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Need help with my writing homework on International Accounting Standards. Write a 1500 word paper answering; The Accounting standards board (ASB), has already declared its intention of replacing UK GAAP with IAS’s and making them compulsory for all UK companies no matter what size, thus the benefits and costs of these standards are of high importance to the UK.

The decision of the EU has been widely acclaimed as being beneficial to the UK, the ICAEW stated that: “As markets converge and geographical borders no longer present the same trade barriers increasingly there is a need for globally accepted accounting standards. Business needs them, investors are demanding them and accountants are under an obligation to ensure delivery.”

Here the need for their implementation in the view of the largest professional body of accountants in the UK is expressed as being primarily for the progression of trade, as recent technological advancements in technology have resulted in a break down of previous trade barriers and we are now expected to compete in a world market.

Groom (2001), saw the importance of international standards as being a key part of his 5 legged stool of trust, ensuring that investors in capital markets retain confidence and invest. This confidence has become core to the survival of these markets, especially in the light of recent high profile collapses such as Enron in the US and One.Tel in Australia.

Since the 2002 decision of the EU the interest in the implications of IAS’s and their implementation, along with their costs and benefits, has risen. The core of this debate and the ultimate benefit of International standards to the UK as a whole will be discussed in the remainder of this text with specific focus upon the benefits and costs to both quoted and non-quoted companies.