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Moving to the IFRS for SMEs in the UK

  • United Kingdom Image

05 Aug 2009

Since 2005, listed groups in the United Kingdom have been required to prepare their consolidated financial statements using IFRSs.

Almost all other groups have a choice. They can use IFRSs, UK GAAP as developed by the UK Accounting Standards Board (ASB), and if they are small they have a further option of using the Financial Reporting Standard for Smaller Entities (FRSSE). But from 2012, the options are expected to change. UK GAAP is expected to be replaced with the IFRS for Small and Medium-sized Entities. Deloitte (United Kingdom) has published a newsletter Choosing Your GAAP: Planning for the Proposed Removal of UK GAAP (PDF 236k) explaining the ASB's plan. The newsletter examines the choices and explains the key areas of accounting and tax impact, and provides guidance on planning for the change.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.