Death of a UK GAAP

SPEED READ The UK Accounting Standards Board has proposed the abolition of UK GAAP by 2013. For UK taxpaying companies, the repercussions are likely to be significant but also give rise to two clear opportunities to manage the transition effectively and to realise potential benefits. Early planning can be undertaken to ensure that companies have considered and understood how to manage any cash tax volatility created by the impact of the abolition of UK GAAP. Secondly early movers will seize the opportunity to address the impact on systems, people and processes and to proactively manage the benefits of the change.