Nigel Sleigh-Johnson offers a sensible route.

In February 2010, the comment period closed on the Accounting Standards Board’s initial proposals for fundamental reform of UK GAAP. A three-tier approach was envisaged. Broadly, publicly accountable entities would follow International Financial Reporting Standards (tier 1); non-publicly accountable entities would be eligible to apply the IFRS for SMEs (tier 2); and the Financial Reporting Standard for Smaller Entities would remain available to small entities (tier 3).