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.