The UK Accounting Standards Board (ASB) has
made amendments to UK GAAP following a consultation on the future
of the standard and transition to IFRS.
The ASB has made the decision to remove from
Financial Reporting Exposure Drafts (FRED) 43 & 44 the
previously proposed requirement for ‘publicly accountable entities’
to prepare their financial statements in accordance with EU-adopted
IFRS.
Now the requirement to prepare financial
statements will not be extended beyond the current requirements in
EU law.
The ASB also agreed to change the principles
for amending IFRS for SMEs to permit or require accounting options
that exist in current UK & Republic of Ireland financial
reporting standards at the transition date that align with
EU-adopted IFRS
The ASB has decided to defer the proposed
effective date to 1 January 2014.
The ASB has also deferred a decision on whether to
introduce the proposed reduced disclosure framework set out in FRED
43.
The standard-setter requested that its staff
undertakes further work on the proposals to change the principles
for amending the IFRS for SMEs.
