Big business does not want an IFRS for small companies

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Vodafone attacks ‘costly and burdensome’ code change - Accountancy Age.

Good news and common sense:

The UK’s biggest companies have attacked proposed changes to the UK accounting code as potentially costly, pointless and painstaking for large business.

The companies have together urged the Account ing Standards Board (ASB) to rethink plans to replace the current UK accounting rule book, known as UK GAAP, in favour of new international standards for small and medium-sized businesses (SMEs).

Their voices joined Shell, Hilton Hotels and Vodafone in opposition to elements of the ASB’s proposals.

Their concerns focus on whether the rules may affect the thousands of listed subsidiaries of UK companies.

Fair value accounting for SMEs makes about as much sense as supplying water in leaking buckets.

Big business has done small business a favour here.

Next the IASB needs to adopt an appropriate conceptual framework for big business....

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