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Implications of changes in UK reporting for US companies

  • ASB (UK Accounting Standards Board) (lt blue) Image

30 Apr 2010

Many US companies are closely following the IFRS statements of the Securities and Exchange Commission, and have geared their internal efforts in response.

However, companies often have given less consideration to recent statutory developments elsewhere that may have more imminent implications. For example, the United Kingdom Accounting Standards Board is expected to issue an Exposure Draft soon, effective as early as 2012, that would require subsidiaries in the UK to shift their reporting from UK GAAP to an IFRS-based reporting regime. This shift could have tax, system, and other implications, and the required comparative periods could begin as early as 2011. To help clients understand and respond to these developments, Deloitte (United States) has published a briefing document titled IFRS: Changes in the UK Statutory Reporting Environment. This document that summarises key issues related to IFRSs and the UK statutory reporting environment, including:
  • Overview of the proposal from the UK Accounting Standards Board (ASB) to replace UK GAAP with an IFRS-based reporting regime
  • Impact of these statutory reporting developments on UK subsidiaries of U.S. companies
  • Timeline considerations for this potential change
  • Steps that US companies should take in light of these developments
Click to download IFRS: Changes in the UK Statutory Reporting Environment – Potential Implications for US Companies(PDF 188k).

 

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