The Association of Chartered Certified Accountants (ACCA) believes that replacing UK GAAP with a system of standards based on International Financial Reporting Standards (IFRS) is the right course. This policy paper outlines which entities should apply IFRS in full and which should use the IFRS for SMEs. ACCA aims to explain its agreed policy positions on individual technical issues and encourage further debate on those issues by all interested parties. The paper was prepared with care, but no responsibility for loss can be accepted by the authors or publisher. ACCA is the global body for professional accountants, offering business-relevant qualifications to people of application, ability, and ambition. The association was founded in 1904 and has consistently held core values of opportunity, diversity, innovation, integrity, and accountability. ACCA believes that accountants bring value to economies at all stages of their development and seeks to develop capacity in the profession and encourage the adoption of global standards. The association's values are aligned to the needs of employers in all sectors and its qualifications are designed to prepare accountants for business.
