The Accounting Standards Board (ASB) of the FRC has received in excess of 150 high quality responses to its policy proposal: ‘The Future of UK GAAP.’ The responses have been posted on its website.

The proposal was issued in August 2009 and sets out recommendations for the future reporting requirements for UK and Irish entities, with an emphasis on moving UK GAAP towards an international framework.

The responses demonstrate a divergence of views on many important issues and the ASB will have a challenging task in analysing them and in coming to firm recommendations.

The ASB plans, later in the year, to host an event or events to share with UK and Irish constituents its initial analysis of the responses and how the process might be taken forward. More discussion and comment will be encouraged at that stage. After such further public consultation, it is the ASB’s intention to publish an exposure draft outlining the Board’s recommendations for the Future of UK GAAP. The Board will work closely with the UK Department for Business, Innovation and Skills (BIS) in exploring the most appropriate mechanism to implement the new UK GAAP.

The ASB Chairman Ian Mackintosh said:

“The responses are thoughtful and expound different points of view on major topics. This will be an excellent basis for redeliberating the original proposal. The ASB will now be busy carefully considering all the points of view and coming up with the best way forward for UK GAAP."

1. The Accounting Standards Board (ASB) is an operating body of the Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the ASB, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy Discipline and Investigation Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The role of the ASB is to oversee the financial reporting requirements for UK entities. This is done by maintaining and improving UK Financial Reporting Standards (FRS) and influencing the development of international standards. The ASB achieves this influence by collaborating with accounting standard-setters from other countries and the International Accounting Standards Board (IASB).
3. The ASB has ten Board members, of whom two (the Chairman and the Technical Director) are full-time, and the remainder, who have a variety of experiences as preparers, auditors and users of financial reports, are part-time.
4. Press enquiries should be directed to Ian Mackintosh (Chairman) on 020 7492 2434, David Loweth (Technical Director) on 020 7492 2420 Michelle Sansom (Project Director) 020 7492 2432.