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| ASB Maps Out Future Of UK Financial Reporting |
by Jason Gorringe, Tax-News.com, London
Friday, February 03, 2012
The UK Accounting Standards Board (ASB) of the Financial Reporting Council has published financial reporting exposure drafts (FREDs) 46 to 48 setting
out revised proposals for the future of financial reporting in the UK and Republic
of Ireland.
The new drafts have been issued in response to feedback to its previous
exposure drafts (FREDs 43 to 45). As a result of feedback received, the ASB
has announced significant changes to the previous proposals.
The revised proposals, published on January 30, 2012, recommend:
- Replacing all current accounting standards with a single Financial Reporting
Standard (FRS). The ASB is proposing (consistent with its previous proposals)
to use the International Financial Reporting Standards (IFRS) for SMEs, as issued by the International Accountings Standards
Board, as the base for FRED 48. This will reduce the volume of accounting standards
from approximately 2,500 pages to 250 pages;
- Introduction of a reduced disclosure framework. The framework permits certain
entities (mainly subsidiaries) to apply the measurement and recognition requirements
of EU-adopted IFRS with reduced disclosures; and
- Retaining the financial reporting standard for smaller entities (FRSSE).
As a consequence of feedback to its previous exposure drafts the ASB is proposing
the following major changes:
- The elimination of the tier system. The ASB will not proceed with the tier
system previously proposed. The application of EU-adopted IFRS will not therefore
be extended beyond that required by European regulations or by, for example, the
rules of the Alternative Investment Market (of the London Stock Exchange);
-
The introduction of accounting treatments permitted under current accounting
standards. Options to revalue land and buildings, capitalize borrowing costs
or carry forward certain development expenses have been incorporated into the
FRED 48. The ASB is proposing to retain accounting treatments permitted under
current accounting standards and international accounting standards rather than
its previous policy to make minimal changes to the IFRS for SMEs.
The ASB is proposing that the revised proposals should take effect for
accounting periods beginning on or after January 1, 2015, with earlier adoption
permitted.
The exposure drafts are open for comment until April 30, 2012. Subject to
the feedback received it is expected to issue the final standard by the end
of 2012.
Roger Marshall, Chairman of the Accounting Standards Board, said: “In developing these exposure drafts the ASB has listened carefully to the
many responses to its proposals. The elimination of the tier structure means
that the application of EU-adopted IFRS is not extended beyond its current boundaries.
The proposals in FRED 48 now fit better with current reporting needs in the
UK and Republic of Ireland and will ease its application.”
.
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