I was speaking to him earlier today, he is very cross about this and said he was going to cancel all our ICB memberships............only kidding, or am I?
Interesting reading, I'm a little surprised that the Drafting Financial Statements is based around SSAP's & Frs's. I was expecting the syllabus to use IFRs's and covering IFRSSE would have been beneficial.
-- Edited by ADAS on Thursday 7th of October 2010 08:13:42 PM
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Bit odd isn't it. Someone please correct me if I'm wrong, but can't non-listed companies already use IFRS and also Co's House / HMRC accept accounts prepared under this framework. Why not teach it now?
As you stated bud - it will have to change in time for Jan 2013 ?!?!
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
I agree about UK GAAP, but overall i think it looks good.
The inclusion of cashflow statements in the DFS module seems odd as these are only a requirement for medium sized companies under the companies act. These companies have to be audited which a member of the ICB can not do, so an ICB member would never have to do this in a set of financial statements.
cashflow is part of the full set of accounts in ifrssme what is for small companies so maybe this still will give you a good basis for ifrs in the future.