ASB - UK Accounting Standards - Convergence with IFRS

The Accounting Standards Board has recently published a Discussion Paper which presents and seeks views on the ASB’s development of UK accounting standards.

The Paper proposes a phased approach to convergence with International Financial Reporting Standards (IFRS), including:

New standards effective in 2005 and 2006 that will enhance existing UK financial reporting requirements, maintain their position as highly regarded internationally and adapt to changes in the law; and

thereafter, a series of ‘step changes’ replacing one or more existing UK accounting standards with standards based on IFRS as prospective IASB projects are completed.

See Press Release and Invitation to Comment.