The finest technical accounting minds in the nation have delivered their thoughts on the move to international accounting standards and the future of the Financial Reporting Standard for Smaller Entities – but are divided on whether or not FRSSE should be retained beyond 2012.
During the summer, the Accounting Standards Board (ASB) put out a consultation paper about the future of UK GAAP (390k PDF) seeking opinions on a proposed three-tier approach to IFRS convergence. Listed companies that already use EU-approved IFRS should continue; small and medium-size companies should apply the new IFRS for SMEs standard and microbusinesses would be allowed to continue using FRSSE.
The ASB received more than 150 responses to the paper, reflecting the intense interest and controve...
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.