UK GAAP (Accounts)

November 12, 2007 6:27am CST
Hello Mylotters..i need some help.. i need to prepare a presentation for one of my trainings.. the topic is UK GAAP(generally accepted accounting principles) there is lot of material availavle for US GAAP but very limited info aaible for its UK counterpart..if any of you have info on UK GAAP or IFRS, please share..thanks..
1 response
• Canada
12 Nov 07
I might be overshotting it a little bit but aren't the principles the UK follow under GAAP those of the IASB (International Accounting Standards Board)? Our professinal designation is ACCA (which should be british) ie using IASB. I am from the caribbean and most of our country's traditions are British based since we were once ruled by the queen. Enough history, the pooint is the standards we use are the international standards which i and more than 50% sure is what the UK uses. I am now studying in Canada using their own methods governed by the CICA and the one thing I was afraid of is that going back home with education based on very different practices would be somewhat challenging. The fact turned out to be that canada should be fully changed over to IFRS by 2011 (I think). Basically alot of nations are adopting to the international standards making life a little less complicated for us getting working in completely different regions. Of course USA would have to be the most stubborn and resistant wanting to retain their FASB methods. I will do a little more research on this since you've no doubt peaked my curiousity on the matter.