UK - Where now for UK GAAP?

In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Publicly-accountable entities would follow International Financial Reporting Standards (IFRS); non-publicly accountable entities would be eligible to apply the IFRS for SMEs; and the Financial Reporting Standard for Smaller Entities would remain available to small entities. Over the summer, the board is expected to publish its final blueprint for this brave new world of IFRS-based financial reporting. What should be the guiding principles as it sets pen to paper in the next few months? (Read the article “Where now for UK GAAP?” at Accountancy Magazine online.)