In August 2009 the Accounting Standards Board published a consultation paper in which it set out proposals regarding the future of UK Generally Accepted Accounting Practice (GAAP) and its convergence with International Financial Reporting Standards (IFRS). Substantial and wide ranging change was proposed. The responses received have now been published - see here - and these, the ASB notes in an accompanying press release, "demonstrate a divergence of views on many important issues and the ASB will have a challenging task in analysing them and in coming to firm recommendations".Tuesday, 16 February 2010
UK: the future of UK GAAP - ASB consultation reveals divergent views
In August 2009 the Accounting Standards Board published a consultation paper in which it set out proposals regarding the future of UK Generally Accepted Accounting Practice (GAAP) and its convergence with International Financial Reporting Standards (IFRS). Substantial and wide ranging change was proposed. The responses received have now been published - see here - and these, the ASB notes in an accompanying press release, "demonstrate a divergence of views on many important issues and the ASB will have a challenging task in analysing them and in coming to firm recommendations".
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