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.
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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