The ASB's proposed changes to the framework for financial reporting represents a new challenge and potential opportunity for all companies currently reporting under UK GAAP.
The future of UK GAAP - keep up to date through Ernst & Young's microsite
Ernst & Young has recently launched a microsite www.ey.com/uk/futureofukgaap which is intended to be a "one stop shop" for companies who are reporting under UK GAAP to understand the implications for them and to anticipate and resolve key strategic and operational issues. It covers:
- The ASB's proposals
- Implications and opportunities
- Key accounting differences
- The GAAP conversion process
The microsite also hosts a publications page with Ernst & Young's latest papers available for download including in particular 'UK GAAP vs IFRS - the basics'.
As further information becomes available on financial reporting for SME's, this will also be accessible via the microsite.
If you have any further queries or would like to discuss any aspects of these issues, please contact your local Ernst & Young contact or for tax accounting related issues contact:
Ed Hall - firstname.lastname@example.org
Saran Watkins - email@example.com
George Jenyns - firstname.lastname@example.org
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