An active role in regulatory reform

June 28, 2021

Kreston UK comments on The Future of Financial Reporting in the UK and Republic of Ireland – Kreston UK comments UK Accounting Standards Board’s (ASB) proposals to change the basis of UK GAAP and bring it in line with International Financial Reporting Standards (IFRS). Sue Almond, Kreston’s Director of Quality and Professional Standards says: “The members in Kreston UK agree that change is needed to the overall framework for financial reporting in the UK. We welcome ASB’s proposals and support global convergence to international standards, but we do not feel that the time is right to withdraw the FRSEE – it is fit for purpose, our member firms’ clients like it, and stakeholders such as the tax authorities and lenders appear happy with it. SMEs are critical to the UK economy and should not be burdened by unnecessary change at such a sensitive point of the economic cycle”.