IFRS: Changes in the UK
Statutory Reporting Environment
Potential Implications
for U.S. Companies
Many U.S. companies have been closely following the IFRS statements of
the U.S. Securities and Exchange Commission, and have geared their
internal efforts in response. However, companies often have given less
consideration to recent statutory developments, which may have more
imminent implications.
For example, the UK
Accounting Standards Board is expected to issue an Exposure Draft soon,
which would take effect as early as 2012. This new proposal would
require subsidiaries in the UK to shift their reporting from UK GAAP to
an IFRS-based reporting regime. This shift could have tax, system and
other implications, and the required comparative periods could begin as
early as 2011.
To help our clients
understand and respond to these developments, we are providing the
following:
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