We urge UK ASB to adopt quickly the IFRS for SMEs

  • IFRS for SMEs (mid blue) Image

22 Jan 2010

Deloitte UK has asked the UK Accounting Standards Board (ASB) to make the IFRS for SMEs available quickly to preparers to adopt on a voluntary basis as an alternative to current UK GAAP.

Deloitte's letter was sent in response to the ASB's Consultation Paper on the Future of UK GAAP, which proposes to replace UK GAAP with the IFRS for SMEs starting in 2013. Our view is that it should be available as an option sooner. Our letter said that UK GAAP has become unwieldy and confusing and there has been uncertainty over its future for too long.

The Deloitte submission to the ASB may be downloaded:

  • From the ASB Website (http://www.frc.org.uk/Our-Work/Publications/ASB/Consultation-Paper-Policy-Proposal-The-Future-of-U/UK-GAAP-August-2009.aspx) or
  • Here on IAS Plus (PDF 3,844k).

The closing date for responses to the ASB is 1 February 2010.


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