As reported in Inside Track 61, the ASB published its Policy Proposal 'The Future of UK GAAP' on 11 August 2009, with a consultation period running until 1 February 2010. During this consultation period, representatives of the ASB have given 18 presentations on the proposals to around 2000 people and the Board has urged all interested parties to consider the proposals and submit their views.

So what's next?

• The first task will be for the ASB staff to analyse and report back to the Board feedback on the comment letter responses to the questions outlined in the proposals invitation to comment. At the time of writing this paper 20 comment letters have been received and it is anticipated that considerably more letters will be received around the deadline.
• The ASB plans, later in the year, to host its own 'Roadshow' to share with UK and Irish constituents the feedback from the initial analysis of the comment letter responses.
• All ASB Board meetings from February 2010 will include papers on the issues arising from the proposals to enable the Board to conclude on the most appropriate way forward.
• After due consideration to the feedback on this policy proposal it is the Board's intention that an Exposure Draft will be published outlining the Board's recommendations for the Future of UK GAAP.
• The Board together with the UK Department for Business Innovation and Skills (BIS) will explore more fully the most appropriate mechanism to implement the new UK GAAP and its consequential impact on other reporting requirements.

The final message remains that it is important that all interested parties submit their views on these proposals.