| | |
Share

The Future of UK GAAP - Implications for the real estate and construction sector

The UK’s Accounting Standards Board (ASB) has recently issued firm proposals on the future of UK Generally Accepted Accounting Principles (UK GAAP), with the publication of two Exposure Drafts (EDs) that could confine UK GAAP as we know it to the history books. These EDs represent the output of a consultation which began in the summer of 2009 and could lead to big changes in financial reporting by, and potentially reduced comparability in the financial statements of, companies in the real estate and construction sector.

All but the smallest companies and those already complying with full International Financial Reporting Standards (IFRS) will be affected to varying degrees. However, for groups that prepare consolidated financial statements in accordance with IFRS, typically those listed on the LSE’s main and AIM markets, there are likely to be issues to consider in relation to the financial statements of subsidiary companies in the group, many of which are still prepared in accordance with UK GAAP.

In this publication we set out what the key issues are for companies in the real estate and construction sector to:

  • Inform you of the proposed new regime and the key accounting changes that would result
  •  Highlight some of the key practical and commercial considerations
  • 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.

Read more....

 

Accountants and Business Advisers © 2012 BDO LLP. All rights reserved. BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Services Authority to conduct investment business. BDO is the brand name for the BDO network and for each of the BDO Member Firms.