Choosing your GAAPPlanning for the proposed removal of UK GAAP |
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Download Background
The UK Accounting Standards Board issued in early August 2009 a Paper proposing to replace full UK GAAP with the recently-issued International Financial Reporting Standard for Small and Medium-sized entities (IFRS for SMEs).
This will have wide-reaching implications for many companies as it will affect both statutory accounts and tax returns. The expected conversion deadline is periods beginning on or after 1 January 2012, with comparatives needed from 1 January 2011
The Deloitte guide, “Choosing your GAAP – Planning for the proposed removal of UK GAAP”:
- discusses the planned changes;
- considers the choices available to UK companies;
- provides an overview on the accounting and tax impacts;
- indicates whether any advance actions should be taken; and
The Deloitte guide, “ukGAAP IFRS for SMEs in your pocket – UK edition” summarises each section of the IFRS for SMEs and identifies the key areas of difference with each of full IFRS and UK GAAP.
Choosing your GAAP - Planning for the proposed removal of UK GAAP
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