Shortened IFRS, intended for smaller companies, could work as well for larger entities. Nigel Sleigh-Johnson and Brian Shearer consider the practical impacts.

The Accounting Standards Board’s current consultation paper on the future of UK GAAP proposes that the new International Financial Reporting Standards for SMEs should become UK GAAP for medium and large-sized (but not small) UK companies. The ICAEW’s Financial Reporting Faculty has been listening to the views on this topic of its business members in these sectors. So what are their concerns, and to what extent are they justified?