Future of UK and Irish GAAP
On 29 October 2010, the United Kindom's Accounting Standards Board ('ASB') issued Financial Reporting Exposure Drafts (FREDs) 43 and 44 setting out its proposals for the future of financial reporting in the UK and Republic of Ireland setting out its revised proposals for the financial reporting framework. This followed the public consultation on its August 2009 policy proposal document ('Policy Proposal: The Future of UK GAAP') and subsequent roundtable discussions with constituents. On 18 March 2011, the ASB also published FRED 45 Financial Reporting Standard for Public Benefit Entities. Both consultations have now closed and the ASB is currently re-deliberating its proposals in light of the responses received and other outreach activities.
The links below provide information on the proposals, both original and revised, as well as other relevant information on the project. The ASB has recently tentatively decided to defer transition to 1 January 2015.