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ICAS urges only two tiers of standards in the UK

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06 Aug 2006

The Institute of Chartered Accountants of Scotland's Accounting Standards Committee recommends that the United Kingdom should move towards adopting a single set of International Accounting Standards for all companies except the smallest as quickly as possible.

ICAS supports the development of a simplified international standard for small companies (a project currently under way at the IASB), but is "opposed to what would be a third set of accounting standards applicable to medium-sized and unlisted companies. These companies should follow full IFRSs, although reduced disclosure requirements for these companies, as well as for subsidiaries, may be appropriate." ICAS is keen for the ASB to encourage the International Accounting Standards Board (IASB) to address this issue on an international level. Click for (PDF 35k).

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