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,”
The ASB has proposed a three tiered accounting structure, which would see UK
GAAP all but phased out within three years.
sounds death knell for UK GAAP
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned