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The Future of UK GAAP

Steve CollingsSteve Collings Experienced MentorRegistered Posts: 997
in General accounting discussion
Hi All,

I know from my lectures that a number of practitioners are filled with dread at the prospect of an international-based financial reporting framework in the UK.

Today the ASB announced its plans and have issued an exposure draft. I have published
an article on the plans, which could well affect AAT MiPs and AAT members who prepare financial statements in public practice. I will also be publishing further articles on the provisions in the 'Financial Reporting Standard for Mid-Size Entities' (FRSME) - particularly about first-time adoption and what firms need to be doing to prepare. Yes it might be effective for accounting periods commencing on or after 1 July 2013, but the 2012 comparatives will need restating as well!! Fun for all!!

Kind regards
Steve
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Comments

  • anniemanniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,325
    woop de dooooo!

    Thanks Steve, you're right, it is all more to learn ....
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
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  • RinskeRinske Font Of All Knowledge Registered Posts: 2,453
    Thanks Steve!
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  • beverly hudsonbeverly hudson Feels At Home Registered Posts: 95
    Steve your article suggests these new standards will be brought in in 2013. I'm not sure that's correct. I think it is 2012.
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  • anniemanniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,325
    Hi Beverly, I think they've changed it!

    Also, I don't know if you realise but Steve is one of the most knowledgeable people on this topic, see this:

    http://www.amazon.co.uk/Interpretation-Application-International-Standards-Regulatory/dp/0470661127/ref=sr_1_2?ie=UTF8&s=books&qid=1288432403&sr=1-2

    ;)
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
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  • anniemanniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,325
    Here is another interesting article which came out from Accounting Web yesterday:

    http://www.accountingweb.co.uk/topic/financial-reporting/draft-mid-size-frs-nears-take/457392
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
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  • beverly hudsonbeverly hudson Feels At Home Registered Posts: 95
    Thankyou for the clarification anniem. I am sure it is 2012 as my colleagues were complaining about not having enough time to update our course materials. Maybe they have changed it but there is nothing to suggest they have.
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  • LondinaLondina Experienced Mentor MAAT, AAT Licensed Accountant Posts: 814
    beverly hudson wrote: »
    Steve your article suggests these new standards will be brought in in 2013. I'm not sure that's correct. I think it is 2012.

    Here we go, Beverly only writes in this forum to disagree with Steve....
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  • Steve CollingsSteve Collings Experienced Mentor Registered Posts: 997
    Hi Beverly,

    Annie M is correct - they did change the effective from date. It is no longer January 2012 but instead the proposals are planned to take effect for accounting periods commencing on or after 1 July 2013. If you want definitive confirmation please refer to the Exposure Draft on the ASB's website titled The Future of Financial Reporting: Explanation and refer to paragraph viii of the preface. Earlier adoption is permissible.

    Beverly, I can assure you that prior to writing articles for AccountingWEB.co.uk and indeed other publications, writers such as myself, John Stokdyk and Rebecca Benneyworth all thoroughly research the subject matter we are writing about. I also pay particular attention to 'effective from' dates as this is a particularly easy thing to get wrong (for example: accounting periods COMMENCING on or after or accounting periods ENDING on or after etc.)You can therefore rest assured that all articles written on AccountingWEB, or any articles with my name on are accurate.

    Kind regards
    Steve
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  • Gill GittingsGill Gittings Well-Known Registered Posts: 121
    Steve I am sure I speak for many others on here when I say the professionalism you demonstrate with the likes of Glynis and Beverley Hudson is in a league of its own. I would have let rip well before now but you always take it in your stride.

    Beverley maybe you should follow Steve's words and do your own research. You always seem quick to criticise Steve and this comes across as just plain bitterness. I know from other people that Steve is well known and knows his stuff and you just look stupid when you challenge Steve. Maybe it might be best if you PM steve in future if you are not sure of his answer.
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  • anniemanniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,325
    Londina wrote: »
    Here we go, Beverly only writes in this forum to disagree with Steve....

    Oh no, not another one .......

    Steve I admire and respect you and we do appreciate your input on this forum, it's truly great to have someone with such detailed understanding keeping us appraised with what's going on 'with all them rules and regs'!!!!!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
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  • wildgoose1ukwildgoose1uk Well-Known Registered Posts: 200
    I don't think we have anything to be worried about. What will be will be and we will have to adjust.

