetable too ambitious: GT

UK GAAP replacement timetable too ambitious: GT

ASB propose to replace UK GAAP by 2012

The Accounting Standards Board’s plan to replace UK GAAP has been labelled

too ambitious by mid tier accounting firm Grant Thornton who wants the body to
rethink its timetable.

The firm raised concerns about the January 2012 switch-over, from UK GAAP to
international rules, with fears it does not allow sufficient preperation time
for small businessmen and accountants.

“Many businesses remain unconcerned but management will need time to consider
how IFRS for SMEs affects such elements of their business as tax bills, bank
covenants and bonus arrangements in addition to the one-off cost of conversion,”
he said.

The ASB has proposed a three tiered accounting structure, which would see UK
GAAP all but phased out within three years.

Further reading:
ASB
sounds death knell for UK GAAP

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