Thursday, 6 September 2012

UK: Government publishes audit exemption and change of accounting framework proposals

The Department for Business, Innovation and Skills has today published proposals to extend the exemption from audit to a wider range of companies, following a consultation last year: see here (pdf). A press release is available here. The Government is also proposing to allow companies that prepare their accounts under IFRS to move to UK GAAP for any reason, provided they have not changed to UK GAAP in the previous 5 years. The secondary legislation required to achieve these changes is likely to come into force on 1 October 2012, after first being laid before Parliament.

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