ukGAAP Alert - ASB consults on the future of UK financial reporting

October 2010

ukGAAP

 

Background

On 29 October 2010, the UK Accounting Standards Board (ASB) issued its Financial Reporting Exposure Draft (‘the FRED’) setting out its vision for the future of reporting in the UK and Republic of Ireland – a tiered reporting structure with publicly accountable entities using full IFRSs, small private entities continuing to use the FRSSE and those in between using something new.

Within this broad structure, entities may opt to move to a higher tier and subsidiaries may benefit from reduced disclosure.