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The Future of UK Financial Reporting

Big changes are afoot in the financial reporting rules applied by companies in the technology, media and telecommunications (TMT) sector. The UK’s Accounting Standards Board (ASB) has recently issued two Exposure Drafts (EDs) detailing proposals for the future of UK Generally Accepted Accounting Principles (UK GAAP). These EDs represent the output of a consultation which began in the summer of 2009 and could result in UK GAAP as we know it being consigned to the history books.

The financial statements of all but the smallest companies and those already complying with International Financial Reporting Standards as adopted for use in the European Union (EU-endorsed IFRS) will be affected to varying degrees. There will also be additional issues to consider in relation to the financial statements of group companies, many of which are currently prepared in accordance with UK GAAP. This will particularly be the case for those groups that prepare consolidated financial statements in accordance with EU-endorsed IFRS, typically those listed on the LSE’s main and AiM markets.

In this publication we set out the issues that should be considered by companies in the TMT sector to:

  • Inform you of the proposed new regime and the key accounting changes that might result
  • Help you to assess the key practical and commercial implications for your organisation
  • Assist you in taking part in the debate around the future of UK GAAP so that you are in a position to respond to the proposals, be that in favour or against.

Click here to read more.

 

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