Britain\’s accounting authority, the Accounting Standards Board, is consulting on plans to replace UK standards for private businesses, first published in 1971, with a new version based on international standards.
However, two of the country\’s leading accountancy membership bodies – the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) – have used the consultation, which closes today, to call for the \”small entities\” standard to be scrapped.
At present, the majority of small, private businesses can use a simplified version of the UK reporting standards known as FRSSE, that requires fewer disclosures.
They could even be correct, that changing the accounting standards for small companies is just, righteous and something that must be done.
But of course the change would mean more work and higher fees for the massed ranks of accountants who are members of ICAEW and ACCA and my, aren\’t we all shocked to see that ICAEW and ACCA would propose a course of action that would increase the work and fees of the massed ranks of their members?