In this article, Steve Collings outlines the notable differences between current UK GAAP and the proposed 'IFRS for SMEs' which will largely affect practitioners when this standard is introduced in the United Kingdom.
IFRS for SMEs is proposed to replace current UK GAAP in 2012 (although it's likely to be delayed) and is based on the principles in full IFRS, which have been heavily condensed in recognition of the standard's target audience.
Looking at the proposed IFRS for SMEs, there are some notable differences which will affect practitioners who deal with those clients who could potentially fall under its scope.
Current GAAP (SSAP 19 Accounting for Investment Properties) requires investment properties to be carried in the balanc...
About Steven Collings
Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.