Allow small listed firms to duck IFRS
QCA wants small listed firms to use 'IFRS-lite' - FRSME - rather than full IFRS
QCA wants small listed firms to use 'IFRS-lite' - FRSME - rather than full IFRS
SMALLER QUOTED companies should be allowed to use less complex rules than full IFRS to report their finances.
That is according to the Quoted Companies Alliance (QCA) that, when commenting on proposals to introduce IFRS-lite for SMEs, said the new tier should be available for AIM and PLUS-quoted companies rather than the full version.
IFRS-lite, known as FRSME, has been proposed by the Accounting Standards Board to replace UK GAAP.
The QCA wants AIM companies to use FRSME because it would be less complex and more appropriate for the size of companies on the markets.
“In the current environment, companies should be focusing on running their businesses and growing, not a time-consuming change to how they prepare their accounts,” said Anthony Carey, chairman of the Quoted Companies Alliance Financial Reporting Committee and partner at Mazars LLP.
He continued: “The ASB has a unique opportunity to thoroughly update the accounting framework and should take the time to get the right long-term solution rather than needlessly rushing it.”
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceFRC will need to tap audit profession for funds necessary to support its expanded audit responsibilities under new EU rules Read More...
View articleGovernment also confirms that it has no intention to make statutory provision to regulate accountants Read More...
View articleA power struggle between Bangladeshi institutes fails to halt move towards stronger audit and accounting regulation Read More...
View articleChoudhury talks about ramping up the global accountancy representative's offering - while trying to make sure the profession isn't misunderstood Read ...
View articleE&Y and Grant Thornton warn Accounting Standards Board delays to implementing financial reporting changes could cost businesses Read More...
View articleFRC governance proposals will restore faith in reporting process, while audit tendering rules signal a split from EC stance Read More...
View articleScottish Institute says FRC reforms should force auditors to give assurance on entire report and not just in exceptions Read More...
View articleThere is still a lack of certainty over what will happen to the reporting requirements for small companies Read More...
View article