Finance Professionals’ Programme
Year end technical polling results
Companies in the UK are considering different strategies for adopting the new UK GAAP and reduced disclosure IFRS standards, with 21% considering full EU adopted IFRS, 28% IFRS with reduced disclosures, 34% New UK GAAP and 17% don't know.
This was the view of over 800 respondents at EY’s annual technical update series held across the UK and Ireland in November and December 2013. The accounting landscape is continually evolving and the ability to stay one step ahead is critical. Attendees shared their views on current issues through real-time polls.
Financial Reporting and IFRS
- Over a third of participants do not think the current regulatory environment supports them in making judgements when preparing their Annual Report and Accounts
Do you think that the current regulatory environment supports you in making effective judgements and estimates when preparing your Annual Report and Accounts?
Total respondents: 1,079 UK and Ireland
- Leasing proposals could have a substantial business impact: 39% expressed concerns
What concerns you most about the business impact of the implementation of the lease accounting proposals?
Total respondents: 905 UK and Ireland
The future of UK and Irish GAAP
- The new framework will have a significant impact on organisations: 34% agree
Do you think the new framework will have a significant impact on your organisation?
Total respondents: 1,251 UK and Ireland
- A third of participants said their companies were considering the new UK GAAP (FRS 102 and FRS 103)
What GAAP is your company/group considering adopting?
Total respondents: 615 UK and Ireland
- Strong support for applying the same GAAP for each company in the group
Is it likely to be the same GAAP for each company in the group?
Total respondents: 380 UK and Ireland
- Only 12% will be making an early change to the new reporting framework
Will your company/group be changing to a new reporting framework early (i.e., before the mandatory date)?
Total respondents: 1,292 UK and Ireland
The role and value of audit
- Participants expressed a strong preference for mandatory tendering
Do you prefer tendering or mandatory firm rotation?
Total respondents: 311 UK and Ireland
- Over half expected the competitiveness of the audit market to be unchanged, with 45% anticipating greater competition
Do you expect the audit market to become more competitive after the two year Competition Commission investigation?
Total respondents: 348 UK and Ireland
- Only a small percentage expect to gather more data or enhance their tax disclosures to make them more transparent
Are you planning to provide any additional tax disclosures or undertake any additional data gathering to prepare for potential questions related to your tax transparency?
Total respondents: 949 UK and Ireland