UK - Accounting Standards Board moves to end UK GAAP

The Accounting Standards Board (ASB) is an operating body of the Financial Reporting Council, an independent regulator in the United Kingdom (UK). The ASB has released the draft version of a policy that would lead to a future where UK GAAP will cease to exist. "The recent publication by the IASB of its IFRS for SMEs provides the board with the opportunity to consult on what we see as the future framework for financial reporting by UK and Irish entities," said Ian Mackintosh, chairman of the ASB. (Read more in the Accountancy Age (London) online article "ASB sounds death knell for UK GAAP.")