The Accounting Standards Board (ASB) of the FRC has received in excess of 150 high quality responses to its policy proposal: 'The Future of UK GAAP.'
The proposal was issued in August 2009 and sets out recommendations for the future reporting requirements for UK and Irish entities, with an emphasis on moving UK GAAP towards an international framework.
The responses demonstrate a divergence of views on many important issues and the ASB will have a challenging task in analysing them and in coming to firm recommendations.
The ASB plans, later in the year, to host an event or events to share with UK and Irish constituents its initial analysis of the responses and how the process might be taken forward. More discussion and comment will be encouraged at that stage. After such further public consultation, it is the ASB's intention to publish an exposure draft outlining the Board's recommendations for the Future of UK GAAP. The Board will work closely with the UK Department for Business, Innovation and Skills (BIS) in exploring the most appropriate mechanism to implement the new UK GAAP.