Accountancy is no simple subject. But attempts to make it so are constantly being pushed, and now the Accounting Standards Board (ASB) has introduced the simplification of UK GAAP into the equation.rnProposals to adopt an International Financial Reporting Standard for SMEs in the UK have led to cries that this could be the 'death' of UK GAAP, but the ASB insists this is greatly exaggerated.rn'The proposal is defining a new UK GAAP rather than ending it. The goal, though, is a single framework for all entities rather than two frameworks as at present,' said Ian Mackintosh, chairman of the ASB.
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