UK: the future of the UK financial reporting - revised proposals from the ASB

The Accounting Standards Board, part of the Financial Reporting Council, has published revised proposals for the future of financial reporting in the UK.  In brief, the ASB has decided not to go ahead with its proposals for a three tier framework but is instead proposing to replace all current accounting standards with a single Financial Reporting Standard, based on the IFRS for SMEs (although the Financial Reporting Standard for Smaller Entities will be retained). Further information is available here and a key facts document is available here (pdf). The relevant Financial Reporting Exposure Drafts are available here.