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Simplify UK GAAP (Generally Accepted Accounting Principles)

Comment 2nd September 2010

In common with other members of the British Property Federation, British Land PLC supports the objectives in relation to the future of UK GAAP. However using IFRS for SMEs as the basis for UK GAAP is not the right approach because of the substantive difference between IFRS and UK GAAP and the onerous obligations of IFRS. The result is likely to be an overly complex and duplicating regulatory burden on SME businesses (Tier 1 reporters), particular when these are subsidiaries of larger businesses (Tier 2 reporters). The danger is that many companies will end up adopting full IFRS across their whole group despite the unnecessary expense.

Why does this matter?

A solution would be for UK GAAP for Tier 2 entities to be a simplified version of full IFRS with specific carve-outs and exceptions from its more onerous substantive and presentational requirements.

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