Site search
Login button Registration button

Accounting Standards Board – The Future of UK GAAP

Accounting Standards Board (ASB) – The Future of UK GAAP (Generally Accepted Accounting Practice)

We state the case – supported by considerable research - against applying EU-adopted, International Financial Reporting Standards to credit unions in Britain. 

The proposals provide no benefits, whilst threatening the sustainability of the credit union sector.  The ASB’s response is to apply a size exemption which will allow all but the very largest credit unions to apply International Financial Reporting Standards for SMEs. 

Full details of the ASB’s deliberations and tentative decisions are available here

Download the full response on the right