RegulationAccounting StandardsE&Y: Speak now to keep reduced disclosure option

E&Y: Speak now to keep reduced disclosure option

E&Y calls on stakeholders to contribute as standard setters re-think financial reporting requirements

ERNST & YOUNG has called for stakeholder participation as the Accounting Standards Board met to debate public accountability and Tier 1 reporting.

Following the ASB’s consultation on the future of UK GAAP, a number of financial institutions raised strong objections at being classified as Tier 1 publically accountable bodies, forcing them comply with full International Financial Reporting Standards.

These included credit unions and insurance brokers. ASB chairman Roger Marshall (pictured) said their concerns are being examined and consultation continues.

Andrew Davies, Ernst & Young UK&I lead partner of Financial Accounting Advisory Services, said: “Large and listed groups in the UK view the option to adopt IFRS with reduced disclosures as fundamental to their support of the proposed framework and to the future improvement of their own financial reporting processes.”

The ASB is also considering its proposed effective adoption date – currently set at 1 July 2013 – with a view to delaying it by six months. This change and others led E&Y to call for a re-exposure of the proposals and more stakeholder consultation.

The firm “strongly encouraged” interested parties to participate in the debate, especially with regards to the IFRS reduced disclosure option, saying: “The ASB is likely to conclude on this at their July meeting, so anyone wishing to ensure it is not withdrawn should speak out now.”

Related Articles

Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

1y Stephanie Wix, Writer
Former CFO joins IASB board

Accounting Standards Former CFO joins IASB board

1y Stephanie Wix, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

1y Stephanie Wix, Writer
FRC expects Brexit narrative within annual reports

Accounting Standards FRC expects Brexit narrative within annual reports

1y Stephanie Wix, Writer
FRC consults on approach to updating FRS 102 for changes in IFRS

Accounting Standards FRC consults on approach to updating FRS 102 for changes in IFRS

1y Richard Crump, Writer
IASB issues amendments to insurance contracts standard

Accounting Standards IASB issues amendments to insurance contracts standard

1y Richard Crump, Writer
LAPFF urges FTSE 350 companies to disregard the FRC

Accounting Standards LAPFF urges FTSE 350 companies to disregard the FRC

1y Richard Crump, Writer
FRC proposes changes to FRS 101

Accounting Standards FRC proposes changes to FRS 101

1y Richard Crump, Writer