This one's more of an accountancy than bookkeeping post but I figure that there's a big shared interest in this subject as it will affect all of us.
As an ACCA PQ I should really be IFRS through and through but like many others I have reservations about what is being given up to go down the IFRS route.
Today there have been two reports that seem to share this viewpoint.
1) The Lords report into the Audit and banking crisis recommends continued use of UKGAAP rather than adoption of IFRS by all but the largest firms.
Of the above the most damning was that of the Lords who refer to IFRS as an inferior system to UKGAAP by limiting auditors ability to excercise prudent judgement.
For those who want a very brief rundown on how IFRS will affect them have a glance at this article from the Accountancy students website :
Worth noting is that Cashflow statements become compulsary for all companies.
For those who want a bit more detail you are going to need to sign up to the ICAEW IFRS website to get access to a free copy of the full standard (sorry, it's 232 pages long)
Have fun (espechially you Bill as I know that you'll read all of those links including the full IFSME!),
Shaun.
Amended because I really should check my spelling before posting. (and I'm sure that there's more in there that I missed on second reading!)
-- Edited by Shamus on Wednesday 30th of March 2011 04:36:57 PM
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Interesting, that the Government reiterated their desire in the budget to ease the burden on small business.
Mind you, I picked up a ltd co client recently who used to file their own "accounts" - balance sheet items on the P&L, that sort of thing. The move to IFRS for small entities - if it ever happens - could be used in marketing our services!
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