The Future of UK GAAP

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
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
Thanks Steve, you're right, it is all more to learn ....
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
http://www.accountingweb.co.uk/topic/financial-reporting/draft-mid-size-frs-nears-take/457392
Here we go, Beverly only writes in this forum to disagree with Steve....
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
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.
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'!!!!!
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.
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.
Where do you teach your "so many times metioned" approved course? I would like to know, I may be interested
I guess you went for quantity over quality. Good luck with updating those materials.
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...)
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.
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
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.