International Accounting Standards

[lincs]

Im doing an accounting degree at university and for financial accounting they don't teach anything anymore about UK accounting standards.

At the moment only listed companies are required to produce their financial statements using international standards, but it has been banded about that very soon and at least eventually everyone will need to use international standards.

So does anyone know when or have any specifics on when this transistion will take place? Im trying to determine how much effort I should put into being able to contrast the two regulatory systems in preparation for entering "the real world" again.

When I started the degree I didnt think there would be much difference between that which I did on the AAT, but im slowly finding out how wrong I was! Ive know idea what the AAT has planned for this area.

[bluewednesday]

I have the same problem, I am working mainly with small enterprises who don't need to adopt International standards but (if I want to study my next ACCA paper by taught course) my local BPP are only providing international standards. My understanding is that UK standards will eventually move to International standards but that will only happen as the UK standards need replacing - so who knows when. I still have my dilemma now and haven't decided what to do. Homestudy is frightening!!

Annette

[Krispi]

Hi

I understand AAT are including International standards as part of their studies. I covered them a bit when I took DFS in college between Sept 04 - June 05. We were also told it was acceptable to refer to the international standards when answering exam questions in the June 2005 exams. We were led to believe that AAT will be examining these standards as from June 2006 exams.

My understanding is the same as yours and I have not heard any different from other accountants as to when all the standards are changing. As for study I think it is the same across the board as FTC are only including international standards in their texts for ACCA. I have only just got to grips with FRS's and SSAP's and feel like I am learning everything from scratch again.

Regards
Michelle

[alexander]

As I understand it the ASB issued a statement last year stating that they would continue to work towards harmonising the UK standards and the IFRS. If I remember it correctly, they will apply the same treatment as the IFRS and issue additional guidance to aid UK to comply.

Alexander

[lincs]

Noticed this, looks like its could turn into a fiasco!

http://www.accountancyage.com/accountancyage/news/2148879/asb-future-unclear-public

[JohnT]

Full transition to IFRS is expected in 2007!! Although there is no provision for an international equivelant of the FRSSE so small companies beware!