Nine in ten favour fusing UK and global accounting standards

OVER NINE IN TEN accountants want UK GAAP to merge with international financial reporting standards, a new report has shown.

ACCA claims 93% of almost 700 professionals favour this option, while a further 84% called for FRSEE – the set of standards for micro-companies – to be merged with IFRS for SMEs.

The Accounting Standards Board is currently collecting responses to a consultation on the issue, and stakeholders have until the end of the month to comment, with a set of standards to be finalised as soon as early 2012.

Richard Martin, head of financial reporting at ACCA, said members recognise the benefits of an international rule book, but warned: “They also want a clear and complete vision of the future of UK financial reporting without a lot of ifs and buts coming from retaining the FRSSE.”

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Fiona Westwood of Smith and Williamson.