basically it asks for a repeal of IFRS and is signed by the great and the good and the darn right ordinary, what doe people think about it. unfortunately you cant look online cos its behind a paywall - but you could take out the £1 30 day trial
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Read it for free here...
http://www.accountancymagazine.com/croner/jsp/Editorial.do?channelId=-30...
Merit for some companies
For multi national companies there might be some merit to common accounting reporting requirements.
Where the IFRS goes bady off track is when those who I describe as "out of touch with reality" (*) decide that IFRS should apply to SMEs, including the requirement to include cashflow statements.
If IFRS is in fact adopted by the UK, I will seek ways to rebel against it for the SMEs that I prepare accounts for.
(*) "out of touch with reality" : people who seem to revel in trying to increase the number of pages in a set of accounts, redefining them as "financial statements".
You can also read it on AccountingWEB.co.uk
Dissidents call for 'rethink' on IFRS.
I, too noted the presence of Emile Woolf among the signatories as well as Tim Bush, a member of the ASB's Urgent Issues Task Force (and not the ASB itself, as mistakenly attributed by the Times).
I had a quick word with Stella Fearnley who admitted that while they are unlikely to overturn the stated policies of the ASB and IASB, the signatories' intention was to raise awareness of the problems with the IFRS accounting model and to warn against imposing the same regime in a cut-down form on SMEs.
Feel free to add your comments here or there.