The future of UK Generally Accepted Accounting Principles (GAAP) will be examined by the Accounting Standards Board (ASB) later this year, it has been revealed.
In its quarterly Strategic Progress and Planning Report, The Financial Reporting Council (FRC) announced that the ASB will publish a discussion paper on policy proposals relating to GAAP at some point during the next three months.
The FRC also revealed that it has so far received more than 100 responses to its request for comments on the content and application of the Combined Code on Corporate Governance .
It added that a summary of these are set to be published by the end of July.
Commenting on the last three months, FRC chief executive Paul Boyle, said: "We have continued to focus on the challenges of the current tougher economic conditions for corporate reporting and governance, playing our part in helping market participants respond to those challenges, and on influencing international developments relating to corporate reporting and governance ."
The FRC is preparing to hold its Annual Open Meeting on July 16th in the Council Chamber of the Institution of Engineering and Technology, London .
Future Of UK GAAP To Be Reviewed
Tue, 07 Jul 2009
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