The originally proposed three-tier framework has been
considerably simplified. In particular, there is no longer a
proposed requirement for all 'publically accountable'
entities to report under full IFRS. This is good news for credit
unions and other not-for-profit entities that might have otherwise
been caught by the ASB's definition of publically accountable.
The new framework requires only those entities that are currently
obliged to prepare accounts under full EU-adopted IFRS to continue
to do so, and does not extend this requirement. Company law in the
UK does not currently permit charities to prepare accounts under
full EU-adopted IFRS.
Other significant changes from the previous proposals were:
