UK ASB seeks comments on converging with IFRS
26 Mar 2004
The United Kingdom Accounting Standards Board has published a Discussion Paper on UK Accounting Standards: A Strategy for Convergence with IFRS.
The Paper proposes a phased approach to convergence, including:
- New standards effective in 2005 and 2006 that will "enhance existing UK financial reporting requirements, maintain their position as highly regarded internationally, and adapt to changes in the law"; and
- Thereafter, a series of 'step changes' replacing one or more existing UK accounting standards with standards based on IFRS as prospective IASB projects are completed.