    When I was studying ACCA (which I did not complete!) Finanacial Reporting module I did the international one and my colleague did the UK one. There are some differences but not very many..... It is more to do with terminology than anything else.

    The major tuition providers have already started to phase them out of their courses. To be honest the reason I did the intl module was that was all that BPP offered in Maidstone and I did not want to go into London. The UK one was offered in London but much harder to get a place on as there was much more provision for the new intl standards.
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  • beverly hudsonbeverly hudson Feels At Home Registered Posts: 95
    Gill, asking simply for clarification on a matter is not being bitter. I have nothing to be bitter about. I was merely wanting confirmation about when the new standards come in. Steve answered it and that was that.

    I have no reason to be bitter. I am a tutor with 24 years experience who teaches accounting and auditing so such issues are important.
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  • Gill GittingsGill Gittings Well-Known Registered Posts: 121
    Fair enough Beverley. I think I was rather harsh but the pressure is on with studying at the minute. That said I do think you need to be a bit more professional when it comes to challenging issues which you might not agree on. You do seem to constantly disagree with Steve and also Sandy Hood both of who are very well respected around these parts. I think if Steve or Sandy put stuff out there on subjects they are experts in you can probably guarantee the information is credible.
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  • LondinaLondina Experienced Mentor MAAT, AAT Licensed Accountant Posts: 814
    beverly hudson wrote: »
    I am a tutor with 24 years experience who teaches accounting and auditing so such issues are important.

    Where do you teach your "so many times metioned" approved course? I would like to know, I may be interested
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  • beverly hudsonbeverly hudson Feels At Home Registered Posts: 95
    Londina I have taught at 6th form colleges but now just teach qualified people through CPD. I tend not to deal with students since moving from student teaching but I lecture in accounting.
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  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    beverly hudson wrote: »
    I am a tutor with 24 years experience..

    I guess you went for quantity over quality. Good luck with updating those materials.
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  • stevefstevef Well-Known CarmarthenRegistered Posts: 258
    Just to muddy the waters further, in Local government we are moving to IFRS from 1 April 2010 (with restated comparisons for 09/10 and restated balance sheet as at 31/3/09). Central Govt and the Health Service changed over on 1 April 2009 as did the Whole of Government accounts framework.
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  • LucyJLucyJ Feels At Home Registered Posts: 72
    Does anyone else think that Glynis and Beverley may be the same person? :-)
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  • LondinaLondina Experienced Mentor MAAT, AAT Licensed Accountant Posts: 814
    LucyJ wrote: »
    Does anyone else think that Glynis and Beverley may be the same person? :-)

    I do!! a person with love & hate feelings with Steve, a person who desperately need him so much and another one that takes any opportunities to just disagree with him (whilst we have no proof of her profession...)
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  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    LucyJ wrote: »
    Does anyone else think that Glynis and Beverley may be the same person? :-)

    Of course not. Glynis deserves (most of) her comments but I don't feel that Beverly does in any way whatsoever. We've all made errors of judgement in the past on these forums - it's what gives these boards a much welcome human element. It's how we recover from our mishaps and go forwards that defines us and I think people should drop this spite they seem to have for Beverly.
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  • wildgoose1ukwildgoose1uk Well-Known Registered Posts: 200
    blobbyh wrote: »
    Of course not. Glynis deserves (most of) her comments but I don't feel that Beverly does in any way whatsoever. We've all made errors of judgment in the past on these forums - it's what gives these boards a much welcome human element. It's how we recover from our mishaps and go forwards that defines us and I think people should drop this spite they seem to have for Beverly.

    As a relative newcomer to these forums I wholeheartedly agree. I don't know the history behind this but cannot help but feel it is time to move on........... before I start correcting everyone's spelling errors!
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  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    wildgoose1uk wrote: »
    As a relative newcomer to these forums I wholeheartedly agree. I don't know the history behind this but cannot help but feel it is time to move on........... before I start correcting everyone's spelling errors!

    Just concentrate on mine that will keep you busy for a while
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  • beverly hudsonbeverly hudson Feels At Home Registered Posts: 95
    Londina I can assure you I am not Glynis. Why would I be?

    I don't see what the issue is when you challenge someones interpretation or answers. If anything seeking exact clarification is the best thing. Question everything is my mantra. That's what accountants should do.

    Dean S I will not pass comment on your remarks.
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  • anniemanniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,325
    Woah ..... it really is just like being in a classroom!!!!!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
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