IFRS for SMEs in your pocket – UK editionPlanning for the proposed removal of UK GAAP |
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Background
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.
Key findings
The UK Accounting Standards Board issued in early August 2009 a Paper proposing to replace full UK GAAP with the International Financial Reporting Standard for Small and Medium-sized entities (IFRS for SMEs).
This will have wide-reaching implications for many clients as it will affect both their 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.
ukGAAP 2010: IFRS for SMEs in your pocket – UK edition is an 82 page guide that sets out:
- summaries of each section of the IFRS for SMEs;
- key areas of difference with full IFRSs; and
- key UK GAAP conversion issues.
For further background on the impact of UK Accounting Standard Board’s proposals, see the Deloitte publication ‘Choosing your GAAP’ which discusses the proposed removal of UK GAAP in light of the publication of the IFRS for Small and Medium-sized entities and considers the choices available to UK companies.