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Consultation on Future of Financial Reporting in the UK
I sent a short response to the consultation at http://www.frc.org.uk/asb/press/pub2414.html which closed 30 April. I asked people to edit this wiki page to help draft some response points.
Based on the Key Facts:
- A size of 400 pages suggests FRSME (tier 2) should be simplified further;
- Three tier approach seems reasonable;
- Objective of no change for tier 3 (FRSSE) seems a good one;
- Occasional reference to FRSME appears to be a change to tier 3 and should be avoided, given the size of FRSME.
Something to look at further: are there really no SORPs for cooperatives? That would explain the wide variety in accounting practices.
I wait to hear back to our four bullet-point comment.