The U.K.’s Accounting Standards Board is rethinking controversial plans to scrap the body of reporting rules that unlisted companies use, known as U.K. GAAP, amid concerns about compliance costs.
Last year the board released proposals that would see all U.K. businesses produce their accounts under International Financial Reporting Standards. But having received a deluge of responses to its ideas, many of them hostile, the board is looking at its proposals again.
