A public meeting called to discuss the convergence of UK accounting standards with international financial reporting standards failed to find a definitive answer
The meeting set out to consider how best to bring about convergence between the two standards and what standards should apply to UK companies not required to report under IFRS. It also considered how best to influence the evolution of IFRS.
Four proposals had been put forward for discussion:
# The adoption of full IFRS for all but the smallest companies
# IASB standards for all but the large public interest companies
# Introducing a third tier of reporting that would:
- use a scaled down version of IFRS or
- a beefed-up version of the SME standard.
Views at the meeting were diverse. Of the proposals put forward by the ASB, use of the SME...