UK GAAP should stay as it is for now, says institute
Further changes in UK accounting standards, in order to bring them in line with their international counterparts, should be halted immediately, according to the ICAEW.
Responding to a consultation by the Accounting Standards Board on its future role, the institute called for a 'significant pause' in its international financial reporting standards convergence programme to help unlisted companies avoid burdensome costs and significant uncertainties.
Instead, the board should wait for the outcome of the international project on accounting standards for SMEs before progressing.
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