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Consultation has been taking place into changing the standards which govern the way accounts are prepared in the UK. It is proposed that the UK standards should be replaced with a new version based on international standards. This will mean that the simplified standards for small private businesses that require fewer disclosures will be removed.

The accountancy standards are used to determine the basic treatment of items in the accounts and how they are reflected in the profit and loss account or the balance sheet.
The accountancy bodies in this country have argued that these new standards would provide greater consistency and transparency.
The International standards have been compulsory for publicly listed companies since 2005, with mixed success.
Haxton Chartered Accountants West London will keep you updated with outcome of the consultation.

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