18 months for SMEs to grasp new accounting standards

18 months for SMEs to grasp new accounting standards

Smaller companies will be given 18 months to get to grips with new accounting standards

SMALL COMPANIES will receive at least 18 months’ lead-in time to take on new international accounting standards.

Accounting Standards Board’s David Loweth told an ICAS event in Edinburgh that although the planned implementation date of new SME accounting standards was 1 July 2013, companies will be given at least 18 months to put them into practice.

Consultation was released last week for Financial Reporting Standard for SMEs (FRSME), previously known as IFRS for SMEs.

Addressing the audience, IASB chairman Sir David Tweedie (pictured) said the vintage years of UK GAP were over, making way for the new generation of IFRS.

Robert Hannah, regional managing partner for Grant Thornton in Scotland, said that rationalising standards to one global system was welcome and positive. “There is no doubt this has to be the way forward.”

There have been concerns raised about the standard’s implementation. In a 21 September letter, BIS corporate law and governance director Richard Carter wrote to ASB chairman Ian Mackintosh warning new accounting rules “could well involve a significant increase in net cost to UK businesses”.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource