NED Audit Committee Workshops - January 2013

Change is in the air in the world of standard setting. We are entering a new era at the IASB as their new leader settles in, finalises their ongoing convergence projects and considers where they should focus their efforts over the next five years.

The UK ASB continues to press on with their future of UK GAAP project which will see further alignment with the IFRS world as well as reducing the reporting burden for subsidiaries of listed groups.

Iain Selfridge, a partner with PwC's Accounting Consulting Services Group, Paul Silcock and Nicola Mills, co-authors of the PwC/IoD Non Executive Director Survey, led two NED Audit Committee workshops in Jersey and Guernsey that examined the implications of the most significant accounting developments for companies/funds and their Boards. Amongst the areas the workshop addressed were:

  • What are the standard setters working on?
  • FRRP activity and hot topics
  • New standards and transitional guidance
  • Significant IASB projects
  • The future of UK GAAP

The presentation attached gives some of the highlights Iain, Paul and Nicola covered in the workshops. If you have any queries, please do not hesitate to contact us.