Big Four accountancy firm KPMG has welcomed the issue of a new document from the Accounting Standards Board (ASB), which outlines proposals for the future of financial reporting in Britain.
The ASB’s Financial Reporting Exposure Draft (FRED) proposes the adoption of a tiered approach to financial reporting, based on size and public accountability.
It also recommends replacing the existing UK Generally Accepted Accounting Practice (UK GAAP) with a new UK Financial Reporting Standard for Medium-Sized Entities, and mandating full EU-adopted International Financial Reporting Standards (IFRS) for publicly accountable entities.
KPMG said the proposals were a "step in the right direction" for UK financial reporting .
Oliver Tant, the firm’s UK head of audit, said: "We are pleased that the FRED addresses a number of the concerns raised in our response to the 2009 consultation paper and believe that, on balance, the proposals will have a positive impact on financial reporting in the UK."
"These detailed proposals now provide the 'meat on the bones' of the ASB's policy proposal and will permit a proper assessment of the impact of the proposals on individual entities."
KPMG Welcomes Important Changes For Financial Reporting In The UK
Tue, 02 Nov 2010
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